NFTs first graced the market around 2015, as the first signs of Web 3 life emerged. However, over the past 12 months, they have exploded in both popularity and value. NFT stands for Non-Fungible Token. These tokens are stored on the blockchain and can be bought and sold, similar to the way art is traded at auctions. By holding an NFT, you own the rights to the digital art, and buying NFTs often gives users unique access to high-level networks/communities.
With growing popularity, there are many fraudulent projects on the market, and hence investors should be careful when looking for new projects. To save you the hassle of researching yourself, in this article we are going to take an in-depth look at one of the hottest NFT projects currently on the market – Veefriends. We will dive into what the project is, its floor price, where the future price may go, and much more.
What are VeeFriends NFTs?
Veefriends is a collection of 10,255 unique items, all stored on the Ethereum blockchain. Veefriends is a very unique project as every piece of digital art is completely different. Most projects follow the template of an animal/object with different traits which determine its rarity. However, Veefriends are just simplistic drawings of many different animals from different backgrounds.
The project was created by Gary Vaynerchuk, a leading NFT and Web 3 advocate. The chances are if you are into the NFT space, you would have heard of Gary Vee. He is arguable most famous for building the media and communications company VaynerX. However, since NFTs have blown up, he has drawn a lot of online attention for his bullish views about the space. This has helped draw in investors into his own NFT project.
Cryptoassets are a highly volatile unregulated investment product.
How many VeeFriends are there?
As mentioned, there are 10,255 Veefriends NFTs. Each depicts a different animal that has different backgrounds and rarity scores. The rarity score is the main determinant of the price of the NFT. For example, the ‘Epic’ rarity token’s current lowest price is over 20ETH ($53K).
Every single NFT is an animal, however, not every single one carries the same rarity. There are 4463 ‘Mammals’, and only 80 ‘Dinosaurs’. This highlights the rarity of the dinosaurs as opposed to the mammals. To highlight this, the current floor price of the mammals is 14.2 ETH – which is in fact the floor price of the whole project. However, the floor price of the dinosaurs is 44.4 ETH! This number quickly shoots up to over 100ETH too, which is over $200k!
VeeFriends Collections
There is currently only one official Veefriends collection. However, if you type in Veefriends into the OpenSea search bar, you may see multiple results. Any other collection which isn’t verified on OpenSea is a fake collection. The easiest way to tell if these are fake is to check the floor price. The official Veefriends floor price is over 14 ETH at current levels. Any other project imitating Veefriends will be nowhere near this level.
Although there is only one collection, there is actually much more than meets the eye when it comes to Veefriends. If you visit the Veefriends website, you can click on the ‘Book Games’ option. This is a first-of-a-kind layer 2 NFT that allows players to earn tokens whilst they play. It is linked to Gary Vee’s best-selling book, Twelve and a Half, which is a cool concept. This highlights the expansive utility that NFTs have past just being a cool piece of digital art of which you have ownership.
VeeFriends Price Now
The price at which people have been buying Veefriends varies, much in line with the wider NFT landscape and crypto markets. When the project first minted the floor price was around the 14.5ETH level, so it was very common for items to consistently sell for this amount. Although the price is currently very high, there is still massive amounts of volume being traded. For example, Veefriends can easily sell for over 20 ETH, and this is a very common occurrence. There is also demand for the high rarity NFTs, and these can go for upwards of 50ETH. For example, Veefriends item ‘Gift Goat’ sold a week ago for over 50ETH.
VeeFriends Floor Price
The current floor price of Veefriends is 15.9ETH, which is equal to roughly $41k. This floor price has fluctuated greatly over time and is currently at a pretty high level. When the project first minted, the floor price was sitting at around the 14.5ETH level. However, towards the latter end of 2021, this trajectory slowed, and the floor sunk as low as 7ETH. In hindsight, this would have been a great chance to buy in as the floor price skyrocketed from that level. The all-time high floor price of Veefriends was on March 6 when the collection’s cheapest item was selling for over 18ETH! Currently, at 14 ETH, there could be even more room for growth, especially if more utility is added to the NFTs.
VeeFriends Price Chart
The historical floor price graph for Veefriends can be seen below, as provided by Mintalytics:
VeeFriends NFT Analysis
Let’s now take a look a closer look at the Veefriends project as a whole. We are going to focus on 3 main elements that make the Veefriends project so exciting -its utility, its community, and its leadership.
Utility
Firstly, Veefriends NFTs have huge real-world utility. All holders have access to the yearly event Veecon, which is held by Gary Vaynerchuk and attended by thousands, including many prominent leaders in the business world. In addition to this, each NFT has varying levels of individual utility, based on its rarity traits. These will grant holders access to special events held by Gary, usually centered around business. This really adds to the sense of community.
