- Gary Vaynerchuk explains NFT is the next Amazon.
- Julia Chatterley of First Move spoke to Gary raising a few questions on NFTs.
- Gary said no one needs anyone as middle if they are capable.
Gary Vaynerchuk, a Serial Entrepreneur, sells a new use case for NFT. More so, he explains NFT is the next Amazon. Moreover, ‘Smart event’ tokens contain more real value than digital art.
Gary’s VeeFriends NFT collection will offer purchasers access to his VeeCon business and marketing convention for three years. However, users can purchase tokens with Ethereum (ETH). More so, he sees NFTs as a huge future, as a membership for goods and services.
Vaynerchuk Response for First Move’s Julia Chatterley Questions
On Wednesday, Julia Chatterley of First Move spoke to Gary.
Gary explained when he questioned ‘what you see in NFT and what you are doing’.
Gary has put his dad’s wine shop into the internet and launched winelibrary.com in 1996. Even more, when he started the show on Youtube and told people to use Twitter and Facebook. In order to develop it for Web 2.0, however currently it is in Web 3.0.
In addition, he explained Non-Fungible Token (NFT) is important for all. Notably, the reason behind his VeeFriends launch is to help people know it is not just art that sells for $69 million. However, it is like a credit card or ticket for going to a concert. For instance, smart contracts play a major role in NFTs that impact the lives of everyone.
Moreover, he mentioned that it took months to think how profound this is and he believes it is there. He also knew that 89% to 99% of NFT projects will fail as investments, but this is the same as internet stocks in 1999 and 2000. However, Amazon was there. For instance, the internet changes everyone’s lives and blockchain and NFTs will do the same as well.
Next question is about ‘Why do you need an NFT and use this technology in order to do what people are already doing for customers already?’
Gary explained that this is the same question about the internet, why he buys wine on a computer. However, when there is an issue in NFT Lou’s Pizza Shop, NFTs provides 1,000 tokens, however he sells all those tokens. More so, the regular pizza image provides a 10% discount, and gold provides unlimited free pizza. The person who purchases will own the NFT, which could be sold on the blockchain after six months.
However, Lou gets royalty for the transaction because under these contracts users can put royalty. More so, people who hold and sell it in four years in veefriends.com, he will make a royalty. In five years, public wallets like public social media accounts will be created, in which users can view each other wallets and tokens. Furthermore, like everyone needs a social media account in 2021, this is the same like everyone needs an NFT strategy.
Julia said to Gary ‘My understanding of this in a way is to cut out the middleman.’
Gary gave a fantastic reply to this. He said no one needs anyone as middle if they are capable. Moreover, if a talent is enough for building monetization and demand then no one should ever have someone managing them 10%. Furthermore, talent never needs someone for the business, and marketing side of things. More so, instead of authors getting money from publishers and then sharing the revenue with the organization, they can sell to their social media as an NFT to their audience. Also, providing a percentage of the royalties of the future earnings instead from a publisher.
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