Gary Vee is a brilliant entrepreneur, investor and likeable individual but he got one thing badly wrong.
Not only him, mind you.
The charismatic entrepreneur and social media guru is known for his bold proclamations and unwavering optimism all the time. Good for him.
But when it comes to his predictions about NFTs, the hype train seems to have derailed in the recent year or so.
The Gary Vee NFT fiasco proved to be a hype job in many ways.
They proved to be a fad largely and faded away. Plagued by celebrity hype and scams, overall.
Indeed both he and Mark Cuban here said NFTs are here to stay.
They were both wrong.
As for Vee.
Vee’s VeeFriends project, launched in 2021 amidst the NFT frenzy, promised a vibrant community, exclusive access to events, and long-term value.
Yet, the reality has been far less glamorous, in truth.
Firstly, the promised utility of VeeFriends NFTs has largely failed to materialize.
The exclusive events and networking opportunities have been underwhelming to say the least, with many holders feeling like they overpaid for access to Gary Vee’s personal brand.
Secondly, the value of VeeFriends NFTs has plummeted, leaving many investors with significant losses.
A bit of a Gary Vee NFT meltdown to put it another way.
While some rare NFTs have retained value, the majority have seen a drastic decline, casting doubt on Vee’s claims of long-term value.
Maybe, maybe when crypto as a space fully recovers from Sam-Bankman and FTX this year, maybe they can be revived.
CRYPTO NEWS: Tesla Bitcoin Holdings 2024
Maybe not likely. Crypto exists fine without NFTs.
Furthermore, the VeeFriends community, once touted as a vibrant hub of creativity and collaboration, has become increasingly disillusioned.
Many feel misled by Vee’s promises and are now questioning the project’s future and have voiced his conferences as being disasters.
Of course, Vee isn’t the only one who got it wrong.
The entire NFT market has experienced a significant downturn, with many projects failing to deliver on their promises.
CRYPTO NEWS: Why NFTs Failed and Died: Celebrity Garbage
However, Vee’s high-profile status and unwavering confidence in NFTs have made his missteps all the more glaring.
Everyone gets things wrong from time to time but important to note this today.
The VeeFriends saga serves as a cautionary tale for investors.
Again, please, don’t blindly follow the hype, even if it comes from a charismatic figure like Gary Vee.
Do your own research, question the claims, and invest cautiously, after much due diligence and testing.
CRYPTO NEWS: Dogecoin Price Prediction
While the future of NFTs remains uncertain, one thing is clear, Gary Vee’s predictions about their meteoric rise and lasting value have been proven wrong.
The VeeFriends project, once a symbol of NFT optimism, now serves as a stark reminder of the risks and pitfalls of this volatile market.
Highly volatile — a prudent reminder.
