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Gary Vee: A Real ‘NFT Winter’ Market Pullback Is Coming

Investor and NFT entrepreneur Gary Vaynerchuk is incredibly bullish on the future of NFTs, including for collectibles, ticketing, and more. Even so, however, he believes that a significant pullback in valuation is sure to happen.
Speaking with Decrypt Editor in Chief Dan Roberts at today’s Crypto Goes Mainstream event in collaboration with Yahoo Finance, Vaynerchuk—the creator of the Ethereum-based VeeFriends, plus a collector of CryptoPunks and other NFTs—said that he believes an NFT bear market is coming.
“The conversation is about to get very interesting when we hit an NFT winter, because there’s way too much short-term greed, and supply and demand issues,” he said, while discussing why he believes people buy and invest in NFTs.
An NFT acts like a deed of ownership to a provably scarce digital item, such as an image, video file, or video game item. The NFT market exploded early in 2021, generating $2.5 billion worth of trading volume in the first half of the year. However,

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