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The global non-fungible token market has experienced a significant decline in value, trading volumes, and investor participation since its peak in 2021 and early 2022. The market capitalization fell drastically, with most blue-chip NFTs experiencing price drops of over 70% from their all-time highs. Nonetheless, the NFT market is expected to rebound, likely before the end of this year.
Gary Vaynerchuk, a serial entrepreneur who serves as Chairman of VaynerX, CEO of VaynerMedia, and Creator and CEO of VeeFriends, is one of the industry experts who are bullish on NFTs. While discussing NFTs more frequently in Spaces and other forums, Gary Vee has maintained that NFTs will bounce back and eventually be viewed like other collectables, such as baseball cards and comics.
However, as with all collectibles, the now highly anticipated bull cycle will include highs and lows. In his view, the top tier and undisputed NFT collectible will be CryptoPunks, a globally recognised non-fungible token collection previously from Larva Labs but now managed by the Infinite Node Foundation. The Punks NFT collection features a limited set of 10,000 pixilated NFTs stored on the Ethereum blockchain network.
The next tier will consist of pre-2021 NFTs with strong provenance. He did not name specific projects, but in the past discussions, he has pointed to historically important NFTs. The final tier will comprise a small set of five to six NFT projects, led by founders who have outlasted everyone else. Vee believes he is one of them and that only a few others will have the same level of hustle and execution. He did not mention a specific collection.
Gary Vaynerchuk has positioned his VeeFriends NFT project as an accessible entry point into the NFT space. VeeFriends is an NFT collection featuring a limited supply of 10,255 NFTs created on the Ethereum network. These NFTs are not just digital art; they represent characters designed by Vee, each embodying specific human traits he admires and believes are essential for success and personal growth. The NFT series also serves as access tokens, granting holders various benefits, including entry to the annual VeeCon conference.
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