No One Is Paying Attention To What's Really Going On With NFTs | Gary Vaynerchuk
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- Опубликовано: 4 окт 2022
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No One Is Paying Attention To What's Really Going On With NFTs | Gary Vaynerchuk
NFTs took the crypto world by storm in 2021 with some jaw-dropping sales…one of the most notable being Beeple’s “Everydays: The First 5000 Days” selling for 38,525 ETH, which at the time, was 69.3 Million Dollars in March of 2021. The NFT crazed attracted Hollywood celebrities, music artists, social media creators, as the technology was predicted to transform the relationship between entertainers and fans. But in addition to celebrities and entertainers, NFTs also attracted scammers, creating an unfortunate reputation for itself as a means of making a quick buck without providing much utility. Since the start of 2022, NFTs are down 97%, causing many pundits and analysts to raise the question, ‘are NFTs dead?’. Social Media and Business magnate Gary Vaynerchuk, better known as GaryVee, went head first into NFTs, creating one of the more successful collections, VeeFriends, which brings to life his ambitions of building a community around his creative and business passions using NFT technology and their smart contract capabilities. By owning a VeeFriend NFT, you immediately become part of the VeeFriends community and get access to VeeCon. As a guest on the Bankless podcast, Gary Vee discussed the state of NFTs and why it is way too early to call it dead. Gary was an early investor in many heavy hitter technologies such as Facebook, Twitter, Tumblr, Venmo, Snapchat, Coinbase, and Uber, and he states, most of these companies did not show promise in the first 24 months, so to write off NFTs, it's just way too early. Gary stands behind the technology and believes in due time, those who understand it will reap huge benefits.
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😂 😂 I love hearing people try to sell how great NFTs are
The amount of copium this guy is sniffing💀
Gary's explaining something to others he himself doesn't understand.
I love how basically that line goes up video crashed the NFT and pretty much the crypto market. And Gary has self interest in NFTs still being a thing because he sunk the cost of developing a marketplace for them just about when they died in value
February 22 I was being urged to create them. Didn't know an NFT from a hole in the ground.. Im a 40 + year traditional artist and writer. It took me days to understand the concept and I still wasn't completely clear on it all. After 3 weeks, I finally got the gist of it all. what killed it though was I saw the 50k apes.( the angle of the heads and then I knew).. they were all precisely angled @ the exact same degree. I knew then that it was a program pumping that mess out.. no artist had anything to do with any of it. It was then I knew NFT didn't stand for Non fungible token, but rather NOT A FU##ing THING !!!
"Their scammiest friend" says the guy that used his fame and rep to lure a bunch of rich people into the space to buy the same pos art he is referring to.. hilarious
NFTs are similar to collecting bottle caps. It's a personal opinion of how much its worth.
Everything is a personal opinion of how much something is worth.
NFTs are now being recognized as the worthless jpegs they are, with most losing 90% of their value.
NFTs won’t have any real value until they start proving utility, like event tickets or real estate ownership.
and even then it will be a hard sell. We came dressed as wolves, when we shouldve played sheep. Now the master AI wofl is hip to our scam and will make it damn near impossible to be recognized through sheer innovation. Think about it, all this AI animation and Dalle and everything elses timing are so damn precarious its cringeworthy.
Cool story bro
@@dopenerd5070 good let it die
'nothing' can't have any utility.
They’re not even a jpeg, only a link to one
There was a reason the Internet became valuable. It was useful. The only utility of NFT's is for celebrities to get money from their followers while providing nothing. In that sense, they have been a great success.
This is almost the textbook definition of a snake oil salesman.
NFTs are a tax write off for rich people. They buy and sell them between each other like musical chairs. The music has stopped.
Nope. Regular people as well. I enjoy them.
@@f1sker_karma you won't for long. Unless its Topps or Upperdeck or Batman like NFTs. But not the shitty garbage I wasted $9,500-$20,000 on.
you don't know anything about nfts
Outsider take
You have no idea what you're taking about...
Dude was wrong and he just won't admit it. Which is crazy because he always talks about how he loves being wrong.
This dude sound like the child who sells candy bars in school that are not in season
No dude! That shit has no value it’s just a JPEG! Now if NFT combined digital art with physical art something that I can hold like the one Joe rogan has of Elon musk then I’m all for that that’s real art.
