After weeks of teasing his drawings on Twitter, entrepreneur Gary Vaynerchuk announced Wednesday he’s starting his very first NFT collection, “VeeFriends,” a set of 10,255 character tokens available for purchase through the cryptocurrency ethereum.
Nonfungible tokens are a sort of digital asset created to monitor ownership of a digital thing utilizing blockchain technology. Such unique items could be art or sports cards — a market that Gary Vee became familiar with as a teenager, peddling baseball cards for tens of thousands of dollars every week.
Gary Vee Launches NFT Collection, “VeeFriends”
The first investor in Facebook, Uber and Coinbase states every token will include a “smart contract” which includes metadata he can use to interact with buyers. One way Vaynerchuk plans to do so is through an annual business occasion,”VeeCon,” to that token holders will receive exclusive access for 3 years after purchase.
The tokens could be bid on via a Dutch auction, which allows any investor — individual or institutional — to put a bid at a certain price without understanding what others are offering to cover.
NFTs have boomed in popularity this year along with a rise in the worthiness of electronic currencies, such as ether and bitcoin. The market is growing rapidly, with a few electronic collectibles being sold for millions of dollars.
Dorsey, Cramer Add to NFT Hype
Twitter CEO Jack Dorsey sold the first-ever tweet for more than 2.9 million over the “Valuables” platform run by blockchain firm Cent. Auction house Christie’s sought bids onto a digital work from the artist Beeple which finally sold for $69 million.
CNBC’s Jim Cramer said he recently used bitcoin to pay a mortgage and bought ether to bidding on NFTs auctioned by Time magazine.
Ether, the digital coin connected to the ethereum blockchain, struck an all-time high of $3,456.57 on Tuesday as the cryptocurrency expands a rally which has seen its price profit over 350 percent this year.
“When I watched this macro human tendency, the only way for me to help others understand it had been to be a part of it,” Vaynerchuk stated in a statement announcing his NFT plan. “I know that NFTs will be here for the rest of my life, and I will be actively calling, advising and investing within this space.”
The VaynerMedia CEO believes small businesses should consider NFTs as a large opportunity.
“I believe that everyone in small business is going to learn that NFTs are a way to do memberships, clubs and discounts,” Vaynerchuk said at the CNBC Small Business Playbook virtual event on Tuesday. “Just like lots of little businesses went out and built programs on mobiles a decade before, I really do believe that NFTs are going to be part of the strategy for smaller companies moving ahead.”
Vaynerchuk reported a part of revenue generated from nominal earnings will go to charity, and five tokens include entry to a “scholarship” which allows the holder to learn from the VaynerMedia CEO and his specialist network. Furthermore, contributions will be made to DAOs to offset the ecological impact of crypto mining.