Gary Vaynerchuk Weighs In On Current Market Conditions

Entrepreneur Gary Vaynerchuk (Gary Vee) has entered the conversation on the current NFT market conditions. The crypto winter has hit individuals and companies hard, with many new projects struggling to take off and more seasoned projects seeing their floor prices plummet. The CEO of VaynerMedia and founder of NFT project, VeeFriends, has taken to Twitter to highlight his recent blog post exploring the current issues and future of the industry.

Vaynerchuk notes that he is not surprised by the current situation, referring back to his prediction a year ago in which he announced that 98 - 99% of projects would go to zero. He highlights the amount of uncertainty perpetuated in both traditional media and social media, with both largely reporting on the scams, low trading volume and falling floor prices. Vaynerchuk has highlighted the three major problems holding back the market right now: oversupply, short-term greed and poor operators.

Looking forward to 2023, the VeeFriends founder predicts that it is unlikely that we will see another bull run similar to the market boom of 2021. Vaynerchuk has drawn a comparison of the NFT and Crypto sector with the internet boom of the late 90s, commenting on the multitude of companies that crashed and the strongest that stayed the course. The blog post ends on a hopeful note and the question "how many of you are willing to do the homework it takes to make smart investments?"