Gary Vee Talks NFT Collection Release, Value Of Smart Contracts

Gary Vaynerchuk appeared Wednesday on CNBC's "Squawk Box" to discuss the release of his NFT project "VeeFriends."

The NFT collection aims to provide the industry with a blueprint on how to bring value using NFT technology.

The project is not just about offering collectible art: it's about smart contracts, he told CNBC.

The underlying contracts and the things that can be done with them offline are what make NFTs so valuable, he said. 

This will be the way that memberships and album launches, for example, take place in the future, he said.

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People will look at other people's public wallets to see each other's tokens the way that individuals look at other people's social media today, Vaynerchuk said.

"You are going to find it hard pressed for any business in the world to not issue an NFT for everything they do," he told CNBC, adding that it will make logical sense the same way that having a social media account and a website makes logical sense today.

NFTs will become collectible derivatives, assets and marketing material, he said. 

The NFT collection will be released Wednesday and become available for purchase via Dutch auction on VeeFriends.com. Individuals can purchase the NFTs using Ethereum (CRYPTO: ETH) via a digital wallet.

Photo by Silicon Prairie News from Flickr.