In a recent interview, Gary Vaynerchuk, CEO of VaynerMedia and creator of the NFT series VeeFriends, expressed his thoughts on the future growth of NFTs.
While acknowledging that some well-known NFT lines like Pudgy Penguins and Bored Ape Yacht Club are expanding their intellectual property into toys, apparel, and other merch, Vaynerchuk thinks this approach may not be right for every project.
“Not everyone can do it. You have to know what you’re good at or what you’re not good at, but it’s something everyone should think about because it opens up more opportunities,” he said.
Contrary to popular belief, Vaynerchuk doesn’t see digital collectibles as the primary avenue for NFT growth. He sees NFT collectibles as part of the ecosystem, and envisions a future where the term “NFT” is no longer automatically associated with collectibles, but is seen in a broader context.
When asked about the mainstream adoption of NFTs, Vaynerchuk shared his thoughts on the potential trajectory of NFTs. He said, “I think NFT is a very important technology, but I don’t think NFT will be the main way people consume or collect or engage in intellectual property in 20 years. I think it’s one of the ways, but it’s not the only way.
The interview underscored Vaynerchuk’s belief in the versatility of NFTs beyond the realm of digital collectibles. He emphasized that individuals and projects need to assess their strengths and weaknesses, understand what they are good at and which areas may need further exploration.
Vaynerchuk emphasized that diversifying the applications of NFTs can unlock greater potential and open the door to new opportunities.
As CEO of digital marketing agency VaynerMedia, Vaynerchuk has seen the growing popularity and potential of NFTs in the marketplace.
However, he maintains a balanced view, recognizing that while NFTs have enormous value and transformative power, they will not alone define intellectual property ownership or the future of the digital landscape.
Vaynerchuk’s insights reveal the evolving nature of NFTs and their potential to reshape various industries. By encouraging a broader understanding of NFTs and their versatility, he paves the way for innovative applications that transcend the boundaries of digital collectibles.