This guy says a whole lot without actually saying anything
With too many scammers these days, NFTs will not work unfortunately
Everything has scammers. Its a great market I enjoy underneath all the ugly that everyone see’s.
how is this guy still alive
It's not dead to Gary Vee because he still wants to sell his 5yr old napkin drawings online. Stop.
Ohh nfts 😂 the pet rock of our generation 🤣
Can we stop selling nfts as the next big thing when you have quantum computers and ai tools on the rise? It was a trend in 2021 and reached the peak in 2022. Nfts failed to get mainstream adoption. Not even crypto have really reached massive levels of adoption to it's intended purpose. As someone who was very enthusiastic about the tech and saw the kind of people getting into it I can say it's just a world full of grifters and good for nothings.
Guy who profits off NFT market defends NFTs. News at 6
Trying to compare internet to nfts is moronic
When 99 people out of 100 think something is a scam you can bet your life on it that it’s a scam, but people can make millions off the 1 in a 100 people still, people buying pictures that a 5 year old can do for millions of dollars or even if it’s a few hundred dollars it’s a robbery, you might as well collect leaves from the garden lol😂
It’s over dude
Can you show ONE way that NFTs are able to do something new? If I make an NFT and use it to pay for my business to grow, then how is that any different than a stock? If Im supposed to keep earning a percentage on the sale of my NFT art, how is that any different than selling a painting with a contract that states I own a percentage of the painting and will earn a percentage based on increased value? NFTs can only do what has been already been done, but only with more steps/ energy required and a dependance on computer networks not being shut down.
If you sell art and demand to get 10% royalty on every sale for the coming 50 years, imagine how many sellers will send you the 10% royalties each time it changes hands? Nobody will sign that contract and if they do there is absolutely no way for you to enforce this.
With NFTs there is no trust needed. Code is law. Each time it changes hands you get 10% send to you automatically. No middleman needed to make sure this is done and done correctly
Artists can get continual rewards/royalties everytime their art piece is sold on. This is not possible in the real world even if you have a contract in place. NFTs save cost on packaging and shipping. I guarantee that passports will eventually become NFT's. Think about the potential.
Actually, you are missing the other half of your thought. You have to pay the royalty even if it goes down in value. For example, if you have to give the "artist" 10% of your sale, and you bought it for 1,000,000, the nft mint people get a cut, the rest goes yo the "artist" and both of them are supposed to pay taxes on that but many times don't. So, even if you sell it for what you paid for it, you will still be down 2 things:. whatever interest you could have gained while holding the damn thing and $100,000 (the ten percent cut back to the "artist"). Or, if you sell it for $1, you still lose $999,999.10. Its a slap in the face, but the other guy commenting here that "code is law" is wrong. There are ways to transfer ownership without an automatic royalty. Lost of exchanges are doing it now because otherwise they were going under.
@@sj0nnie no, some places on the internet you can sell your nfts without paying the stupid fkn royalty. look it up.
Yes, it’s trustless. That is an innovation. The perpetual commission just happens.
Gary Vee the snake of collectables. Bro needs to disappear
yeah, hes annoying af.
Please stop dude, your literally buying a jar with a fart in it, but you can’t touch or ever physically own the jar or open it to release the fart. The only people making money on this shit are scammers
NFT’s are trash. Sorry Gary.
NFTs are just a way to proof ownership of digital stuff. It's not like big revolutionary thing as people are talking about.
It's like people are making a big deal about ownership document that provide proof of ownership for something.
Yes, It's not a false concept to say if you own this ownership doc(nft), you own the digital art.
The sad part is, people are buying those docs for stuffs that has little to no value.
Wow: Simply Beautiful NFT Abstract Art
I have been buying cheap nfts
NFTs are remarkable but what most remarkable is Paradigma collection of NFTs
Firms just buying from each other/selling to themselves.. slight of hand
I'm still a little lost on NFTs. How is their value in the limitless? Unless I can copywrite all monkeys and be the only person to make an image of a monkey... I'm simply selling a limitless thing. The new AI creator systems show us how broken the NFT idea was.
Research why pokemon cards are valuable.
Some cards have a lot of supply, worth nothing. Some are very scarce, are worth a lot. They can reprint a lot of the scarce cards, but the reprints will not be as valuable as the old ones.
