How to Value Your VeeFriends NFTs
VeeFriends is an NFT (Non-Fungible Token) project launched by Gary Vaynerchuk, the chairman of VaynerX and the active CEO of VaynerMedia, which consists of 10,255 VeeFriends tokens. According to Veefriends official website, “he created VeeFriends to bring to life his ambitions of building a community around his creative and business passions using NFT technology and their smart contract capabilities.” Therefore, the main ambition of this project is to create meaningful intellectual property and create an extraordinary community.
For now, VeeFriend’s total volume sales reached over $135.32 million. In addition, VeeFriend's discord channel boasts over 147,663 members, while its Twitter account has over 66.2K followers, which shows the growing interest around the project.
Table of contents
Background and focus of the project
Diversity of the VeeFriends tokens
Access Tokens
Gift Goat Tokens
Admission Tokens
The story behind the VeeFriends characters
Additional benefit of the VeeFriends: Veecoin
Closing thoughts
Background and focus of the project
VeeFriends NFTs provide some extra layer behind being the form of digital art. In fact, each NFT within the project features a specific message and meaning as well as providing metadata with on-chain storage of media. As mentioned above, the project's main purpose is to build up a strong community, while the core of Gary's approach is to provide access and serve his community. VeeFriends are all about utility and access, so each NFT is given different levels of access and activities through the smart contract thereby giving them some utility through metadata. For instance, all token holders are granted a three-year pass to VeeCon, and certain VeeFriends tokens also come with other unique benefits. In other words, “the token is the key that unlocks you into Gary’s world”.
Diversity of the VeeFriends tokens
There are 10,255 VeeFriends tokens that are organized into three categories - Access (300 tokens), Gift (555 gift goats), and Admission (9400 tokens). Before purchasing any VeeFriends NFT, you should familiarize yourself with all the 268 VeeFriends characters and what each token has to offer. However, all VeeFriends tokens do provide a three-year access pass to VeeCon.
Access Tokens
There are 300 VeeFriends access tokens in total. 210 of them give virtual access and 90 come with in person access. All 90 in person access tokens are 1 of 1 art tokens, meaning they feature a unique and original token art. VeeFriends Access tokens are redeemable or verifiable tokens that unlock unique experiences with Gary, such as going garage-saling with him, playing tennis, or having dinner. In addition, all VeeFriends access token holders, like all VeeFriends token holders in general, get a three year access pass to VeeCon.
For example, a VeeFriends NFT called Hangout Hawk, comes with five, 60 minutes each, virtual hangout Q&A sessions with Gary every year for three years. For those looking for one on one access, here is an example of VeeFriends NFT called Podcast Panther. It comes with an opportunity to host GaryVee as a guest in a 40 mins podcast episode for two years (once per year).
Currently, the most expensive access coin - Courtside Cat - was sold for $281,519 (price at the time of sale).
Gift Tokens
There are 555 Gift Goat tokens in total. So as mentioned, VeeFriends Gift tokens are verifiable tokens to a gifting experience curated by Gary and the VeeFriends team. A minimum of six physical gifts will be sent to Gift Goat token holders per year for three years until token experience expires.
Admission Tokens
There are 9,400 Admission Tokens in total. These tokens come with different levels of rarity and collectability. Indeed, there are different quantity levels within each character type. Each character type has 40 Tokens - 20 Core and 20 Limited tokens. The Limited tokens are also categorized into 8 Rare; 5 Very Rare; 2 Epic and Spectaculars which are 1 of 1 Art tokens, with only one edition within the VeeFriends collection - Hologram, Gold, Bubblegam, Lava and Diamond.
Admission tokens are mostly used for collectible purposes and generate the most sales. A few weeks after the auction some of the VeeFriends tokens started trading for three to five times their initial price. The most expensive Veefriends NFT sold was Admission. It is an Alert Ape which was sold for $325,322.55 (price at the time of sale).
The story behind the VeeFriends characters
You can see 268 unique VeeFriends characters drawn and created by Gary. The characters represent human traits that Gary most admires. Gary focused on traits that he believes will lead to happiness and success. Some of the characters are based on popular culture references. Gary named them friends as he believes that business with friends can be fun and that it is possible to build a community around common interests and support one another through friendship, kindness, and empathy.
Additional benefit of the VeeFriends NFT: VeeCon
All VeeFriends token owners get access to VeeCon. VeeCon is a multi-day event a sort of an “exclusive experience for VeeFriends NFT holders to interact with Gary and his special guests in a curated themed event around business”. VeeFriend Token holders are given a three-year access pass. Gary’s focus is to curate the best experience for his community.
VeeCon will be conducted annually for three years: 2022, 2023, and 2024. All dates and locations will be announced at least 90 days in advance. The conference will be focused around business, marketing, ideas, creativity, entrepreneurship, innovation, competition, and fun. VeeCon 2022 will be held in the U.S. Bank Stadium in Minneapolis, Minnesota from May 19th to May 22nd, 2022, with the official conference opening on the morning of the 20th. The conference will not be open to the public.
According to Gary, VeeCon is inspired by favorite events I’ve seen throughout my life, including business conferences, music festivals, closed-door offsite events, and not least of all, summer camp activities. This is the career-defining conference of my life, and I will deliver.
Closing thoughts
It is arguably the most innovative project so far centering around building up a strong community. Even though VeeFriends' NFTs have tripled in price from their initial price, the core value of the project lies not in the NFT collectibles themselves, but in the social layer and the access to the community that is offered to token holders.