Topics NFT
Bybit Learn
Bybit Learn
Intermediate
27 Th07 2022

VeeFriends: Entering the World of Gary Vee With Utility NFTs

With the success of VeeFriends, world-famous entrepreneur Gary Vaynerchuk has once again struck gold as his VeeFriends collection surpasses $500 million in all-time sales. Thanks to it crossing this milestone, it's safe to say Gary Vee's unique take on utility NFTs have certainly taken the NFT market by storm.

Curious as to why everyone has been talking about VeeFriends for the past year? Read on as we elaborate upon the non-fungible token (NFT) project, its unique use cases and the overall inspiration for VeeFriends NFTs. Also, stick around to learn more about the VeeFriends ecosystem which includes VeeFriends Series 2, Book Games NFTs and VeeFriends Mini Drops.

What Are VeeFriends NFTs?

VeeFriends are Ethereum PFP NFTs that are minted on ERC721-compliant contracts and include GaryVee's collection of NFT art.

GaryVee created his collection as a way to give life to his business and creative passions by building a community for them. The Series 1 collection includes 1,242 tokens that GaryVee kept, and 9,013 NFTs that were openly sold. In the VeeFriends Series 2 collection that debuted recently, there are 251 characters and a total of 55,555 tokens. While 231 of the characters are the same as Series 1, there are 15 new ones. Additionally, there were VeeFriends Mini Drops and Book Games NFT projects.

VeeFriends NFTs are divided into three categories: admission, gift and access. GaryVee drew 268 different characters for the Series 1 collection. There are cartoon animals, bugs and more, in various poses and backgrounds. VeeFriends quickly became an influential name in the world of PFP NFTs. The collection launched in May 2021, around the same time as BAYC and other popular projects.

Like other PFP NFT projects, GaryVee NFTs come with utility. Membership benefits offer unique real-world experiences and more. Because of the usefulness and innovation of the VeeFriends NFT community structure, the project has helped reshape the way investors and the public understand the accessibility of utilities and community benefits. During the first 24 hours after the collection launched, it sold 3,129 tokens.

Who Is Gary Vaynerchuk (GaryVee)?

Gary Vaynerchuk, known as GaryVee in the NFT world, is a businessman and tech entrepreneur. According to his website, he founded VaynerMedia, VaynerCommerce, The Sasha Group and several other entities. Additionally, Gary is both CEO and creator of VeeFriends NFT. He is well-known in the business world for co-developing the restaurant reservation software called Resy. From wine to GaryVee NFT, his expertise is expansive. Gary's records of success and impressive accomplishments have brought him fame, which is one part of the equation that contributed to the increased value of his VeeFriends NFT project.

Why Are VeeFriends NFTs So Popular?

Blue-chip NFTs are those that are considered good investments. BAYC, CryptoPunks, VeeFriends NFTs and a few others are in this category. In comparison to other blue-chip NFTs, VeeFriends NFTs have some attractive benefits that contribute to their popularity. In addition to the unique art style of GaryVee NFTs, here are some of the real-world benefits and use cases that have made VeeFriends NFTs so popular.

VeeCon

People who own VeeFriends NFTs are part of the community and had access to the first VeeCon, which took place in May of 2022. It’s unclear exactly when the 2023 event will occur. However, the tokens give holders access to all VeeCon events through 2024. News of gaining exclusive access to the multi-day event in Minnesota helped build hype for the VeeFriends NFT project. The event's lineup of speakers included Snoop Dogg, Steve Aoki and others. Of course, GaryVee himself attended as well, and his presence also inspired many investors to purchase GaryVee NFTs.

Pre-Launch Program

This program was developed by GaryVee to help people starting their own NFT projects. The PLP's goal is to give other developers a starting point for community building. To do this, PLP participants give away some of their tokens to the VeeFriends community. By having them donate tokens to VeeFriends investors, GaryVee has brought a tangible benefit to them and other new project developers by helping increase project developers' visibility in an established community of NFT investors.

Real-World Utilities

In addition to VeeCon, GaryVee NFTs come with some other utilities that connect community members directly with the NFT project's developer virtually or in person. For the few token holders with real-world connection benefits, they may go to garage sales, play golf or have dinner with Gary Vaynerchuk. These benefits will be explained more in the next section.

