At Gary Vaynerchuk’s multi-day non-fungible token (NFT) conference “VeeCon” in Minneapolis, there was no visible sign of the market collapse that preceded the crypto-palooza.
‘Happy’ singer Pharrell Williams had just left the main stage after bestowing the virtues of Web 3.0 and telling the enthusiastic NFT collector crowd “you are changing the paradigm right now.” Nearby, a line of mostly men in their late 20s and early 30s waited patiently to buy whatever merch they could afford.
And yet, in the prior six weeks, more than $1 trillion in crypto assets had been wiped away while the value of NFTs fell more than 80% from their market peak.
For the serial entrepreneur and host of the festivities, the steep losses in the cryptocurrency industry merely vindicated his view: Vaynerchuk, or Gary Vee, as he’s known, had predicted this crash or “NFT Winter” on multiple occasions.
“I said it in August, I said it in July, and I said it in May,” Vaynerchuk told Yahoo Finance, “I saw this coming — that [a crash driven by short-term greed] is absolutely potentially what we’re in. It’s just starting, there’s a correction.”
Vaynerchuk, who founded VaynerMedia, VaynerSports, and a signature NFT collection called VeeFriends, claimed to be ahead of the curve on crypto as one of the original NFT evangelists. In his view, the recent correction is a healthy check to the excess speculation.
Crypto speculation “was as crazy as internet stocks in the late ’90s being worth $400 billion for,” Vaynerchuk said, comparing the NFT boom to the dot-com bubble. “The internet was coming, it was gonna change the world. The valuations on Wall Street were overblown. The valuations on NFTs in this first year are overblown…but the fundamentals are real.”
“The macro is super right — NFTs are here forever,” he added, “the micro is wrong, that’s why we’re correcting.”
Crypto speculation “was as crazy as internet stocks in the late ’90s being worth $400 billion for,” Vaynerchuk said, comparing the NFT boom to the dot-com bubble. “The internet was coming, it was gonna change the world. The valuations on Wall Street were overblown. The valuations on NFTs in this first year are overblown… but the fundamentals are real.”
“Why should a ticket be a QR Code? A ticket being an NFT that’s worth something after the game is much more realistic,” Vaynerchuk said.
Following the aforementioned crash, the shine began to wear off of celebrity endorsements that put crypto, NFTs, and Web 3 in the global spotlight, particularly those that aired during the most recent Super Bowl in Los Angeles, which was referred to as the “Crypto Bowl” due to the slate of crypto ad campaigns.
One New York Times article questioned the silence of celebrities who starred in crypto commercials, including Matt Damon, Gwyneth Paltrow, Reese Witherspoon, and Lebron James, during the market meltdown.
Vaynerchuk stated that the reporting was mostly lazy and pointed to his many warnings on the asset class.
“I think for celebrities, they have to be careful to who and what they endorse, what they support,” Vaynerchuk said. “But I think it’s ludicrous for people to blame them on the price. … Celebrities did not invade Ukraine, inflation was not celebrities and so the correction of the global economy has also had a direct impact on the crypto economy. And so we have to be thoughtful when we point fingers.”
While geopolitical events, rising inflation, and a plummeting stock market have driven down the value of crypto and NFTs, that hasn’t been the case for other collectibles.
A 1955 Mercedes recently smashed the world record auction price selling for $143 million, Andy Warhol’s ‘Marilyn’ sold for $195 million, the Macklowe Art Collection netted $922 million, and New York’s biggest art houses Christie’s, Sotheby’s, and Phillips earned more than $2.5 billion in sales so far this year.
In light of the disconnect, Vaynerchuk said that NFT prices are relative.
“They’re down from completely unsustainable gold rush numbers of January. They’re also so up from a year ago, and it’s not even close,” he stated. “And so this is what always happens. I was there when everybody wrote articles and said the internet was a fad.”
The enthusiasm hasn’t diminished for the group of several thousand passionate Vee friends, hundreds of whom stood in line for several hours for the chance to take a selfie and share a few words with Vaynerchuk.
The Web 3 disciples are here for the long haul. They, like Vaynerchuk, believe that although most projects will disappear, when the greed is removed, “the good stuff starts.”
