There was no outward evidence of the market crash that preceded the crypto-palooza at Gary Vaynerchuk’s multi-day non-fungible token (NFT) conference “VeeCon” in Minneapolis.

Pharrell Williams, the singer of “Happy,” had just exited the main stage after extolling the merits of Web 3.0 and told the adoring NFT collectors, “You are altering the paradigm right now.” A queue of largely guys in their late twenties and early thirties stood nearby, anxiously waiting to buy whatever stuff they could afford.

Despite this, over $1 trillion in crypto assets had been wiped out in the previous six weeks, while the value of NFTs had fallen by more than 80% from their market top.

The huge losses in the cryptocurrency business only confirmed Vaynerchuk’s prediction: the serial entrepreneur, or Gary Vee as he’s known, had forecast this crash or “NFT Winter” on many times.

“I said it in August, July, and May, and I said it in August, July, and May, and I said it in August, July, and May, and I said it in August, July, and May “According to Vaynerchuk, who spoke to Yahoo Finance, “I predicted this — that [a crisis fueled by short-term greed] is exactly where we’re headed. It’s just getting started, then there’s a hiccup.”

As one of the early NFT enthusiasts, Vaynerchuk, who launched VaynerMedia, VaynerSports, and a distinctive NFT collection dubbed VeeFriends, claimed to be ahead of the curve on crypto. The latest correction, in his opinion, is a good check on excessive speculation.

“It was as absurd as internet stocks being worth $400 billion for Pets.com in the late 1990s,” he says “Vaynerchuk likened the NFT boom to the dot-com craze. “The internet was on its way, and it was going to transform everything. Wall Street’s values were exaggerated. The first-year prices on NFTs are exaggerated…but the fundamentals are sound.”

“The macro is absolutely true — NFTs are here to stay,” he said, “but the micro is incorrect, which is why we’re correcting.”

“It was as absurd as internet stocks being worth $400 billion for Pets.com in the late 1990s,” he says “Vaynerchuk likened the NFT boom to the dot-com craze. “The internet was on its way, and it was going to transform everything. Wall Street’s values were exaggerated. The first-year prices for NFTs are exaggerated… yet the fundamentals are sound.”

“What’s the point of having a QR Code on a ticket?” “It’s far more reasonable to have an NFT ticket that’s worth anything after the game,” Vaynerchuk remarked.

Celebrities must be cautious when it comes to endorsements.

Following the aforementioned crash, celebrity endorsements that put crypto, NFTs, and Web 3 in the global limelight began to lose their luster, notably those that ran during the most recent Super Bowl in Los Angeles, which was dubbed the “Crypto Bowl” due to the slate of crypto marketing campaigns.

During the market crisis, one New York Times piece questioned the silence of celebrities who participated in crypto ads, including as Matt Damon, Gwyneth Paltrow, Reese Witherspoon, and LeBron James.

Vaynerchuk said that the reporting was primarily sloppy, citing his several warnings against the asset class.

“I believe that celebrities must be cautious about who and what they advocate, support, and promote.” “According to Vaynerchuk. “However, I believe it is absurd to blame them for the price…. Celebrities did not invade Ukraine, and inflation was not a celebrity, therefore the world economy’s correction has had a direct influence on the crypto economy as well. As a result, when we point fingers, we must be careful.”

The pricing of NFTs are entirely relative.

While geopolitical events, increasing inflation, and a falling stock market have lowered the value of bitcoin and NFTs, this hasn’t happened with other collectibles.

A 1955 Mercedes sold for $143 million, Andy Warhol’s ‘Marilyn’ sold for $195 million, the Macklowe Art Collection made $922 million, and New York’s top art houses Christie’s, Sotheby’s, and Phillips have made more than $2.5 billion in sales so far this year.

Given the disparity, Vaynerchuk asserted that NFT pricing are relative.

“They’re down from January’s utterly unsustainable gold rush numbers.” They’re also significantly higher than a year ago, and it’s not even close “he explained. “As a result, this is always the case. I was there when everyone was writing stories about how the internet was a passing craze.”

Hundreds of Vee fans gathered in line for several hours for the chance to take a photo and say a few words with Vaynerchuk, and their excitement hasn’t waned.

Web 3 devotees are in it for the long haul. They, like Vaynerchuk, think that, while most ventures will fail, “the wonderful stuff will start” once greed is gone.

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