Community
Perhaps one of the most attractive points about Veefriends is the fact that the project has a massively strong community. Gary Vee wanted to center the project around the idea of high utility which would create a strong community. The 317k discord members highlight he has done just that. In addition to this, the project has over 240k followers on Instagram and over 198k on Twitter, highlighting the prominence of the project in the wider NFT community.
Leadership
The final and perhaps most exciting point about the project is that its founder is Gary Vee. As mentioned previously in this article, Gary Vee is a huge NFT advocate and one of the leaders in pushing NFT and Web 3 content into the wider media. The fact that such a passionate, knowledgeable person is at the forefront of the project should give NFT investors great confidence in its future direction.
Why are VeeFriends so expensive?
If NFT projects can successfully nail the above three points, they usually succeed. The real deal-breaker for projects tends to be if it yields utility. If people are impressed by the utility of a project, they usually buy-in, and the community grows. As the community expands, its spreads to more and more potential investors, and grows even further.
All three of the above points are the reason why Veefriends are so expensive. The strong leadership of the project, as well as Gary Vee’s fame, was what likely drew investors into the space. However, the high utility and exciting plans for the project are what has built the community to what it is today. Although the floor price has fluctuated over time, Veefriends has always been considered a blue-chip project. The high floor price has likely drawn in more investors to be a part of the project.
Most Expensive VeeFriends out there
The most expensive Veefriends NFT currently listed on the market is the ‘Adventurous Astronaut’. It is listed for 1997 ETH, which equates to over $5m. However, it is highly unlikely someone will purchase a Veefriends NFT for this much. A notable expensive Veefriends sale occurred 10 days ago when the ‘Podcast Panther’ sold for 120 ETH which equates to around $330k. This highlights the huge sums of money people are willing to pay for some of the project’s rarest NFTs. If you click on the activity button of OpenSea, you only need to scroll down a few pages before you see Veefriends selling for well over the 30ETH mark.
VeeFriends Rarity
As mentioned, the price of Veefriends fluctuates largely depending on their rarity. There are 266 different animal/object drawings, however, these alter in rarity due to their editions, redemptions, adjectives, animals, benefit, category, conference, group, and property. The NFTs can also be sorted for rare, spectacular, very rare, and epic rarity. These are a huge differentiator in price. For example, the cheapest ‘rare’ NFT is 16.6ETH, and there are 1880 available. The cheapest ‘Epic’ Veefriends is over 20ETH, and there are just 470 available out of the whole collection.
Where to Buy VeeFriends NFTs
At present, the only place that you can buy Veefriends NFTs is OpenSea. OpenSea is the world’s largest NFT marketplace, and it is usually where the largest number of projects are listed. Also, most of the blue-chip projects such as Bored Ape Yacht Club, Veefriends, and CryptoPunks are listed. Being such a popular exchange, it has a high number of users, liquidity, and also high safety functions. As the NFT world is still pretty new, it is good to be wary of the security level of the exchange you choose to trade with.
OpenSea does have some limitations, however. The biggest of which is perhaps the high gas fees that users must pay when completing transactions. Gas fees are essentially small payments that are made in order to pay miners for completing transaction services completed on the blockchain. When there are a high number of users buying and selling NFT’ at the same time, the number of transactions increases and miners have to work harder to validate these. Therefore, gas fees are usually higher during busy periods. They can sometimes be upward of $300 which is something investors should be aware of.
OpenSea is not the only exchange where there are great NFT projects trading, however. For example, Magic Eden, Binance NFT, and Crypto.com all offer NFT exchanges and draw in high numbers of investors. A great point to note about Magic Eden is that it uses Solana as its currency for buying, selling, and validating transactions. This means there are no gas fees. This can make it a great option for users who make many NFT trades daily. However, Veefriends and many other high popularity projects are not available on Magic Eden, and many remain exclusive to OpenSea.
How to buy VeeFriends NFTs
Before you buy any NFT, you must sign up for a crypto wallet in order to store your crypto. Alongside securely storing your crypto, you can send and receive crypto from other addresses. We recommend using the eToro wallet as it is highly secure, allows for multiple currencies, and is very easy to use. It is worth noting that now, in the US, eToro customers can trade only Bitcoin, Bitcoin cash, and Ethereum on the platform.
To save you the time of researching how to set up a wallet, we are going to take you through a quick step by step guide on how to set up an eToro wallet and buy Veefriends NFTs
Step 1: Sign up to eToro
The first step is to create an eToro account. Once you have visited the eToro website, simply navigate to the ‘sign-up’ button and follow the onscreen instructions. You will have to enter some basic personal information in order to complete this step.
