An NFT, which could be an image, song or video, can be copied and enjoyed by anyone in the world, according to Ami Barzelay, chief product officer of Crinkle. Barzelay has experienced first-hand the wild swings in what people are willing to pay for digital assets in the NFT market. He said that he paid $100 for a video of Tiger Woods and then sold it for $5,000.
There is inherent skepticism and fear around buying and selling things that don't exist in the physical world, which VeeCon aims to address.The article quotes Vaynerchuk as saying "Education and communication solve everything," adding later that "NFTs are really fun for collectability, but it is a tiny part of the consumer blockchain."
CNBC points out that holders of the NFT-format tickets "also are given exclusive access to the annual event for three years after the NFT's purchase." Though they also end on a skeptical note: "Right now the overwhelming energy of the space is very short term. I would call it greed. Many are not spending their time on education," Vaynerchuk said.
The supply and demand curves will not work out over the next 24 to 36 months, which will lead to 97- 98% of the current projects losing value.
On Twitter one attendee reported from the festival that digital artist Beeple "just got caked in the face in front of 7,000 people by Steve Aoki and it was incredible."