I bought my first NFT in May 2021
VeeFriends x Dutch Auction x Web3
NFTs have definitely taken over the conversation in 2021. With Bored Ape & CryptoPunks headlining multiple articles a day, it is hard not to come across the topic of NFTs. Instead of talking about something that hasn’t been minted yet, I want to focus on the NFT that I purchased in May of 2021.
I’ve been following Gary Vaynerchuk for a couple of years now. In my Spotify Wrapped 2021, The Gary Vee Audio Experience is my most listened-to podcast. In the weeks, maybe months before May, Gary started to promote the release of his NFT VeeFriends.
VeeFriends is going to be a collection of hand-drawn illustrations that Gary says will be his life’s work. His Harry Potter. His Disney Universe. So for me, it was a no-brainer for me to pick up his NFTs. I believe in Gary’s vision and this was the perfect opportunity to get in early.
I chronicle the purchasing experience on my Twitter and the thread can be found here.
After deciding to purchase a VeeFriend, it was time to figure out how this was going to happen monetarily. I had some ETH. I had a MetaMask and now I had to wait for the auction to take place so I can get my hands on one of the pieces. VeeFriends was going to be sold through a Dutch Auction.
From Investipedia.com: “A Dutch auction is a market structure in which the price of something offered is determined after taking in all bids to arrive at the highest price at which the total offering can be sold. In this type of auction, investors place a bid for the amount they are willing to buy in terms of quantity and price.”
From my understanding, the Dutch Auction DECREASES in price over time as bids are being placed. I honestly still do not completely understand how the process works but it is supposed to encourage people to purchase heavy and early in order to drive the price down to a floor price. From my experience with VeeFriends, the VeeFriends started at a certain amount (depending on rarity) then decreased in ETH until they hit a floor price of .5 ETH.
Long story short, I picked up 2 VeeFriends at the floor price of .5 each. And I am glad that I did it. At the time of writing this article, they are worth a floor price of 8 ETH. That is quite the return.
But the real reason I picked up these NFTs is for the promise of what it can do with Web3 Technology. The coolest part of these NFTs is that it acts as a ticket to VeeCon. A conference that Gary, himself, will be putting together. He has hinted at having great business keynote speakers, awesome music performances, and sick meetups.
And it's a 3-year ticket. Each NFT is an admission ticket. Gary pioneers what it means to release a utility NFT.
So all in all, I am glad I aped into VeeFriends and I’ll report back after VeeCon to talk about how epic the conference is. And for the reveal, I have an Ernest Ermine and Pleasant Platypus (Core)
