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Upside Potential in NFTs is Massive Says Gary Vaynerchuk


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Entrepreneur and YouTube celebrity Gary Vaynerchuk recently tweeted about NFTs, saying they will be more disruptive to the music industry than Napster was. Adding “technology always squeezes the middle,” and that he’s excited for what lies ahead.

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Although Napster disappeared in 2001 under the weight of legal action from the Recording Industry Association of America, it still set in motion a different model for consuming music and film. Today, Spotify exemplifies a free-to-use model that ensures artists and rights holders still get paid.

Given the publicity surrounding NFTs at present, perhaps Vaynerchuk is onto something.

Vaynerchuk Invests in Sorare

Not only are NFTs taking on the traditional art world, but celebrities and entertainment franchises increasingly see them as an untapped market that’s ripe for picking.

In a recent tweet, Vaynerchuk echoed this sentiment, saying fans will use NFTs as a way to get closer to their idols. This alone has the potential to throw supply and demand dynamics out of the window as fans compete to own an NFT from their favorite star.

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This concept was not lost on Vaynerchuk, who participated in a $50mn Series A fundraise for French blockchain startup Sorare. The firm operates a fantasy football collectible game that uses NFTs.

“the cards are tradable with a unique Christian Ronaldo card recently selling for $102,000. Sorare has signed 126 soccer clubs, including big names such as Liverpool, Paris Saint-Germain, Bayern Munich, Real Madrid and Juventus.”

Football NFTs via Sorare
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