VeeFriends creator Gary Vaynerchuck said there were 3 main factors behind the fall of the NFT market over the past year.
“The truth is, if you’ve been paying attention, you know what’s really happening here – and if you’re like me, you’re not surprised," argued Vaynerchuck.
In terms of oversupply, Vaynerchuck argued that the large number of “celebrities, influencers, sports leagues, big brands and individual artists” that jumped on the bandwagon last year was bound to cause supply and demand issues. “The demand has not and will not be able to keep up with that extraordinary level of supply, and any time that happens, there’s a bubble waiting to burst.”
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