In the latest DraftKings Props & Drops podcast episode, entrepreneur and CEO of media company VaynerX, Gary Vee, discussed the volatile NFT market with DraftKings Co-Founder Matt Kalish.
Breaking the ice with the routine sports check, Vee shared that his NFL season will go on point throughout the next week, after which he plans to lean into his NFT purchasing hobby for a few crypto punks in particular.
“I’ve got one eye on Jets/Lions, Jets/Jags in a four-day period. My season is absolutely going to play out here this Sunday and next Thursday. Then I’ve got my eyes on some crypto punks, some trading cards, I’m excited about that.”
Vee’s co-host Kalish then raised an important question by asking what the entrepreneur’s end strategy is when it comes to collectibles.
“It’s pretty different from last year,” Kalish remarked. “People paid a bunch of taxes last year. The decision a lot of people made was ‘I’ll wait until Jan 1 and realise a gain for next year’. This year it’s pretty different with all of those losses that people are writing off. How do you choose what to harvest, what to buy?”
Vee then responded: “For me, I never think making a decision purely on taxes is a good idea. I’m just going to look at all my holdings and if things are way down and I don’t believe in it in any shape or form, then I’m ok to sell it to save on the gains that I made on other things.
“The problem is, just to remind everybody, it’s hard to get things on the way up and it’s hard to get things on the way down, it’s why you’re sitting with a lot of things that are down.
“For a lot of first-time collectors, you can’t ride the wave the way you think. You always think ‘alright, if I start seeing it slip I’ll do this’, it just goes too fast.
“And so, I think if you ask yourself if you pay $10,000 for an NFT that’s worth $100 right now, why didn’t you sell it when it was $4,000 or $7,000? Same thing in the other direction – if you still believe in that, don’t think you can pick it up at $1,000 or $2,000, it can move real fast. Anything can happen in volatile markets.”
“My strategy is to look at everything and anything I no longer believe in, sell, keep everything I believe in, anything I really believe in – double-down.”
