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At the “VeeCon” multi-day non-fungible token (NFT) conference in Minneapolis, Gary Vaynerchuk or Gary Vee, a famous motivational speaker and serial entrepreneur, talked about the crypto crash.
Over the past six weeks, the crypto industry has experienced a loss of $1 trillion in crypto assets. Moreover, the value of NFTs has dropped by over 80% from their market peak.
For Gary, the losses faced by crypto investors just validated his point of view. For the uninitiated, Gary Vee, on several instances, forecasted the “NFT Winter” or crypto crash.
Vaynerchuk, in an interview, said that he, in many instances, predicted that the industry was headed towards a crash. “It’s only just getting started, and there’s a hiccup,” he added.
As one of the early NFT enthusiasts, Vaynerchuk, who launched VaynerMedia, VaynerSports, and a distinctive NFT collection dubbed VeeFriends, claimed to really be ahead of the curve on crypto.
Vaynerchuk claimed to be quite ahead of the curve on crypto. The popular speaker, Vaynerchuk, one of the early NFT enthusiasts, launched VaynerMedia, VaynerSports, and a distinctive NFT collection dubbed VeeFriends.
According to him, the latest correction is a routine check on excessive speculation.
Vaynerchuk compared the NFT boom to the dot-com bubble, saying, “It was as insane as internet stocks being worth $400 billion for Pets.com in the late ’90s.”
He further says that the internet was on its way, and it was on its path to revolutionizing the world. NFTs first-year prices are exaggerated just like Wall Street’s valuations were exaggerated. “The macro is dead on – NFTs are here to stay. We’re correcting since the micro is incorrect,” he added.
Following the crash, as mentioned above, celebrity endorsements that put crypto, NFTs, and Web 3 in the global spotlight began to lose their lustre, notably those that ran during the most recent Super Bowl in Los Angeles, which was dubbed the “Crypto Bowl” due to the slate of crypto marketing campaigns.
Geopolitical events, a falling stock market, and increasing inflation have lowered the value of NFTs and Bitcoin; this hasn’t happened with other collectibles.
A 1955 Mercedes sold for $143 million, Andy Warhol’s ‘Marilyn’ sold for $195 million, the Macklowe Art Collection made $922 million, and New York’s top art houses Christie’s, Sotheby’s, and Phillips have made more than $2.5 billion in sales so far this year.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
