By Sukanya Ganesh — Dec 19, 2022

📚 Educating NFT Influencers

VeeFriends and how it creates a platform for NFT creators to create value for themselves and their followers

Today's Highlights

VeeFriends - a NFT collection set by Gary Vaynerchuk

Blockchain events - upcoming events in the blockchain world.

In Other News - a few interesting developments we're tracking.

VeeFriends - a NFT collection set by Gary Vaynerchuk

VeeFriends is a non-fungible token (NFT) collectible set from longtime entrepreneur and investor Gary Vaynerchuk, who is better known as GaryVee. The collection has more than 10,000 tokens associated with it, and one of Vaynerchuk’s main goals with the project is to provide a basic outline for how online influencers can use NFTs to create value for themselves and their followers.

NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).

While most NFT collectible sets mainly exist as nothing more than a form of digital art, GaryVee has taken the additional step of enabling extra utility for the tokens he has released. For example, the NFTs that are part of the VeeFriends set will also double as tickets for the next three years of VeeCon, which is an annual conference focused on many of the topics GaryVee is known for such as entrepreneurship and marketing.

When the user makes a trade at VeeFriends NFT Marketplace, they do not charge the user with a commission. But since the NFT operates on the Ethereum network, users will have to incur gas fees. The marketplace supports primary sales of VeeFriends after which the user may choose to sell the NFT on other platforms like Opensea and Rarible. All such secondary sales will attract a 10% royalty fee of which Gary pledges to donate 1% to any charity of his choice.

VeeFriends has raised a total of $50M in funding.