GaryVee Interview | Meta will lead the Metaverse, urging attention to NFT project founders: the next Bezos will emerge

Renowned serial entrepreneur Gary Vaynerchuk was interviewed by CNBC on 2/10, and his insights were well received in the crypto community. The interview covered topics such as U.S. tech stocks, the metaverse, NFTs, and cryptocurrencies.

US Tech Stocks

The host first asked GaryVee about his views on whether the US stock market is still in a bull market.

GaryVee: Obviously, the public is focusing on tech stocks and redefining their prices. However, from another perspective, my career has been studying consumer behavior, and the low trading volume in stocks does not necessarily mean that people are using products like Microsoft and Apple less.

As I mentioned, Disney's acquisitions of Lucasfilm and Marvel, I believe companies like Twitter, Uber, Meta, and others will continue to expand their businesses. The public is not going backward. These tech companies will continue to strive to capture users' attention and time, which will depend on the operations and decisions of major companies.

Metaverse

The host first mentioned the steep drop in Facebook's parent company Meta's stock price and asked GaryVee about his views on the metaverse.

GaryVee: When talking about Meta's layout in the metaverse, you might only think of their launch of Oculus. However, the concept of the metaverse is not just virtual reality VR, and it cannot be achieved in a day. Obviously, the market does not view this emerging industry in the same way I do, with a certain 90-day cycle.

Therefore, I believe investors should not pin all their hopes on the metaverse and expect huge returns. But if you imagine two, four, or six years from now, Meta will undoubtedly lead the way because Oculus will be the fastest-growing player in VR wearable devices, and they are also planning to launch a subscription service on the platform.

When Meta brings these advantages to the table and no longer relies solely on advertising revenue, the market's response will be quite interesting. Although NFTs have reaped huge rewards in the market, and the metaverse is still in its early stages, there will definitely be a place for the metaverse in the next decade.

Bitcoin

Host: Bitcoin has seen tremendous growth in the past few years, but at the same time, it and cryptocurrencies are also associated with money laundering and other criminal activities, indicating that Bitcoin has many questions and uncertainties.

GaryVee: Compared to the internet, society as a whole, mainstream media, and Wall Street, I don't think there are many uncertainties in the cryptocurrency field. I believe that crypto is a bright future for innovation, and all new areas have both good and bad aspects.

So how do I see it? I think crypto is a new platform where consumers and users will participate in its evolution, and behaviors derived from human nature, both good and bad, will disappear from the platform.

Host: JPMorgan's long-term target price for Bitcoin is $150,000. What do you think?

GaryVee: I believe Bitcoin is the ultimate top-tier brand in cryptocurrencies and also embodies a lot of faith. But predicting prices is no different from rolling dice for me; it's not my expertise.

What I want to emphasize is that there is a remarkable group of young people under 25 who have great confidence in Bitcoin worldwide, and everyone watching this interview should pay close attention to Bitcoin.

NFTs

Host: What are your thoughts on the fervor surrounding NFTs?

GaryVee: I think mainstream media severely misunderstands NFTs. People believe that works of art by Andy Warhol and Jackson Pollock should have no value. They think sports cards or sneakers have no value. The idea of "letting everyone's thoughts determine value" is really funny.

The market is the one that determines value. What's more important to me is understanding why people buy NFTs. In fact, this is the same as buying Chanel handbags, Nike sneakers, or a Mercedes-Benz; it all revolves around the brand.

If you observe the behavior of consumers under 15 years old, they are buying Fortnite heroes, digital bricks, Minecraft. To delve into why everyone cares about the blue check on IG, the number of followers on TikTok, the underlying reason is that we are in an increasingly digitized environment.

NFTs are becoming a way to convey to the world who you are as an asset, which is something humans have been doing throughout history: buying things to convey messages to the outside world. And NFTs will become assets widely adopted in these behaviors.

Host: Major criticisms of the NFT market include too many projects, too many misunderstandings, resource wastage, and hence mainstream investors lack enthusiasm for NFTs. In this situation, how can traditional investors leverage their strengths and enter the NFT market?

GaryVee: NFTs are like stocks during the dot-com bubble era. I completely agree with what you said. I always emphasize that 98% of NFTs will go to zero. Most of the frenzied buying behavior reminds me of the Beanie Babies craze, like the internet stock crash in March 2000, where Amazon dropped to $87. NFTs will be the same.

Investors must realize that NFTs are still very early but will be a big deal. Right now is like a gold rush, and many things make no sense at all. What you need to scrutinize is who is behind the NFT project. If you had interviewed Jeff Bezos or had dinner with him in 2000, your intuition would tell you that this person would lead tech stocks out of the dark times.

That's how I see the founders of NFTs. Amid a lot of short-term trading and greed-driven speculation, NFTs are destined to face a cold winter. However, 15 to 25 project leaders will emerge from the darkness, create significant profits, and predict the macro future of blockchain.