NFT market held back by oversupply, greed and bad projects: Gary Vee


Gary Vaynerchuck, an NFT proponent, says NFT has slowed with greed and bad projects. He posted his latest blog post on Twitter and discussed the NFT sector’s current issues. The feedback was humbling, he says.

98-99% of NFT projects’ that gained traction during the NFT boom in 2021 will end up being bad investments or “go to zero” Vaynerchuck argued that there had been a significant amount of fear, uncertainty, and doubt (FUD) from the media and users of social media this year.

Dexterlab, a blockchain monitoring and monitoring software company, polled over 1,300 people on Twitter. 643% stated that they purchased NFTs to make money, and less than 42% had a profit at the time of the poll. Vaynerchuk says there’s unlikely to be another market boom like 2021. He compares crypto and NFT to the internet boom of the late 1990s and early 2000s.

There will be some projects that will become Amazon and eBay, he says. Vaynerchuck began playing in the NFTs in early 2021. he then went on to launch his debut project, VeeFriends. The project is the twentieth-ranked NFT collection in terms of all-time sales volume at $2418 million.

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