World-renowned entrepreneur Gary Vaynerchuk (known by his moniker GaryVee) will debut his own highly anticipated NFT this month. For those literally hiding under a rock: Vaynerchuk is CEO of VaynerMedia, a media and creative agency that helps businesses across the world and that brought you “baby peanut” for the SuperBowl. Vaynerchuk stated on his website that his NFT is “the culmination of [his] life’s work.”
Before we delve a bit further into Vaynerchuk’s NFT release– let’s discuss what an NFT actually is.
What is an NFT?
An NFT is short for “non-fungible token.” It’s the latest big trend in the world of cryptocurrency. Forbes’ Robin Conti defined NFTs best: “digital asset[s] that represents real-world objects like art, music, in-game items and videos.” NFTs are being priced along the same lines of real life pieces of art — sort of. For example, Twitter creator Jack Dorsey’s first ever tweet was sold as an NFT for $2.9 million. (Dorsey though, right?)
There’s even an app for creating your own free NFTs called S!NG app.
Do NFTs Have Monetary Value? Why Do People Pay So Much For Them?
Just like a piece of rare non-digital artwork, NFTs have the potential to be as valuable as the price people are willing to pay for them. The auction house Christie’s sold an NFT art piece for $69 million dollars.
And just like real-life artwork, NFTs are going to cost a lot more if the person selling them is famous. Users can buy NFTs with Ethereum (ETH) tokens — essentially nerd money that, it turns out, is more “real” than the dollars and Euros that are looking so last century. Vaynerchuk posted a handy step-by-step guide on his website to help people prepare for his NFT launch.
The guide is especially handy if you’ve never used cryptocurrency before because it explains how to sign up for a crypto wallet in order to purchase ETH tokens, which is the currency that most digital auction houses will accept for buying NFTs.
Vaynerchuk is a millionaire himself, who was one of the early “angel investors,” in huge brands like Facebook, Twitter, Uber, and Coinbase. He’s written multiple best-selling business books and also has a hit podcast called the Gary Vee Audio Experience.
According to Vaynerchuk’s “about me” page on his website, one of his major life goals is to buy the New York Jets. We can get behind that.
In addition to his work with VaynerMedia, Vaynerchuk is also the co-founder of Empathy Wines, Resy, and VaynerSports. Here’s a handy video from Vaynerchuk’s official YouTube channel explaining why, “NFTs Will Win in the Long Run.”
Vaynerchuk also created a handy “NFTs for Beginners in 45 Minutes.” video.
Vee has encouraged those interested to join his Discord community for more information about the NFT. Vee’s NFT project is scheduled to launch May 5th.