NFTs are the newest craze in the world of crypto, and some are already predicting its downfall. In the opinion of many, the present NFT bubble would soon burst. However, it does not deter them from admitting the merits of this technology. People around the world are being drawn towards crypto because of NFTs. Popular celebrities are taking an active part in it. The value of NFTs is at an all-time high. In such a circumstance, it is not unusual for people to predict its downfall. The latest comments in this regard came from popular entrepreneur and motivational speaker Gary Vaynerchuck.
Popularly known as Garyvee, he has taken interest in NFTs and formed a community called VeeFreinds. The community is geared towards being an all-inclusive platform for NFTs. In spite of his active involvement in NFTs, Vaynerchuck did not shy away from admitting that he is predicting an NFT ‘winter’. The reason for it, according to him, is short-term greed demand, and supply. Vaynerchuck went on to add that the present situation of NFTs resembles the .com bubble of 2000s. Once the bubble burst, it will mark a landslide fall in the value of most NFTs. However, Vaynerchuck did not fail to mention that the small remaining percentage of highly valued NFTs would become a benchmark standard. While the value of other NFTs falls, these select few would only see growth and prosperity. On a whole, Gary appeared optimistic about the long-term prospects of NFTs in Yahoo’s ‘Crypto Goes Mainstream’ event.