Gary Vaynerchuk, a social media marketing influencer and an entrepreneur known as Gary Vee, started his first-ever non-fungible token (NFT) collection via OpenSea for investors, flippers, collectors, and fans. Gary most likely generate more than $100 million from launching VeeFriends — but is this NFT a profitable investment for buyers?
VeeFriend collection includes animal doodles NFT that were given an alliterative name like “Hot Shit Hornet, “Curious Crane,” and “Logical Lion.” VeeFriends’ non-fungible tokens raised a hefty $23 million worth of Ethereum (ETH) for only two days. However, in an interview with Decrypt, Vaynerchuk claimed that his goal is much greater than a short-term play.
Vaynerchuk strives to transform VeeFriends into a full-fledged character franchise in the thread of Despicable Me, The Smurfs, Scooby-Doo, Hello Kitty, animated series, toys, children’s books, and more.
What is VeeFriends?
VeeFriends was designed out of the concept to build a community with people with the same interest, and business with friends can still be entertaining. All of the characters in VeeFriends are created by Gary himself. And most character collection represents a human trait that Gary finds fascinating and which he regards will lead to success and happiness.
A portion of funds from NFT royalties is dedicated to various charities supported by Gary. Moreover, Gary created five free scholarship tokens that give users access to learn about Gary and his network.
Customers and investors can purchase VeeFriends NFT through Ethereum (ETH) by a non-custodial digital wallet via dutch auction. VeeFriends also accepts payments from WalletConnect, Metamask, and Portis wallets.
VeeFriends Tokens
A sum of 10,225 VeeFriends tokens is split up into three classes — Admission, Gift, and Assets. Gifts and Access tiers grant additional benefits.
- Access – This stands at the top among the three being the rarest, having only around 300 tokens. Access tokens are pretty simple. You get one-on-one or group access to Gary. You can play fishing with him, poker, ping-pong, etc. Access also grants virtual and in-person meetings.
- Gifts – These tokens basically give users three years’ worth of exclusive conferences in his new panel called VeeCon. Gary will also be sending six physical gifts per year with this token. As of now, how these gifts will look like remains a mystery.
- Admission – There are 9,400 admission tokens that have various levels of collectability and rarity. There are different quantity tiers within every character type. And just like Access, it gives you a way into VeeCon.
VeeFriends Value
Vaynerchuk contemplates the NFT series as an apex of his greatest passions: pop culture, inspirational content, and collecting. But what value that it holds as a collectible and in the community?
Collectible Value
The arts in VeeFriend are fabulous and will give aesthetic vibes if you hang it up in your room, but it is probably not something one would place on a gallery for an exhibit. If you really want to strip out Veefriends collectible value, you should focus more on what it represents.
Take Logan Paul as an example. He was able to sell pokemon cards with an image on them, though it offers nothing more than the card. Logan was able to sell them for $2000 each. Perhaps, it is because of Logan’s massive fanbase, but so does Gary. So, this may be Gary’s starting point for the base card, adding a bit more for the rarer version.
Flipping digital collectibles is also a good stream of income that may bring value to this NFT. You can try buying one, hold it, and sell at a good price when the time is right.
The collectible value depends upon the collector. This is a good digital collectible for some. For others, it is not.
Community Value
Perhaps, there will be a private discord with token holders that might broaden networking possibilities, and Gary himself might be active in this community.
How do we value those?
That immensely depends on curation and community management. Discord has been a wide west basically because of thousands of people who join in a week. They have a completely different team of moderators, making the community a mere beta of what would probably look like in the future. Overall, the VeeFriends community could be considered a fascinating and fun place where users can join social events and broaden their network.
There is a token you can use comparable for this. It is a token-based community known as FWB or Friends With Benefits. The community gives you private access to the discord of crypto creators and thinkers. To get in, you need to hold 60 FWB tokens for a value of about $700, with the cost going up every year. If we compare that to Gary’s VeeFriends community, a fair approximation of $1000 will be enough for a lifetime membership.
As a consumer, the tokens you own will come with six free gifts every year. No one really knows what the gift would be, though.
Key Takeaway
VeeFriends is indeed a milestone for NFTs and cryptocurrencies in general. The Beeble auction that earned $69 million may make a big buzz for being the bigger name at the moment; however, the bids only came from a few groups of wealthy people. On the other hand, VeeFriends NFT is getting sold at a much affordable price, starting around 3 ETH declining by a Dutch Auction that goes down to .5 ETH, which is approximately $1,700 as of today.
VeeFriends NFTs are almost the same as buying blue-chip stocks in the market. It’s going to be reliable and will continue to rise.