Nfts are just a better way to track supply and supply increases by the customer/market. Price is a function of supply and demand.
@@sj0nnie Yea but expensive pokemon cards are rare in supply and have reasonable demand while nfts have thousands in supply and basically no demand at all for the product itself.
Oh, and why do you call yourself Patrick Bateman. Thats kinda embarrassing, sorry for my honesty.
Nice clip on your channel though, good old tuco.
It’s a scam
@@rocky13m Scam: a dishonest scheme. What's dishonest about nfts?
I collect sports cards. However, I find much more value in NFT’s. The same collectability to me, but NFT’s dont have as much risk. Very difficult putting a $1,000 card on ebay. Waiting 7 days for liquitity, then hoping the mail doesnt loose my card. NFT’s provide a much better market. Liquidity. Less risk. Collectable. I love them. Everyone just see’s the dark side.
Great video!
the jpeg mafia are unreal.
he's a part of it he's a businessman after all,
fortunately some people can see the garbage behind it.
GM!
NFT is a scam just like FTX. Why to buy jpeg for so much money when I can get it for free.
I spent 5000 xrp on nft’s and now I wish I just kept my xrp 😢
yeah it is not dead, it is deader!
Talks about nfts as if they are only on Eth, Gary's downfall
NFT's are a technology in search of a purpose, I said it from minute one.
The tech is amazing BUT imagine taking advantage of everyone by selling an NFT (EVEN THOUGH YOUR ART IS CHILDLIKE) using your POPULARITY KNOW THEY ARE GOING TO GO TO ZERO!!!
Can I buy an NFT house and live in it
Surprisingly the ppl pumping these things were celebs who weren’t making money doing anything else so they pitched them hoping to make a buck. Could NFTs be linked to real assets? Sure. Until they convey title to something of vale they’re worthless. But if anyone wants to buy my NFT just let me know. I’ll throw crap on a wall & sell it.
colliders craftworks
2022 : NFTs dead 💀
No, Q1 2021 NFTs took a fatal dose of a poison called GREED. They have been dying a slow, painful death since then.
People always got the internet fool
Been saying nfts are stupid. people who think nfts got value live in a sheltered nerf world.
True right now the nft world is sheltered. But, in the future nfts will be a greater merger for both the 2.0 and 3.0 worlds. There will be more advanced utility surrounding nfts. Think of an nft as a key to access a website.
This guy defo lost a few K LOL
Look at the backwards hat - just screams intelligence.
I believe in NFT
HAHAHAHA it is in the title. NO ONE IS PAYING ATTENTION
Aged like milk
welcome to grifter central!
Game of greater fool 😂
There are so many suckers in this world that haven't bought an NFT yet... The market can still grow
It's full of gatekeepers, it's no longer decentralized.
Meetings every day? Oew you sound inportant.
sound... not IS.
This didn't age well 😂
What a scam
nobody wants to buy my NFT.
I got $5
No
Fucking
Thanks
45 yr old playing with happy meal toys. smh
*Let’s continue acting like telepathy and teleportation aren’t both real! Y’all are doing so great at playing fucking abusive!*
I guess nft 2.0 will be the era of self created nft, such as iguverse draws in their wl right now
Art don't have utility it has only appreciation
Nfts arent just art, thats not the definition of a nft
... and it is the best form of tax fraud.
This is far from the truth. NFTs can be used to access any websites in the 2.0 world. Kind of like a key.
@@bergtfn i know, NFT itself is the future, i believe that personally. But for now, it is too early, the usage of NFT isn't optimal yet in the present time. Nowadays smart contracts are minted into arts/pictures, and the comment is right, arts only onlg have appreciation, not utility, spesifically. But one day, if the smart contracts/nft could be used for something useful, with a real utility and a unique selling point that everyone needs, it could be a real deal.
imagine buying michael jackson nft when he was in jackson five and then selling a week later after Thriller came out
there is a video from logan paul and mr beast where they talk about Gary doing a huge zoom meeting with every big influencer to promote NFTs during the hype. Fraud
Spin you hat around grandpa you're not 11
Can I buy NFTs with USDT?
