The world is bad non-fungible tokens (NFT). Obviously, the overarching crypto market is in a bear market, but the NFT sector is taking an extra blow. According to entrepreneur Gary Vaynerchuck, also known as Gary Vee, this is actually the fault of the NFT industry itself.
The decline of NFTs
Recently, Gary Vee took to Twitter to share what he thinks are the reasons for the current state of the NFT market. In the message he discusses the problems currently plaguing the sector and what this could potentially mean in the future.
Hope this article can help some of you, the feedback has been humbling …. Why I Said 97-99% of NFTs Would Go to Zero – Gary Vaynerchuk https://t.co/BmhO7OUGdH
— Gary Vaynerchuk (@garyvee) December 11, 2022
Vaynerchuck stressed that there was a significant amount this year fear, uncertainty and doubt (FUD) has been through both traditional media and social media. Therefore, according to Vaynerchuck, it comes as no surprise that NFTs have plummeted so much.
“The truth is, if you’ve been paying attention, you know what’s really going on here – and if you’re like me, you’re not surprised,”
Earlier, he predicted that 98% to 99% of all NFT projects would completely go up in smoke.
Greed and bullshit projects
According to him, the reason for this is the fact that three major problems are prominent in the sector. These are greed, too much supply and the presence of downright bad projects. These things combined have led to the current state of the NFT market.
“Demand has not been and will not be able to keep up with the extraordinary supply, and every time that happens there is a bubble that is about to burst.”
Vaynerchuck argues that the industry has been hampered by too many people rushing to make a quick buck from launching projects or trading NFTs. The result is huge losses due to scams and the imploding of projects with very bad fundamentals.
“Everyone is way too selfish, way too rushed and lacks thoughtfulness. This is a marathon, but everyone treats it like a micro sprint and a gold rush, so most of them will lose.”