Cryptoassets are a highly volatile unregulated investment product.
Step 2: Verify your account to add funds
Now you have created an account, you must verify it before you can add funds to it. In order to do this, you must provide eToro with some recent forms of ID. These can be a copy of a driver’s license and a recent utility bill. eToro will aim to have these verified within minutes. Once verified you can add funds using a variety of payment methods. These include bank transfers, credit/debit cards, and e-wallets such as PayPal and Skrill.
Step 3: Add ETH to your wallet
Now you have a funded and verified eToro wallet, you can start to buy cryptocurrency. If you want to buy Veefriends NFTs, you will need to add Ethereum to your wallet. To do this, simply navigate to the search bar and type in ETH. Click on the ‘Trade’ button and purchase the amount you want to by filling in the order form. Ethereum will be added to your account.
Step 4: Connect your eToro wallet to OpenSea
You must now connect your eToro wallet to OpenSea in order to buy NFTs. In order to do this, click the accounts button in the top right on OpenSea. From here, select the WalletConnect option and paste in your wallet address. You can also scan the QR code onscreen if you are using a mobile device. Your eToro wallet will then be connected to your OpenSea account.
Step 5: Buy Veefriends NFTs
Now you have an OpenSea account that is funded and connected to your eToro wallet, you can begin to search for NFTs and add them to your collection. Use the OpenSea search bar to type in Veefriends and click on the official collection which should come up first. Investors should be wary that there will likely be a number of fake Veefriends remakes, which will have very low floor prices and the art will not be as high quality. When investing in blue-chip artwork, users should only look at verified collections, as others are likely to be fraudulent.
Cryptoassets are a highly volatile unregulated investment product.
What is Next for VeeFriends?
The climbing floor price seems to highlight the hype around Veefriends NFTs. The collection is highly sought after and hence the floor is extremely high. Holders who currently have Veefriends NFTs in their portfolios can enjoy access to exclusive events such as Veecon and other business conferences. In addition to this, Book Games seems like an exciting up-and-coming layer 2 NFT which has been created by Gary Vee. This could be a great new project to boost the hype surrounding Veefriends. The wider investors sentiment surrounding NFTs could also make or break projects such as Veefriends. If investors keep up the high demand for projects, then expect the price of Vee friends to keep climbing. Overall, the high utility, strong community, and great leadership seem to have placed Veefriends in a great position for future growth.
Is VeeFriends the Best NFT to Buy in 2022?
Veefriends is a blue-chip NFT project with an extremely high floor price. It certainly rewarded early investors, however, at the moment the price is so high that it is likely many investors won’t be able to afford to get involved. There are also many other NFT projects launching, which mint at much lower prices and could lead to huge future growth. To save you the hassle of researching for new projects, we have picked out our favorite new project – Lucky Block Platinum Rollers Club collection.
Lucky Block is a high-growth altcoin, which took the crypto markets by storm after its launch a few months ago. The developers have now turned to develop a high utility, high growth NFT. There will be 10,000 NFTs launching next week, and each token will act as an entry into daily prize draws. These will enter holders into a $10,000 daily jackpot draw, offering the potential for huge rewards.
In addition to this, there are 25 ‘Rare Edition’ NFTs within the 10,000 collections, which allow owners to double their potential prize winnings. The mint price is set at $1500 and will be available shortly. It is likely that in the secondary market the price could skyrocket as after Lucky Block crypto’s initial release, it jumped over 3000%. There is also over 40,000 members in the Lucky Block Telegram group, highlighting the popularity of the release. Veefriends once started as a smaller high-growth project similar to Lucky Block and look at where it is now!
Cryptoassets are a highly volatile unregulated investment product.
Conclusion
Veefriends have shown their massive growth potential through the rising floor price. In addition to this, the strong community, great leadership, and exciting utility mean that the project could push even higher in the next few months. The wider NFT market seems to be on an incredible bull run at the moment too, which highlights the exciting chance these crypto-assets offer. In order to buy Veefriends, you must set up a wallet, which we recommend doing with eToro. It is easy to set up, highly secure, and offers multi-crypto trading.
That being said, if investors are looking for a smaller, higher growth project then we recommend Lucky Block Platinum Rollers Club as the best NFT to invest in. The 10,000 strong collection allows holders to enter daily prize draws and is dropping this week and could lead to some huge gains for early investors. If you are interested in the collection, then click on the link below to join the 42,000 others in the Lucky Block Telegram group to learn more about the project and the upcoming drop.
Cryptoassets are a highly volatile unregulated investment product.