Since May, I’ve been trying to tell anyone who would listen that I love the VeeFriends NFT project.
Before I had a Bored Ape, I was in Twitter Spaces telling people these things were going to be super valuable, proudly donning a Rare Brave Bison as my avatar. If you’re not familiar, VeeFriends is an NFT project by entrepreneur Gary Vaynerchuck, who has had success across a multitude of industries, and is known for being ahead of the curve in the tech world.
With a current floor of 4.5 ETH at the time of this article, the lowest level of Vee Friends (a core) is at 9x in two months. That’s right, if you bought a core at the floor price, you could sell it today for nine times your money. And yet, as I look at all the lists of top NFT projects, and hear discussions on Twitter Spaces, I rarely hear a peep about VeeFriends. But why? I had a Twitter thread about this back on the last day of the sale (May 16, 2021), but here are my general sentiments.
A hefty price tag?
Before we get into why I love this project, let’s look at why they didn’t fly off the shelves. A lot of people saw the high price tag for mint – 0.5 ETH for the lowest level – and questioned the ROI. This doesn’t surprise me, because the NFT space is filled with flippers, and most projects mint for 0.08 ETH or less. Respect to the flippers, they have a great place in this ecosystem, but it’s just not for me. They didn’t see the ability to flip something that pricey, so they stayed away. I stink at flipping, so I search for long-term utility and value. Which brings me directly to my first major point…
VeeFriends had long-term utility and value baked right in from the start.
Each token is also a three-year ticket to VeeCon. Even with ETH at $4,000 (which it was around drop time in mid-May), that $2,000 purchase was immediately worth it for that conference access. Gary has stated that it’ll be a mix of SXSW, NFTs, entrepreneurship, marketing, and more. And, he’s said he’ll pull out all the stops from his deep rolodex of friends (from rappers to businesspeople to athletes to entertainers) to make this conference pop. So, off the top, the value was there, even at the price tag.
And speaking of that rolodex…connections matter.
Forgetting about the celebrity friends for a second, through Vayner Media and other entities, Gary can add value to the IP of VeeFriends. During interviews before the drop, he mentioned the idea of an animated series on Netflix or another streaming service staring one (or multiple) VeeFriends. He’s alluded to business connections where companies will partner to cobrand their products with a VeeFriend. Heck, days after the drop, Staple Pigeon, a top-level streetwear company, connected with Gary to do a collab with his Perspective Pigeon. While there was a limited-run public sale, every owner of the Perspective Pigeon got around $500 in free streetwear.
Gary cares about legacy
I’ve been following Gary since his Wine Library TV days, which is super OG for GV. I even once tried to convince my agency to connect him with clients, and they said, “The wine guy? Pass.” Their dismissiveness did not age well. All this to say, I understand what makes Gary tick. He wants to create something that helps build his legacy, and what better than a legit, top-level NFT project? In one interview, he said he spoke with his lawyers and accountants about writing off a loss in the early years because he was willing to do that to deliver on the NFTs. That’s how seriously he’s taking it, as he works to build a legendary NFT project.
The media tour was long and loud
Gary dug deep into NFTs prior to the drop and spent months learning the space. Because of that, he’s as confident in the future of NFTs as anyone reading this article. So, when he was launching VeeFriends, he went on a media tour, which included everything from podcasts to traditional business media, saying he’ll spend the next 45 years of his life delivering value on VeeFriends.
You can call me a fanboy, and as a 15-year marketing professional, I certainly won’t deny I’m a big fan of Gary Vaynerchuck. While he’s an entrepreneur, his marketing skills are world class, and thus, his arena is my arena. So, take that as you will, but when I look at Gary, I see a guy who’s right more than he’s wrong. He’s out here telling people, “I will make these valuable.” He’s lowkey staking his reputation on the success of VeeFriends. I thought they would pop on the announcement of the conference lineup sometime next year, but here they are, ahead of schedule, with a 9x return for a core in a little over two months.
I turned to my wife after I bought my Rare Brave Bison (at the price of 1 ETH) and I said, “I don’t think I’d sell this, even if I get offered $15,000.” Funny enough, I had to make that decision a couple weeks ago, and I turned down the offer without a second thought. I think VeeFriends have a chance to be a part of NFT and tech history, and it’s time we started bringing them to conversations when we talk about Apes, Punks, Zed, and any other bigtime NFT project. People save up for Apes. People save up for Punks. Maybe next time you’re in that boat, consider saving up for a VeeFriend.
Disclaimer: This article is not financial advice. The NFT and Cryptocurrency markets are very volatile. Please don’t invest what you can’t afford to lose. Always do your own research before investing.