The entire "utility" behind Gary Vee's Veefriends NFTs was supposed to be the "access" it would provide to three straight years of VeeCon. Back in March when Veefriends had a floor price of 15.79 ETH, Gary Vee decided to airdrop Veefriends owners a separate new NFT granting access to VeeCon 2022 that they could sell on Openseas if they don't want to attend VeeCon. On the day these VeeCon NFTs were airdropped, they immediately began to trade on Openseas for 1.5 ETH. He tweeted on March 24th, "Who sold a ticket yesterday for 1.5 ETH or less? Don't lie, curious? And why did u list? Want to learn, feel sad for those who sold under 2 ETH makes me sad that every darn time people underestimate!"
His tweet caused his cult to FOMO into VeeCon ticket NFTs. On the following day of March 25th, his followers bought a record $1.16 million worth of VeeCon NFTs in a single day, driving up their price to 1.98 ETH.
Since March 25th when VeeCon ticket NFTs peaked at 1.98 ETH, the market has been flooded with VeeCon NFTs from people who don't want to attend the event... probably realizing that it is likely to become the Fyre Festival of Web 3.0. Over the last six weeks, VeeCon NFTs have crashed by 92% down to a new record low of 0.16 ETH! Worst of all, with only two years of additional VeeCon tickets left as the "utility" of owning an original Veefriends NFT, it means that the current true fundamental value of Veefriends is only 0.32 ETH. Currently, Veefriends has a floor price of 7.85 ETH, but despite having already declined by 50% from their March peak, based on the current value of VeeCon ticket NFTs... Veefriends has another 96% left to crash in the weeks ahead!
If Gary Vee's followers want to become wealthy instead of losing their life savings, they should sell Veefriends immediately and research Augusta Gold (TSX: G) here at $1.90 per share.
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. NIA's President has purchased 159,200 shares of G in the open market and intends to buy more shares. This message is meant for informational and educational purposes only and does not provide investment advice.