Gary Vaynerchuk: : NFTs are the 'holy grail for humans' that will be used for everything

VaynerMedia CEO Gary Vee discusses the various ways NFTs can be utilized at the Yahoo Finance-Decrypt "Crypto Goes Mainstream" special.

Video Transcript

- What do you think NFTs will be used for eventually? You know some see them as a pass to an event. You're having a VeeFriends conference, you have to own a VeeFriends NFT. Others think it's going to be your login for some places, your proof of pass that you went to something. Is the sky the limit here? I mean, what do you think NFTs will be used for beyond just buying and sharing them and flipping them.

GARY VEE: Every contract, all of them-- buying a car, buying a home-- it's a smart contract that is confirmed and accepted and transparent. It is the holy grail for humans. It's just that we're the fortunate humans that are here when it's being invented. It will be the mundane in 80 years.

I think it's going to be used for everything. I would be flabbergasted-- I don't like to make these kind of predictions because I could be wrong, and I don't want to clip it and make fun of myself. But I would be stunned if not the majority of sporting event and concerts are NFTs, not just QR codes and paper tickets in 15 years. I would be flabbergasted.

And if you happen to go in 15 years to an NBA game and your ticket is an NFT, and the Zion, LeBron, whoever of the day does something spectacular, you're literally in a place where that is an asset and you're selling it as you walk out of the arena. People are going to start, actually going to do, things just for the NFT, with the chance that something will happen. We're collateralizing so much of our society.

It's going to be incredibly fascinating once people start interacting with NFTs in the scenario that I just painted, similar to what's happening with QR codes right now. QR codes have become incredibly important in marketing. Because of COVID, most restaurants are now forcing us-- now the average 60-year-old knows how to use a QR code with their iPhone, which will now translate into other behaviors of the QR code. Once that happens with NFTs--

- Well, so that's a perfect segue to what I want to make sure to ask, which is, when will that happen? We've been talking about convincing skeptics. What about onboarding people to something that still, admittedly, has a lot of friction. I mean, well, you've got to go to an exchange, you've got to buy some ETH. Then you've got to use your MetaMask or your Chrome browser wallet or Rainbow, and you've got to pay with ETH on a different marketplace, then you've got to know where it sits.

GARY VEE: Yeah, I mean it's nerd shit.

- A lot of people, it's just they say, "This is too much."

GARY VEE: It's all going to happen in the background soon. Look, I'm just not passionate about it-- meaning I don't-- back to the convincing thing-- I'm not in a rush to get everybody to do this. I will continue to talk about what I believe will happen.

- But will the tech get easier to use?

GARY VEE: Of course.

- I mean that has to happen.