Unless you’ve been living in a cave far removed from civilization, you’ve likely come across the term NFT.
NFTs (non-fungible tokens) are digital assets you can buy and sell using a digital wallet. VeeFriends is a collection of NFTs from marketing author Gary Vaynerchuck, known to fans as “Gary Vee.”
In this article, we’ll take a closer look at VeeFriends and how they work. Keep reading to learn if they’re worth it for your cryptocurrency and digital asset portfolio.
What Are VeeFriends?
Unlike fungible tokens Bitcoin and Ethereum, where all coins are essentially the same, NFTs are unique. Each NFT only exists once and can’t be copied unless the original creator specifically allowed a certain number of copies.
Gary Vaynerchuk spotted an opportunity with NFTs and launched his own platform and collection called VeeFriends. As of this writing, there are just over 10,000 unique VeeFriends listed on the VeeFriends website.
While the most valuable VeeFriend is likely to change in the future, the current top-card is Alert Ape. Alert Ape isn’t just a picture of an Ape. The owner also gets admission to Vaynerchuck’s annual VeeCon conference in 2022, 2023, and 2024.
Alert Ape last sold for 105 Ethereum, which is worth more than $378,000 at current rates. If you want to buy it, head to the OpenSea marketplace. But you’ll need a whopping 350 ETH ($1.2 million) to make it yours.
Alert Ape currently ranks as the most valuable VeeFriend NFT.
Not all VeeFriends are so pricey. The lowest cost VeeFriend listed on OpenSea at the moment has a top bid of just over 8 ETH. That’s still about $29,000, or the price of a brand new Toyota Camry...including taxes.
The “low cost” Warm Wolverine VeeFriend listing on OpenSea.
If you have the cash to get involved and want to buy a VeeFriend of your own, you’ll need to know how VeeFriends and NFTs work.
How Do VeeFriends Work?
To buy a VeeFriend, you’ll need an Ethereum wallet and enough Ethereum to make the purchase. Each wallet has a unique public address, which anyone can view (though they likely don’t know who owns it) through an NFT marketplace or explorer.
If you want to buy a VeeFriend, your first step is to connect your Ethereum wallet to a marketplace. The marketplace is considered a decentralized app (Dapp), which can interact with compatible cryptocurrency wallets. When you make a purchase, this allows the marketplace to deduct the Ethereum cost and network fees from your wallet and transfer the NFT to your ownership.
After connecting your wallet, buying an NFT is similar to buying an eBook for your phone or reading device. All sales are final, so make sure you’re connected with the right wallet and have the keys before clicking the buy button. If you make a mistake, you could lose access to your wallet and assets.
I bought this NFT for 0 ETH on OpenSea, just paying network fees. It cost a lot less than VeeFriends but doesn’t have much of a resale market.
Before spending tens of thousands of dollars on VeeFriends, consider buying a lower-cost NFT to start. I picked one up for free, just paying network fees, to get an NFT of my very own.
Where To Buy And Store Veefriends
If you want to buy VeeFriends or any NFTs, you’ll need a compatible wallet and an NFT marketplace. Here are some options to consider:
Are VeeFriends Worth It?
If you were lucky and savvy enough to get in on VeeFriends at the beginning, you likely made a small fortune from your collection. But you’re going to have to spend a pretty penny to get ahold of your own VeeFriend today. If you do snatch one up, there’s a good chance (but no guarantee) that you could resell for a profit down the road.
Before spending tens of thousands of dollars on VeeFriends, consider buying a lower-cost NFT to start. I recently picked one up for free, just paying network fees. Cheaper NFTs may not have as much resale potential; but you also won't have to risk as much capital to get your hands on them.
Finally, if you're just starting to branch out into alternative investments, you may want to begin by purchasing actual cryptocurrencies instead. Check out our guide to cryptocurrency investing to learn the risks, potential advantages, and how to get started.
Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. His work has been featured in online publications including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.