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Gary Vaynerchuk, the creator of VeeFriends, one of the popular NFT collections, talked about the sharp decline of the NFT market.
Cryptocurrencies, which began to be recognized as digital assets years ago, brought with them many different sectors. NFT and metaverse became the new trend in digital assets. However, all these assets are subject to a single market condition. The bear trend experienced by the crypto industry has shaken the entire industry hard. Especially on the NFT side, there was a serious decrease in volume and loss of collections. Apart from market conditions, oversupply and declining demand also affected the NFT decline. Touching on these issues, NFT creator Gary Vaynerchuck made statements about the industry.
Gary Vaynerchuck Makes Statements About the NFT Drop
VeeFriends creator Gary Vaynerchuck attributed the extreme decline of the NFT market to oversupply, greed, and below-average projects.
Mentioning that the NFT market has experienced a serious decrease in volume, Vaynerchuck stated that investors act in fear and doubt. The founder of the popular NFT collection called VeeFriends has managed to reach around 3.1 million followers on social media. In addition, Vaynerchuck stated last year that about 98 percent of NFT projects will be a thing of the past.
The founder, also known as Gary Vee, listed the reasons why NFTs came to this state. According to Vaynerchuck, while too many projects are emerging, not enough demand has been made. Arguing that short-term greed is also effective, the founder referred to the floor price drop caused by people wanting to sell their NFTs quickly.
Finally, Vaynerchuck thinks that the NFT market will become more meaningful in 2023.