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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.
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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