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Gary Vaynerchuk: : 'We'll hit an NFT winter' because of short-term greed

VaynerMedia CEO Gary Vaynerchuk discussed why an NFT winter could be a good thing at the Yahoo Finance-Decrypt "Crypto Goes Mainstream" special.

Video transcript

- The conversation is about to get very interesting when we hit an NFT winter, because there's way too much short-term greed and supply and demand issues. And when the whole market crashes, and everybody says, see-- I mean, I can't wait.

- Which has already happened in a mini sense twice, and everybody says, see? NFTs are dead, NFTs are dead.

- There's gonna be a real one, I think, based on what I'm seeing. And Yahoo Finance is gonna write, "Are NFTs a Fad," question mark? And the "Journal" and the "Times," and everybody is going to write the article. And that's when it's going to be interesting, because the person on the other side is going to be like, Gary, look, the punks are now worth 30,000. They were 800,000. And I'm gonna say, here, look at this chart on "Yahoo Finance" that shows you Amazon's stock. And look what happened in 2000-- March, April-- when the whole internet craze crashed.

Yes, everything got caught up in that undercurrent, because, yes, greed, short-term financial interest overvalued everything. Short-term behavior overvalued everything. It got washed. And this was the time to buy Amazon and eBay, because those were real companies. I do believe firmly that 98% of the NFT projects' right now's values will be less than that when it's all said and done. And the problem is the 2% are going to be so much more extraordinarily high that one is required to do the homework to see the opportunity.

- Well, and when you say that you do think a kind of NFT winter is coming, and you talk about the prices for some of these, we've been focused on these NFTs that are-- you know, either you share them, they're CryptoPunks, they're Board Apes, they're for social status online, or they're artworks. But now, we're seeing a ton of other use cases.