NFTs are evolving daily. Gary Vaynerchuk, a Belarusian-American entrepreneur, author, motivational speaker, and internet personality, has shared a review of the journey of rapidly growing non-fungible tokens (NFTs) space and decentralized autonomous organization and how they can benefit from each other.
In a recent exclusive interview with Karen Civil, an American social media and digital media marketing strategist, Gary Vaynerchuk, also known as Gary Vee, narrated extensively the roadmap of non-fungible tokens and decentralized autonomous organization and how both can progressively impact each other.
During the interview, Vee recalled the first time CryptoKitties came out in 2016s, citing that it was a hilarious event for him. He could not imagine how JPEG would be integrated with other forms of JPEG to make a new JPEG.
In a similar event in 2017, CryptoPunks, which featured just 128 x128 pixels, seemed silly to many people, and nobody cared about that them. The perception started changing after Gary Vee launched a mastermind call with influencers. He said:
“Crypto Punks will be huge. Go get a bunch of them.”
Interestingly, many people went in and cornered the market and raised the prices of NFTs. Coincidentally, Bored Apes appeared as Vee was launching his NFT project in earlier 2021. At the time, Gary Vee teamed up with Bored Ape to create big influencers, which successfully minted all NFTs.
At one time, a single NFT would cost 2 Ether. Although that was a lot back then, the floor is now around 80 ETH. All these NFTs projects made big bucks. In a similar interview with Karen Civil earlier in 2021, when Gary Vee was thinking of creating NFTs, he hinted at launching his project on NFTs-focused blockchain, WAX.
Notably, Vee described Wax as the Walmart for NFTs, citing that NFTs are cheaper on Wax than on Ethereum. However, Gary Vee successfully raised $90 million and loaded these funds on ETH.
NFTs Overview
In a recent interview, the investor now foresees implications of what could be with NFTs. According to Gary Vee, many people still look at NFTs as mere images like JPEGs or different forms of screenshots.
Gary Vee argues that there is much more to NFTs since they can unlock many experiences. Nonfungible tokens represent the next level of digital rights management. In this case, NFTs can today be videos, images, text, audio, links, AR, VR, 360 Video, or even a combination. They can unlock venues based on geo-proximity.
Furthermore, NFTs can evolve too. The non-fungible token can be a baby egg and then turn into a baby dinosaur. It can then grow from a toddler dinosaur, to an adult dinosaur and mate with other dinosaurs to have another baby dinosaur.
More interestingly, the more powerful lineage of dinosaurs becomes the more valuable it is. To date, there are more real-world applications for NFTs evolution.
Nonfungible tokens also offer more utilities. An NFT may represent ownership. In this case, a music band is a perfect example. An individual may be performing backstage at a concert but would enjoy the same rewards as the team at the forefront.
Moreover, if a music band tours a town, the team may incentivize individuals with wallets with an NFT that would ultimately give that individual an added experience.
Basically, an NFT is a programmable smart contract that can do anything beyond imagination, not just a JPEG. It proves ownership of an artwork. Interestingly, a photo artwork cannot be scratched when it comes to nonfungible tokens.
An NFT holder automatically becomes part of the community who holds particular NFTs. In that context, an NFT holder can interact freely with fellow NFT holders within the community. These communities are today best organized as DAOs.
