Investor Gary Vaynerchuk Says NFTs Are Like the Dot-Com Bubble

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.

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