Gary Vee NFT coming on May 5th

Discussions Spotlight Discussions
1

Gary V. is Living in the Future

Gary Vaynerchuk has been known for his foresight before. But, in the coming weeks he will utilize one of the latest available technological mediums to propel his already dynamic communications platform to a whole new level. On May 5th, 2021, Gary Vee will be launching his own brand of NFT or “Non-Fungible Token” to his core audience of ambitious self-starters. Not only will Vee be positioning to capitalize on this new blockchain based way of distributing collectibles but he aims to bring a greater utility to the NFT market and to his inspirational parting of perspective.

In its most recent use, NFTs have primarily been implemented as a way for digital artists to sell their work to a new generation of high end art collectors. Notable sale prices have included digital artist Beeple’s “The First 5,000 Days” - for $69.3 million at Christie’s, and “CryptoPunk #7804” from design software company Figma sold for $7.5 million. Although there is some merit to these digitally encrypted GIFs touting the same level of appreciation as say an early Jackson Pollock dripped paint on canvas, Gary Vee has perhaps been the first to market an additional use to the crypto-medium other than ownership of an artistic expression. Although some have said that NFTs are allowing digital artists to finally monetize their work outside of needing a well paying 9-5 with an enterprise marketing agency or movie/game studio(the level of pure beauty in digital art for its aesthetic alone is being magnified by a new kind of market demand), Vee has hinted that he will bring more utility to the NFT space by allowing the owners of his tokens to have a life-time pass to his talks and possibly some other perks yet to be disclosed. He’s only given subtle hints on his social media accounts such as this:

https://twitter.com/garyvee/status/1363666169132163074

Gary Vaynerchuk hints at his new NFT being more than just an animated GIF

And he’s been preparing, promoting, and announced his own NFT launch date officially for May 5. He’s posted the link below in his bio. This article doesn’t give many clues to what Gary’s NFT will be, but it’s very informative in the steps required to acquire and use NFT’s.

from the article above: “I am currently working on something very cool that is going to happen in early May, and it is very important to me that my OG community is disproportionately benefitting from it.” - Gary Vaynerchuk

He’s made some incredible predictions in the past…

In case you don’t know who Gary Vaynerchuk is by now, the following clip is a great way to see the magnitude of his foresight in hindsight. This clip is from New Year’s Day 2012 and he predicts in that year:

  1. A Twitter IPO

  2. Facebook will buy Instagram

  3. Blackberry will go bankrupt

  4. There will be a surge in availability of gift box subscriptions.

These predictions were most notable from the video but there were several others as well, and it could be said that every one of them came true to at least some degree. Give this video a watch, it’s worth it for the entertainment value alone.

Why NFTs could be more than meets the EYE.

Vee has been right about these things before and I’d expect his latest offering will be no different. In case you still don’t know much about NFTs, I’ll try to give you my best explanation.

Most NFTs at this point in time happen to run on The Ethereum Virtual Machine(EVM). It’s the same decentralized network of computers that log and verify all transactions of the cryptocurrency Ether(ETH). Not only that, but EVM also runs most of the ERC20 tokens that have become some of the most valuable altcoins in the cryptocurrency market such as Basic Attention Token (BAT), Bancor (BNT), OmiseGO (OMG) and Augur (REP). In addition, EVM runs most of the ERC721 tokens which are used to “mint” NFTs. So, you need Ether to buy most NFTs and their value is somewhat related to the current price of Ether. Many artists have been selling their work as NFTs through platforms such as Open Sea, Nifty Gateway, Super Rare, and Rarible. And now, a wave of celebrities have been selling their NFTs at Crypto.com including Snoop Dogg and Boy George.

Gary Vee’s NFT, if it lives up to all the hype, is sure to be a groundbreaking impasse into the world of digital assets and celebrity. It’s definitely worth keeping your eye on.

6 Likes
8

I was just speaking about this with a friend of mine… Imagine a world were people trade virtual images as currency or collectables… very interesting. I can definitely see this working out. Thinking about jumping on with my own company.

1 Like
9

People have brought up that this will be a huge thing when VR and AR gets more widely adopted.

