Why I said 97-99% of NFTs would go to zero
Too many start projects to make money – not enough operators building their own Sesame Street, Pokemon or Hello Kitty. I am committed to building VeeFriends IP for the rest of my life.
I know there are many of you out there who may be considering starting your own NFT project. If you are one of those people, I don’t want you to be afraid or discouraged, but what I want is for you to understand the macro picture of what it means, and the responsibility you now have to be a true operator and perform for the community that invests in you.
Where NFTs are headed in 2023 and beyond
Of course, no one knows exactly where the market will go next, but I have some ideas. For now, my team has asked me a few questions below about where I think NFTs are headed next.
What do you expect to change or remain the same in the NFT space in 2023?
My intuition is that we’re still going to be in a frosty situation, so I think it’s going to stay the same. I don’t see the macroeconomic landscape changing enough to make me think we’re in for another try, but I think what will change is that we’ll have more meaningful projects.
The people who will be building new projects or building on top of their current projects in 2023 are the ones who are incredibly committed to the macro technology of blockchain and consumer blockchains and NFTs – and so I’m going to keep an eye on the projects in 2023 because I think they will is based on more meat, more beef, more truth than the projects in 2021.
What is your early view on regulation in this area and do you think it is the next step for NFTs to become practical?
My stance on regulation has remained the same … I’m passionate about regulation, I grew up in a regulated industry – the alcohol industry – so I’m incredibly ready at any time for the government or governments around the world to put regulation out there. Guessing government action isn’t something I’ve ever been good at or really spent much time and energy on, so in the end… when it comes to regulation, I’m on guard and ready to execute.
Which brands/companies are getting NFTs “right” right now?
In March 2021 I said that my intuition was that large companies would make poor use of NFTs because there is going to be too much supply for projects to succeed at scale just on the merits of creativity.
Today, my opinion is the same. It’s hard for me to answer this question because the projects I’m most knowledgeable and excited about are the ones that Wayne 3 is involved in, and I’m not going to score my own homework. And to be honest, I’ve been so condescending with running VeeFriends, I haven’t been able to factor in brand NFTs.. I haven’t even been able to factor in the total NFT- space for the last six months because I’m super focused on mine.
What advice do you have for people who have invested in NFTs for the last 2 years, who are now scared of where the market is going?
For this I have several answers and things to remember…
A, you don’t lose money on an NFT until you actually sell it.
B, you may want to sell an NFT for a loss because you are offsetting other capital gains.
C, if you are so about that life and about NFTs and blockchain and all committed to this, you don’t bail just because of eight bad months. I’ve had eight bad seasons with the Jets, I didn’t leave. 😉
D, if you want to put more capital into play, learn from the mistakes and successes of the last 18 months and really read this whole blog post again. Pay attention to the operator.
E, do not leave the space even if you are not selling or buying. Spend this next year getting uncomfortably educated about the history, the current technology, and the attention. There are many companies that I follow for three years before buying their shares.
Why I empathize with NFT critics
Even with all the claims that NFTs are a “fake” or a “scam”, I still empathize with those who don’t believe. I am empathetic because I understand the fear behind that perspective.
