GaryVee's NFT PSA: Don't Buy What Others Buy

Gary Vaynerchuk, also known as GaryVee, addresses the issue of NFT scams and advises his followers to be cautious about investing in NFT projects simply because he or someone else has bought them. He highlights the increasing trend of scammers airdropping NFTs into his account and then creating fake ads claiming he owns those NFTs to entice unsuspecting investors.

The Rise of NFT Scams

GaryVee emphasizes that NFT scams are becoming increasingly prevalent, with scammers employing various tactics to trick people into buying "rug pull" projects. One common method involves airdropping NFTs into accounts and then running ads claiming ownership by individuals with a large following, like himself, to lure unsuspecting investors.

GaryVee's Advice: Don't Buy Just Because Someone Else Did

He strongly advises against making NFT investment decisions based solely on the purchases made by others, even by prominent figures like himself. He acknowledges that everyone makes mistakes, including him, and that NFT investments carry inherent risks. He emphasizes the importance of independent research and due diligence before investing in any NFT project.

Verifying NFT Purchases: The Power of OpenSea

GaryVee highlights the transparency of the blockchain and the ability to verify NFT ownership using platforms like OpenSea. He instructs readers to use OpenSea to search for his two wallets, "Gennady" and "GaryVee," which are both verified with a blue checkmark.

Navigating OpenSea: A Step-by-Step Guide

• Visit opensea.io
• Search for "Gennady" or "GaryVee" under the "accounts" section.
• Click on the "Activity" tab to view a record of all wallet transactions.
• Click on the "Sales" tab to see a record of NFT purchases made by GaryVee himself.

The Importance of Due Diligence: Beyond OpenSea

While OpenSea provides a valuable tool for verifying NFT purchases, GaryVee encourages readers to go beyond simply checking his OpenSea activity. He advises readers to actively research projects themselves, seeking information beyond his own endorsements. He emphasizes the importance of understanding the project's goals, team, community, and any potential risks involved before investing.

GaryVee's NFT Investment Strategy: A Long-Term Perspective

GaryVee clarifies that his NFT investment strategy is based on a long-term perspective, often spanning 5 to 15 years. He acknowledges that his investment decisions may differ significantly from those seeking quick profits through day trading NFTs. He reiterates the importance of understanding the difference between long-term and short-term investment strategies before making decisions based on others' purchases.

GaryVee's Conclusion: Protect Yourself

GaryVee concludes by urging readers to stay vigilant, perform thorough due diligence, and avoid falling prey to NFT scams. He emphasizes the importance of doing one's research, understanding the risks involved, and investing only what one can afford to lose. He also highlights the benefits of joining communities and engaging in discussions with other NFT enthusiasts to stay informed and avoid scams.

Key Takeaways:

• Always do your own research on NFT projects before investing.
• Never invest in a project simply because someone else, even a prominent figure, has bought it.
• Utilize resources like OpenSea to verify NFT ownership and transactions.
• Understand the difference between long-term and short-term NFT investment strategies.
• Stay vigilant, avoid scams, and invest responsibly.