- Gary Vaynerchuk provided explanations for his previous declaration that 98-99% of NFT projects would go to zero in the next year.
- He illustrated three main causes— oversupply, momentary greed, and naïve operations.
- The NFT winter would see declined sales volume, low prices and poor investments.
Gary Vaynerchuk, better known as Gary Vee, the Chairman of VaynerX and the CEO of VaynerMedia, released a detailed explanation of why he has previously commented that a major portion of the NFTs would “go to zero”.
On November 22, Gary tweeted that 98-99% of NFT projects from the 2021 NFT year would become “bad investments” in the upcoming years:
98-99% of NFT projects from this "2021 NFT Year" will end up being bad investments … pls be thoughtful …this is a gold rush and 99-2000 internet stock eras …some big big winners but a lot of carnage, play with what u can afford to lose— Gary Vayner ...
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