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

"We are in a very similar place to where we were with internet stocks in 2000," the CEO of VaynerMedia said of Tuesday.

Mar 16, 2021 at 3:47 p.m. UTC
Updated Sep 14, 2021 at 12:27 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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