VeeFriends NFTs Breakdown

As noted previously, there are fewer Series 1 tokens, which makes them rarer than the Series 2 tokens. VeeFriends NFTs remain highly valuable. So far, the highest-selling VeeFriendNFT was a watchful and attentive embarking ape. Sold to Wu-Tang Clan in 2021 for 105 ETH, which was equal to about $333,807 then, this GaryVee NFT was one of the most expensive NFTs sold at that time. 

The VeeFriends project market cap is $133.5 million. Now, it’s time to dig deeper into the Series 1 token structure. There are 10,255 Series 1 tokens categorized by admission, gift and access.

Access Tokens

There are several types of access tokens. Access token categories include one-to-one, group, competition and scholarship. Of the access tokens, 90 are tied to in-person access, and 210 come with virtual access.

For group access, there are 165 tokens. Holders can spend time with other VeeFriends investors or GaryVee. This is a breakdown of the VeeFriends group access tokens:

  • Ten Breakfast Bat tokens, which offer in-person access

  • Ten Lunch Lady Bug tokens, which offer in-person access

  • Ten Dinner Deer tokens, which offer in-person access

  • Ten Brunch Bear tokens, which offer in-person access

  • One hundred twenty-five virtual-access Hangout Hawks tokens.

There are a total of 108 one-to-one access tokens, of which many are unique. For example, there’s only one Garage Salin Yale token. There is one Workout Wolf and one Podcast Panther token. Tokens for courtside seats at a sporting event, a wine shopping spree and other intriguing one-on-one experiences with GaryVee are available. There are multiple tokens for FaceTime calls with him, and five tokens exist that give holders unlimited access to events where GaryVee is the keynote speaker.

Competition access tokens are capped at 22, offering holders a chance to compete with GaryVee in a game. There are tokens for bowling, basketball, checkers and more. While a few games have several quantities of tokens, other rarer ones are only tied to one token. Five Sorcerer Scholarship tokens exist. To acquire these tokens, people must apply for them. Token holders receive coaching and mentoring directly from Gary Vaynerchuk.

Gift Tokens

There are a total of 555 Gift Goat tokens. These GaryVee NFTs offer experiences that are designed by Gary Vee and the team. In addition to the special experience-related gift, holders have access to VeeCon through 2024.

Admission Tokens

These tokens also come with a three-year access pass to VeeCon. With a total of 9,400 tokens, this is the largest category of VeeFriends NFTs. The tokens have various levels of collectability and rarity. For each character, there are 40 tokens in different rarity levels. The rarest of each is “Epic,” with only two, and then there are very rare, rare, limited and core levels that gradually increase in numbers. “Spectaculars” are the rarest since there’s only one of each. The Spectaculars are one-of-one art tokens, including  Diamond, Lava, Hologram, Bubble Gum and Gold.

VeeFriends Ecosystem

Since the VeeFriends ecosystem includes many tokens that are redeemable for experiences, it makes sense that expansion of it was inevitable. With the high demand and value placed on the original Series 1 collection, growth potential appeared substantial. GaryVee announced the expansion of the VeeFriends universe earlier in the year. There are a few key components, which are VeeFriends Series 2 NFTs, Book Games NFTs and VeeFriends Mini Drops.

VeeFriends Series 2 NFTs

The VeeFriends Series 2 collection of GaryVee NFTs includes 55,555 tokens. Minting price was set at $995 or 0.33 ETH. Series 1 token owners had the ability to claim one free Series 2 NFT of the same character. One of the reasons why the VeeFriends Series 2 NFTs were planned with a lower price and a larger minting number was to give more people the opportunity to purchase them. The current price of Series 1 VeeFriends is far too much for many investors, and the VeeFriends Series 2 NFTs help remedy that.

Instead of releasing all the NFTs at once, the project released them on various dates in April 2022. A total of 32,000 Book Games NFT holders had the potential to participate in minting VeeFriends Series 2 NFTs (if they were on the Friends List). Secondary trading saw increased prices for several VeeFriends Series 2 NFTs. 

