seach-icon
  • user-img

    Sonal Shridhar Shinde in Crypto News

    12-Dec-2022 08:58 AM


    thumbnail

    NFT market held back by oversupply, greed and bad projects: Gary Vee

    Popular entrepreneur and NFT proponent Gary Vaynerchuck — also known as Gary Vee — has argued that oversupply, greed and subpar projects are the main reasons the NFT market fell so hard over the past year.
    In regards to short-term greed, Vaynerchuck argued that the industry has been hampered by too many people rushing to make a quick buck from launching projects or trading NFTs, resulting in losses to scams and projects with poor fundamentals imploding.
    “Everyone’s way too selfish, way too fast, and lacking thoughtfulness.
    This is a marathon, but everyone’s treating it like a micro sprint and a gold rush, and that’s why most will lose,” he wrote.
    In June, blockchain monitoring software company DEXterlab polled more than 1,300 people on Twitter about their NFT buying habits from late May to early June.
    Vaynerchuck jumped into NFTs back in early 2021 and went on to launch his debut project VeeFriends in May of that year, and has invested in a number of projects since then.
    Source: Cointelegraph