Yes convert to eth
Total bs
Easy to do Gary with a team of 50 - the REST of the world has 50 more bills to pay 💰 ok?🙄
So excuse us all for not “keeping up” & 🛑 making everyone else to be failures if we can’t keep up -
When you make garbage art it does not help anyone
I unapologetically hold 0.4% of my crypto portfolio in cardano at the moment
Sorry to hear friend
Wheel reinvention hype.
Sounds like a scam
NFTs with utility are picking up. I put art on the wall, I don't need it on the blockchain.. it's just an extra tool for marketing and sentimental value, but that shouldn't be the only value.
I would love to get into the NFT market but it's expensive with the gas price alone, something could cost $18 but the gas could be over $400
bro get on solana, eth is a dying chain
1 week I've spent 1 eth on gas
That's why I'm only interested in crypto trading and i have been making massive profit since then
Get into solana NFTs. ETH nfts take a lot of gas. Solana NFTs only take less than a cent.
Polygon❤
this guy is always full of BS. filling your bags with millions at the cost of the normal people and then telling people that are responsible for their own actions. Yes offcourse they are, but note that a lot of stupid people blindly fell into the trap of NFT's. Gary could have refused to launch his ridicolous collection, or given all to charity
IT IS DEAD
Thumbed down. My previous comment deleted.
we didn't delete any comment. if there were expletives or anything deratory/hateful,, RUclips holds those comments for review.
@@OnlyTheSAVVY nothing of the like was written
@@yay4this if you say something that advances knowledge or provides uncommon insight, some media bot is gonna ghost your comment.
@@b-il-n thanks
Mfers are the culture
Gary is a snake oil salesman. Lock this guy up!
Gary has no clue what he's talking about.
NFTs with utility will survive
how?
Annd which ones have use?
It's dead.
I think now is the best time to get into NFTs, these things are like a dime for a dozen now
Same goes for fidget spinners?
Scam!
Gary is right, they're not dead. People need to look at the tech and it's potential and be a little creative. For whatever personal reasons he himself may be in it and pushing it, he's right in the tech is worthwhile. I think the creativity for most stops at the art. Make some BS and sell it before people get wise. The smart contracts are what's amazing.
Shits dead move on
Its temporary. Were in a bear market.
When tulips will be bullish again?
Copium
Another grifter
NFT is the Best way to Trade Crypto Currency.
o look... bullshit.
this is the money of the future
lmao
all these bots in the endless wasteland of a dead tulipmania
Boss Cat Rocket Club cNFT's are pumping right now. Everyone is moving over from Sol and ETH, come join the party
NFTs have great potential. But the shortcoming is a lack of user-friendly apps, and a more generalized use case.
What potential 😂
No it doesn't. It's the ultimate form of selling NOTHING. It's a form of scam scammers like Gary V. can only dream of.
How can anything have potential if no one can think of a use-case where the thing provides a better solution than the current alternatives?
Only idiot that believe NFT is going to die (most of times everyone always hate to a new things, because most people especially older people afraid or hate of changes). In near future, everyone will go into virtual world like in movie Ready Player One where crypto is the currency and NFT is the way of trading, especially in online game. Note: you can get passive income if the game can afk auto hunt. I have been trading online game NFT Blockchain (Binance) for 5 months and i lived in a poor country where average income per month is only 300 USD, NFT help me so much to get extra money while sleeping. Just wait until virtual reality equipment price go down and everyone will go to virtual world that more excited than metaverse.
Meta shit
Damn, you ain’t getting of that copium, are you?
Did you forget to take your medication again?
NFT's are already dead.
Cope cryptocuck
NFT’s with utility are the wave
NFT'S are just going through normal technology growing pains. Sometimes it takes humanity longer to jump on board than the technology to take off. Success in any project/company's goals and vision you invest in is the real treasure. Any money made later on is just a bonus.
These companies are mostly shams. Elaborate schemes to launder money and evade taxes at best. Most people get empty promises and rug pulls.
NFTs have never been dead. The only issue is that many NFTs without utilities are springing up and they end up being valueless. For those confused and keep encountering useless ones, I recommend OGN for a start, it’s my most profitable NFT I have purchased so far
That’s been going on since February if not longer. Sounds like that is just what it is. Can’t have anything free governed by just people because there will always be exploiters
NFT is best of all and it is easy to understand and the coin is a blessing for all that invest in NFT
go preach to idiots somewhere else.
clown