Gary Vaynerchuk, CEO of VaynerMedia, has finally made his big NFT “drop,” giving his followers a chance to buy into his brand through this experimental technology.
On Wednesday, Vaynerchuk released the NFT project, which includes 10,255 tokens that can be found on VeeFriends.com, a website where Vaynerchuk’s followers can bid on the NFTs in what’s known as a “dutch auction.” A dutch auction is when the bidders set the pricing.
In this case, Vaynerchuk is selling “access” tokens that confer special privileges upon the holders. The owners of VeeFriends tokens will get varying degrees of benefits, services, gifts and communication with Vaynerchuk depending on the “rarity” of the token. The process of “minting” NFTs through the blockchain allows the creator to make as many editions of a token as they want, some have more editions in circulation and the rarer ones have fewer versions in circulation. The tokens also act as passes to a new conference Vaynerchuk is producing called Vee Con.
As many technophiles know by now, an NFT is a Non-Fungible Token, a digital product, authenticated by the digital blockchain so that it can’t be easily forged or reproduced, using the same technology that mints cryptocurrencies like Bitcoin and Ethereum.