VeeFriends, Web3 and the real-world future of NFTs

Executive overview

NFTs are widely misunderstood as collectibles, but their core value is functional: smart contracts that replace tickets, receipts, reservations, and ownership records. Gary Vaynerchuk built VeeFriends as a long-term IP company priced around conference access, not speculation — and acknowledges getting caught up in the 2021 hype cycle.

Web3 social media and decentralized infrastructure are inevitable but years away. The current criticism of centralized platforms misses how much free distribution they provide.

The real NFT opportunity is not collectibles — it is replacing every functional digital token that confirms ownership or grants access.

VeeFriends origin and early lessons

• CryptoKitties (2017) and NBA Top Shot (late 2020) were early radar moments; CryptoPunks triggered serious homework.
• VeeFriends grew from a prior concept — physical toys representing positive traits ("Workplace Warriors").
• Mint price was anchored to three years of conference access, not to speculation.
• Series two trading cards were priced to approximate ~50% of their real-world value equivalent.
• 2021 hype caused Gary to over-promise in Discord; lesson: founders are operators, not community members.
• Key content win: publishing "99% of NFTs are going to zero" at the height of the market.
• Building the team (many ex-Vayner employees) is the priority he's most proud of.

VeeCon and the IP roadmap

• VeeCon 2022 succeeded beyond what the team deserved given how green they were.
• 2023 shift: less Web3 education content, more business, marketing, and pop culture — broader speaker mix of CEOs, CMOs, and entertainers.
• Animation is the most exciting IP avenue; a single hit can take a character from zero to icon (Shrek analogy).
• The Thoughtful Three-Horned Harpick is the only invented character in VeeFriends — most likely to spin off into its own franchise.
• Physical product collaborations (Toys R Us, Macy's, UNO, streetwear) build awareness at the early stage.

Real-world NFT use cases beyond collectibles

• Ticketing is the clearest current use case; airline tickets replacing QR codes is near-term.
• Reservations, couponing, loyalty discounts, and in-app functionality are all natural fits for smart contracts.
• Gaming: the real opportunity is not Play2Earn but Play2Unlock — making in-game assets portable across platforms.
• Accumulated points and rare items in games like NBA 2K or Roblox become tradeable assets on-chain instead of stranded value.
• Luxury goods: NFT as a warehouse receipt lets buyers trade ownership without taking physical custody; burning the NFT redeems the physical item.
• Property deeds, legal contracts, and documentation are unglamorous but significant use cases.
• A streaming service built on NFT subscription infrastructure is plausible.
• Fashion: physical products will carry associated NFTs; the NFT eventually becomes the primary asset at scale.

Web3 social media

• Decentralized social networks where users own their data and followers are inevitable.
• Timeline: 10–15+ years before meaningful migration from centralized platforms.
• The chicken-and-egg problem (need users to attract users) mirrors every prior platform's early years — Uber took two years just to launch in New York.
• Incumbents (Meta, TikTok, YouTube) can build parallel decentralized products; owning both sides is portfolio management, not a contradiction.
• Current criticism of social platforms ignores the reality: they provide free distribution that no prior media channel ever offered.
• Targeted advertising is a feature, not exploitation — it is the same model as newspapers and television.

Big brands and the crypto winter

• Brand hesitancy comes down to two factors: regulatory uncertainty and lack of first-mover conviction.
• Brands jumping in early have seen innovation pay off historically; FTX and similar collapses are Web2 failures dressed as Web3.
• Nike and Adidas (via RTFKT acquisition) stand out as committed, serious entrants.
• Pepsi, Budweiser, Lacoste, and DraftKings showed meaningful executions even in a down market.
• The metaverse (VR-first definition) is premature — building virtual stores with 12 desktop visitors does not signal consumer readiness.
• Vayner3 (formerly VaynerNFT) advises across blockchain, NFT, AI, VR, and AR as a consulting and execution agency.

Music and Web3

• Holy grail: fans owning royalty stakes in artists they discover early — changes incentive structure from "sellout" resentment to genuine fan alignment.
• Record labels will evolve into marketing agencies once distribution (social media) and funding (tokenized fan investment) are commoditized.
• Regulatory clarity is the primary blocker; the underlying technology is already capable.

NFT projects and celebrities to watch

• Moonbirds, Bored Ape Yacht Club, World of Women, Doodles, and Pudgy Penguins cited as meaningful operators.
• Snoop Dogg highlighted for genuine entrepreneurial drive beyond celebrity branding.
• Seth Green singled out for storytelling ability — described as having "home run hitting ability" to create a franchise-level IP hit.