2 Likes
10

I personally can’t wrap my head around it and the idea seems alien to me. But I thought the same about crypto, so I am not the right person to judge. Now the question is, should SWAPD be looking into such alternative assets?

4 Likes
11

Jack Dorsey sold his first tweet for $2.9M

1 Like
12

I view NFT’s as nothing more than a loophole for the truly rich to avoid paying the Uncle Sam. The same way they did throughout the history with Paintings and similar “art” pieces

2 Likes
14

Considering this is a social media outlet for all things trading i would assume it would be a GOLDEN idea! If the trendiest social media influencers are jumping on it it’s just a matter of time until the bandwagon launches.
just like crypto.

15

Are there any tax benefits for holding NFTs?

16

I’m not a professional tax advisor and I’d recommend you speak to one if you are considering any large investments and their tax implications. What I think @Petrecocos is referring to and what I’ve heard people say(but don’t necessarily agree with) is the following:
Some claim that you can buy a piece of artwork from your friend at an extraordinary value and then donate it to charity, writing off the donation against your income. I’m foggy on the exact details of this and I’ll try to find a link soon, but what doesn’t make sense is that in any investment you have to factor in your cost basis. So, if you actually paid your friend a large amount and then donated the work, you would be spending that money anyway. Or, if you paid less for it and it increased in value before you donate it; this would mean you had a capital gain in the value of the work minus cost basis. So, you’re donating extra income you would have to declare anyway. Again, I’m not a tax advisor please speak to one directly.

Edit: including a link to Schwab Charitable regarding donor advised funds. They say there’s two ways to calculate it. Please speak to a tax advisor in your local jurisdiction.

From their webpage:

For art gifts to donor -advised funds and other public charities that do not meet the related use requirements, you may deduct the lesser of cost basis or fair market value up to 50% of your adjusted gross income (AGI) for cost basis and 30% for fair market value, and you may carry the deduction over for up to five …

https://www.schwabcharitable.org/non-cash-assets/fine-art-and-collectibles#:~:text=For%20art%20gifts%20to%20donor,over%20for%20up%20to%20five

3 Likes
17

did GaryVee post this?

18

He’s making 5/5/2021 look like the second arrival of jesus on his stories every single day

4 Likes
19

@Petrecocos Haha! Then you can call me the wise man :wink:
@420 I’m not affiliated with Gary V. just a fan

20

The amount of ETH he is going to rake in is absurd. Good for him. But sadly, a large majority of the people that buy these (all his posts are alluding to the fact that having 1 ETH in a wallet is a good starting point) would more than likely be better off investing that approx $2,500 into their business rather than buying an animal doodle.

Not knocking him. Or the hustle. Or the value - I’m sure there will be something. But, so many people will buy in thinking this single transaction will be the game changer they need. It won’t be.

With that being said, I will be buying to flip - as the hype is real. Easy 2X ETH play with minimal to no work I think.

2 Likes
21

@WiFi The fact he literally has to coach his audience through acquiring ETH is a major red flag.

3 Likes
22

I still can’t let this NFT thing go … sounds like the next dodge coin opportunity

23

Looking at the numbers from the end of March until today it seems NFTs and their value are plummeting. Not speaking about crypto-backed projects (which are falling hard too) but the price of NFTs in general. 40-70% in most cases, which is alarming. Either the bubble is popping or the hype greatly overestimated the demand these things would bring.

7 Likes
24

Huge bubble and gary v is just a hustler camuflated as a good guy.
Hes doing everything to buy his dream team :roll_eyes:

3 Likes
25

He’s been waiting for so many years to finally monetize his audience

26

He raked in so much ETH…would have been way more if he didn’t have the tech issues and his audience was more educated. If you went into his discord group it was 99.9999% noobs that didn’t understand anything about it, such as what gas was, etc. What a sh#t show. Someone did this and it made me laugh pretty hard:

https://opensea.io/assets/vary-geeeez-frenz?search[resultModel]=ASSETS

1 Like
27

Makes me sad though as I’ve dumped a little into OMI (VeVe) as the project and team behind it seemed on point. But the NFT scene may soon drop like the VR fad. Is it cool? Yes. Is there a future in it? I think so. Are people ready for it? Most likely not.

2 Likes