For instance, at 42 ETH, Adaptable Alien #13905 was the most expensive Series 2 VeeFriend sold. Minted by the original seller, the one-of-a-kind NFT had an alien character with a Glitch Emerald scene.

Book Games NFTs

After Gary Vaynerchuk published his new book “Twelve and a Half: Leveraging the Ingredients Necessary For Business Success”, he released these NFTs as part of a free airdrop. The move helped him tie in his book and its value to his GaryVee NFT ecosystem. This Layer 2 project had a total of 125,000 burnable tokens. The Book Games NFTs are meant for an ongoing game of the same name and was launched on January 10, 2022. 

Book Games NFTs primarily act as assets that users burn for other rewards. These include blue-chip NFTs and rare collectible cards. However, the biggest news was that burning Book Games NFTs granted participants access to VeeFriends Series 2 NFTs as part of the limited-time minting project. 

To help reduce gas fees, GaryVee hosted Book Games NFTs on Immutable X. Because there are a large number of Book Games NFTs tied to the never-ending game, this was especially beneficial for GaryVee NFT fans and investors.

VeeFriends Mini Drops

In March 2022, GaryVee announced VeeFriends Mini Drops. As a subcollection of VeeFriends, these come with varying scarcity and utilities, and were created with the purpose of inspiring collaboration and fostering the culture of the characters. First, there was the release of 31 VeeFriends Mini Drops called Spooky Vees, which had Halloween themes. There were also 555 Gift Goat tokens in the VeeFriends Mini Drops collection. Like the other gift-based VeeFriends NFTs, these were tied to 18 different experiences. Some examples of gifts from the VeeFriends Mini Drops include collaborations with Pop Wonder, Danny Cole and others.

How Much Are VeeFriends NFTs Worth?

For Series 1 GaryVee NFTs, as of late July floor price is 7.25 ETH, which is a slight decrease from the previous week. While the floor price fluctuates somewhat, it has grown overall. The current price is similar to the floor price at the beginning of January 2022 for the original VeeFriends NFT collection. However, there was a spike just above 18 ETH in March of that year. Many recent sales of original GaryVee NFTs were for between 6 ETH and 18 ETH on OpenSea.

Currently, the floor price of VeeFriends Mini Drops is 0.22 ETH. On OpenSea, recent Mini Drops sales went for between 0.2 ETH and 0.4 ETH. The current floor price of Book Games NFTs is 0.24 ETH, and recent OpenSea sales were for between 0.1 ETH and 0.3 ETH. For VeeFriends Series 2 NFTs, the current floor price is 0.46 ETH. Most of the recent sales on OpenSea were for between 0.4 and 0.5 ETH.

Where to Buy VeeFriends NFTs

To buy GaryVee NFTs, investors must first have ETH cryptocurrency. This is available for purchase on a cryptocurrency exchange like Bybit, where users can buy crypto after signing up with us. After setting up a noncustodial crypto wallet and transferring the ETH, the next step is buying the NFTs. While some are available on OpenSea from previous buyers, the website also has an option for users to connect a wallet and buy directly from the VeeFriends website.

Are VeeFriends NFTs a Good Investment?

Based on the price movements of VeeFriends, most appear to be good investments with additional potential. For instance, the Series 1 token holder who minted and sold the Adaptable Alien Series 2 NFT made over $123,000 from utilizing a Series 1 privilege. If there are future collections developed with similar utilities, investors may reap extra benefits. 

VeeFriends are considered blue-chip NFTs, which means that they’re more likely to hold long-term value. GaryVee NFTs have unique experience-based utilities that are valuable whether they’re in-person rewards or virtual ones. Because Gary Vaynerchuk is a known and respected entrepreneur who has a genuine interest in helping others succeed, many people value the chance to learn from him.Since GaryVee NFT tokens are limited, redeemable and connected to these experiences, expect them to remain valuable to many people. As unused Series 1 VeeFriends NFTs remain in circulation in the future, they may become even more valuable due to their limits and smaller numbers minted.

The Bottom Line

With real-world opportunities and experiences, GaryVee NFTs are valuable purchases. Their unique community and utilities are driving forces behind their popularity, which is likely to continue growing as the world of NFTs keeps expanding. Investors are also excited to see which future utilities may be offered with GaryVee NFTs.