Dave is an anchor for Yahoo Finance Live.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Answers and solutions for puzzles ranging from crosswords to Sudoku that were published in USA TODAY Network's local newspapers
Daniel Karmann/GettyIs it harder to write pop-punk in your 40s than it is in your 20s? Pierre Bouvier, the spiky-haired frontman for Simple Plan, can’t help but get a little self-referential.“This is sort of a bad joke,” he replies, “but sometimes I feel like life is a nightmare.”The year might be 2022, but anyone who had a pulse in the early 2000s has likely been feeling some déjà vu. Our contemporary fashions? Noughties realness in the form of pastels and bucket hats. The sounds? Electric guit
Photo Illustration by Luis G. Rendon/The Daily Beast/GettyGun rights activists want us to believe the Second Amendment is sacrosanct, and that any form of gun control infringes on a constitutional right to keep and bear arms. Yet two former Supreme Court justices, both appointed by Republican presidents, Warren Burger (Nixon) and John Paul Stevens (Ford) have assailed this sanctity as bogus.Retired Chief Justice Burger in 1991 called the gun lobby’s interpretation of the Second Amendment “one of
Nicolas Guerin/GettyDavid Cronenberg is the godfather of body horror, a subgenre he pioneered in the ‘70s with such boundary-pushing indies as Shivers, Rabid and The Brood, and then introduced to the mainstream in the ‘80s and ‘90s with the likes of Scanners, The Fly, Dead Ringers and the Cannes Film Festival-hailed Crash. In those and other works, the 79-year-old Canadian auteur explored the twisted ramifications of infection and invasion, as well as mined the uneasy and constantly mutating rel
Photo Illustration by Luis G. Rendon/The Daily Beast/ Nicolas EspinosaBy Michael McAuliff | KHNNicolas Espinosa’s hopes for his 11-year-old daughter, Julia, are basic and profound: He wants her to stay alive and perhaps be able to eat normally someday.And she might, if she can get three organs transplanted—and if the U.S. immigration system doesn’t get in the way.In a case that reflects the significant and often heartbreaking failures in how the U.S. welcomes newcomers to the country, the Espino
Everett CollectionYou probably remember Tracy Flick. She’s the driven high school senior who had an affair with her English teacher and was voted class president despite the sleazy efforts of another teacher to swing the election in her opponent’s favor. Depending on whether you read author Tom Perrotta’s Election, in which Tracy was the main character, or saw the classic 1999 movie of the same name starring Reese Witherspoon as Tracy, she was either (a) headed to college at Georgetown and an un
Photo Illustration by Luis G. Rendon/The Daily Beast/Getty/AARCWhen asked about the role of the CIA in the Watergate affair, Senator Howard Baker famously said, “There are animals crashing around in the forest. I can hear them but I can’t see them.” As co-chairman of the Senate Watergate committee, Baker filed an appendix to the panel’s final report raising what he said were unanswered questions about the actions of CIA director Richard Helms. The Agency, Baker suggested, knew more about the bur
Jeong Park/HuluBy now, you’ve probably heard that Hulu’s Fire Island, written by Joel Kim Booster and directed by Andrew Ahn, is one of the best movies of 2022 so far. And indeed, the rumors are true.A modern Pride and Prejudice adaptation with two gay, Asian-American leads, set on the famous LGBTQ vacation spot and starring a cluster of beloved comedians, such as Booster, Saturday Night Live’s Bowen Yang and I Love That For You’s Matt Rogers, seemed like an easy sell when it was first announced
China on Sunday launched a new three-person mission to complete assembly work on its permanent orbiting space station. The Shenzhou 14 crew will spend six months on the Tiangong station, during which they will oversee the addition of two laboratory modules to join the main Tianhe living space that was launched in April 2021. The launch was broadcast live on state television, indicating a rising level of confidence in the capabilities of the space program, which has been promoted as a sign of China's technological progress and global influence.
(Bloomberg) — Australia said one of its surveillance planes was cut off by a Chinese fighter jet in international airspace over the South China Sea in the latest encounter between the militaries of the two countries.Most Read from Bloomberg‘Most Clever Oligarch’ Severed His $37 Billion Fortune From Russian RootsOil Sands Crude Prices Nosedive as Russian Bans Upend MarketThere’s a Better Solution for Student Loans Than Forgiving Debt, Experts SayStarbucks Illegally Closing N.Y. Cafe to Retaliate
Photo Illustration by Luis G. Rendon/The Daily Beast/Jose PaglieryDOUGLAS, GEORGIA—The Georgia Secretary of State claims it’s investigating how a local election supervisor gave a cadre of 2020 election truthers improper access to an election computer system—what initially seemed like the latest example of rogue actors misusing their government positions to cast doubt on President Joe Biden’s victory over Donald Trump.But that investigation may expose a far more sinister plot than previously susp
Noureddine Jaber, a musician with a unique part-guitar, part-tamboura instrument, is giving voice to Sudan's long-marginalised eastern communities through a new album.
The launch came a day after the U.S. aircraft carrier Ronald Reagan concluded a three-day naval drill with South Korea.
An outbreak of foot-and-mouth disease in the West Bank early this year has killed thousands of livestock, pushing Palestinian farmers already living under occupation to the brink of bankruptcy.
Kirill Kudryavtsev/GettyScores of Russians with anti-war views have fled the country in the months since Russian President Vladimir Putin ordered an invasion of Ukraine, including journalists, activists, and ordinary citizens who made the split-second decision to leave after realizing their country has entered a dark new era.But now, after uprooting their lives in an effort to protect themselves and their families, some are returning to Moscow after struggling to make it abroad, despite the risk
Aman Sandhu checked store after store for a handgun in Canada's British Columbia, hoping to make a purchase before a freeze on sales takes effect, but struggled to find one in stock.
Heather Booth was a student in Chicago in 1965 when she received a call from a friend in need. His sister, he said, was pregnant but not ready to have a child. She was "nearly suicidal."
North Korea launched multiple ballistic missiles into waters off its east coast Sunday, South Korea's military said, a day after Seoul and Washington completed their first joint drills involving a US aircraft carrier in more than four years.
Photo Illustrations by Luis G. Rendon/The Daily Beast/Instagram/GoogleEarthIn April, Florida’s Celebration Church released a bombshell report on its founding pastor, claiming he was a “narcissist” who belittled staff and treated them like servants while he and his wife enjoyed a luxurious, jet-setting lifestyle and multiple mansions.Now the embattled former megachurch leader, Stovall Weems, is waging a legal brawl against the organization he founded in 1998, claiming its board of trustees staged
4/5 BBC One’s musical extravaganza was an arbitrary mix of jolting cultural juxtapositions, writes Mark Beaumont. How could anyone look away?


Write A Comment