Gary Vaynerchuk on NFTs, Bitcoin Regulations and Coinbase

Gary Vaynerchuk, outspoken CEO of creative agency VaynerMedia, reached out to Cheddar ahead of the weekend to share his thoughts on this week’s biggest stories.

To create jobs in the digital economy after COVID:

“We’ve seen this before. When there is great technological advancement, things evolve,” he said.

Rather than focusing on the jobs lost due to technological change, Vaynerchuk emphasized the “millions” of jobs created by the collection and production of online content. He pointed to the emergence of “non-fungible tokens” or NFTs, which are digital certificates on the Ethereum blockchain that authenticate ownership of a digital asset and can be bought and sold.

Digital economy evangelists like Vaynerchuk see NFTs as critical to monetizing the web.

“It feels like a fundamental change: the blockchain, the ledgerization [or] Digitization of all goods, the way in which music is sold, books, how art and collectibles are sold, how season tickets can be sold. ”

The goal, explained Vaynerchuk, is for the NFT market to set prices for the online economy.

On the possibility of new regulations for Bitcoin and other cryptocurrencies:

“Regulation is the elephant in the room,” he said.

On the one hand, he said that Bitcoin has come “over the hump” to gain public legitimacy, but that it is now challenging sovereign nations to determine what steps they will take to regulate cryptocurrency and what impact those measures might have its long-term success.

“I think it will be extremely interesting in the next half to ten years to see what happens and how much momentum this currency will have compared to what happens if it is overregulated,” he said.

On the upcoming direct listing of Coinbase, a digital currency exchange:

“You don’t see companies making such a level of turnover profitable before going public, with such a macroeconomic trend that they dominate,” said Vaynerchuk, who announced in 2014 that he had invested in the company. I’m just excited to see what the market does with it, but they have a lot of good math on their side.

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