NFTs are more than Art. How Gary Vee is leading the way via Utility.
Gary Vee’s new VeeFriends NFT Project presents a novel new approach to the NFT world, which we at NFT Culture are referring to as a “Utility First” token drop. The project features 10,255 tokens, each with an accompanying image, but what is unique about the project is that 100% of the tokens have utility beyond just existing as an art piece or an avatar.
The NFT Culture team loves art-first projects (see Hashmasks), but we especially love when teams push the envelope on what can be done in the space.
Token Breakdown
- 10,255 Tokens Total
- 9400 Admission Tokens
- 555 Gift Goats
- 300 Access Tokens
The tokens will be distributed via Dutch Auction. A date for the token sale has not yet been set. It was originally planned for May 5, 2021, but it appears to have been moved to next week. We will update everyone when a concrete date has been announced.
Utility
- Tokens grant admission to “Experiences” as described in the Terms and Conditions of VeeFriends (see Experience Terms).
- All tokens grant 3 year admission to VeeCon
- There are about 29 unique experiences besides VeeCon, with different numbers of participant slots for each one.
Categories
- Access
- Group: Spend time with Gary and other token holders
- 1-to-1: Spend One on One time with Gary
- Competition: Compete with Gary in a game
- Scholarship: Redeem for mentoring and coaching from Gary and his network
- Gift – A gifting experience curated by Gary and team
- Admissions – the basic token, with access to VeeCon
Other Interesting Observations
We extensively reviewed all of the documentation on the VeeFriends website, and the project appears to be quite solid. Interestingly, unlike other token projects, this one does not appear to contain any restrictions on residency or financial restrictions. The project appears to be well vetted by legal teams, and doesn’t appear to approach the grey area of being viewed as a “Security” by the SEC. Most of the terminology of what you are getting is extremely concise and specific, as well as being carefully worded as an admission token for an “Experience”. We definitely appreciate the careful thought processes that went into this project.
The NFT Culture team chatted Thursday afternoon about the project. Enjoy the video below.
