Expanding Horizons: Gary Vaynerchuk's Vision of NFTs Beyond Digital Collectibles

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Welcome to another episode of Chain Reaction, where we explore the world of crypto with industry experts. In this week's episode, Jacquelyn interviews Gary Vaynerchuk, also known as Gary Vee, who is the chairman of VaynerX, CEO of VaynerMedia, and the creator of the NFT collection VeeFriends.

VeeFriends originated from Vaynerchuk's desire to create a line of desktop toys for positive reinforcement after receiving numerous messages from people expressing their dissatisfaction with their jobs. Initially, he had planned to launch a physical toy line but shifted gears when the NFT boom coincided with the COVID-19 pandemic. This led him to merge his concept with the digital asset sector, leveraging the technology of NFTs to build a universe with real-life utility.

Discussing the future of NFTs and intellectual property (IP), Vaynerchuk believes that not every NFT project should expand their IP into physical merchandise. However, he encourages projects to consider such opportunities as they can open up additional avenues for growth. In terms of mainstream adoption, Vaynerchuk envisions NFTs being used for ticketing, contracts, title insurance, and other practical applications beyond digital collectibles.

Vaynerchuk draws a parallel between the early days of the internet being known as the "information superhighway" and the evolving perception of NFTs. While currently associated with collectibles, he predicts that in 20 years, the term NFT will encompass a broader range of applications.

Throughout the episode, Vaynerchuk shares his insights on various topics related to the NFT ecosystem, its future, and offers advice for other projects. He brings his vast experience as a bestselling author and entrepreneur, having co-founded VaynerMedia, which serves renowned clients like PepsiCo, GE, and Johnson & Johnson.

Make sure to subscribe to Chain Reaction on Apple Podcasts, Spotify, or your preferred podcast platform to stay updated on the latest developments in web3 and crypto.

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