Non-fungible tokens (NFTs) are in a bubble, VaynerMedia CEO Gary Vaynerchuk said Tuesday on CoinDesk TV, though he doesn’t doubt the technology will have staying power.
- NFTs are a "replication" of the dot-com bubble, Vaynerchuk said.
- "A lot of people talked about the internet being a fad," he said. "In reality, the internet was this game-changing revolution of technology but a lot of the early projects were just overpriced on the excitement."
- Explaining the upside of the technology, Vaynerchuk explained how a book author can use NFTs to issue unique works and rewards to boost their brand and relationships.
- When asked if he saw bitcoin becoming the currency of the world, Vaynerchuk said: "I really don't know. The reason I've gone harder onto NFTs than currency is because I enjoy it more."
- Earlier this year, Vaynerchuk participated in a $50 million funding round for Sorare, a platform that provides digital soccer collectibles in collaboration with big-name teams.
- Watch Gary Vaynerchuk speak at Consensus by CoinDesk 2021, May 24-27. Register here.