Serial entrepreneur and media mogul Gary Vaynerchuk (often known as ‘GaryVee’) has been supportive of new innovations and technologies for a long time, and this includes NFTs (non-fungible tokens). He has posted several videos of himself where he openly admitted to believing that NFTs (in addition to cryptocurrencies in general) are the future, and as such, he has now purchased a CryptoPunk non-fungible token for 1,600 ETH, which is worth approximately $3.7 million at today’s prices.
For those who might be unaware, CryptoPunks are often considered to be the most prized as well as some of the oldest NFTs out there. In fact, only 10,000 of these non-fungible tokens exist in total, and while each NFT has its own unique set of traits, some of the CryptoPunks are more valuable and sought after as compared to others.
Gary supports crypto
As aforementioned, Gary loves to support innovation and to change our society for the better. As part of his underlying support for the crypto industry, he had launched his own NFT franchise recently called ‘VeeFriends.’ Furthermore, as Gary often talks about how investments with great potential usually take time to pay off, he also stated that he does not expect any quick success as far as his involvement with NFTs may be concerned, as he mainly wants to help build something that is truly meaningful and long-lasting.
Gary loves to talk to those that are considerably younger than him in order to gain some insight into what the younger generation likes to do as well as the mindset that comes with those people that try to create businesses and move away from a more conservative and traditional point of view. Having originally made his fortune by taking over his father’s wine business, Gary was able to exponentially increase the company’s revenue and was one of the first individuals to realize the power of social media, particularly that of video blogging (vlogging) and platforms such as YouTube. His company, VaynerMedia, has successfully provided a variety of services pertaining to social media strategies to numerous Fortune 500 companies in the past.
Vaynerchuk defends his purchase
The millionaire’s purchase is indicative of the 4th highest price that has ever been paid for any CryptoPunk NFT, with the 3rd highest being paid only a couple of hours after the fact (where someone had bought CryptoPunk #5217 for a massive 2,250 ETH).
Gary has consistently had to deal with numerous critics who have often called his decisions into question, whether these be crypto-oriented or otherwise. Some have said that Vaynerchuk paid a ridiculous sum for essentially nothing more than pixels. However, Gary defended his purchase by stating that the true value of NFTs has not yet been fully revealed and that he is very confident that his investment will pay off in the long run. He concluded his defense by stating that many people neglected to understand the significance of ‘Jackson Pollock’ paintings too and that these individuals are making the same mistake with non-fungible tokens.