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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.

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

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.

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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.

NFTs Non-Fungible Tokens CoinDesk TV Gary Vaynerchuk

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.