VeeFriends floor price analysis
The idea that NFTs are dead doesn't match what's happening with VeeFriends. Gary is buying back his own project to support the floor, acting like a company betting on its own undervalued stock. Five years later the floor holds at 1.67 ETH. It isn't as liquid as Uber but there are still daily transactions on OpenSea while people sell for large multiples of ETH during a bear market.
Transcript (en)
I think the average person would still be shocked at the floors that have been maintained five years later. Like most people would say you couldn't sell an NFT for five cents today. They would think that, right? True. I sold an NFT. People are selling NFTs for very large multiples of ETH during a bear market. Right? It still is a thing. Do you know what I'm saying? The average person would be like, no, there's no such thing. Go to OpenSea right now. And go look at the amount of transactions that are taking place and what these things still go for. Like I'm looking at VFriends right now as an example. VFriends floor is 1.67 ETH right now. Okay. It's 1.67 ETH. And is that like Uber liquid? Of course not. Like there's not people, there's not like hundreds of them selling a day, but there's like a few every single day. And even Gary. So Gary has a, like, Gary buys his own project, right? Because it's, and that's not an unfamiliar thing. even in the stock world. Like if you feel like your stock is underpriced, you'll do a buyback, right? That's conviction in what I'm building, right? So people will give him shit for that, but it's like that happens in business, period. And so he's constantly buying back more and more and more. And so then that creates a bid on the floor as well.
