VeeFriends is an NFT project created by entrepreneur and investor Gary Vaynerchuk, focused on building a community and providing unique experiences and opportunities for its members. The project features 10,255 unique hand-drawn characters sold through an initial auction, with ongoing benefits and access provided to token holders such as mentoring sessions, ticket access, and other exclusive events. Overall, VeeFriends represents a novel approach to building a community and leveraging NFTs, with a strong focus on creating value for its members and fostering a sense of belonging and shared purpose.
[Sidenote: One of our all time favourite projects]
The most significant challenge VeeFriends faces is its attachment to Gary Vaynerchuk's personal brand. In the project's initial phase, Gary played a crucial role in establishing it as one of the most successful in the space, by personally backing it up and offering real-life utilities, such as access to events and his personal life. However, we believe that in order to take the IP to the next level, there needs to be a systematic detachment from the personal brand to ensure long-term sustainable growth and monetization opportunities.
We know that some utilities of the issued NFTs are directly related to Gary personally, and that owning a VeeFriends has more to do with him than the project itself. Our first phase would involve systematically replacing utilities directly attached to Gary's personal life and the free access to VeeCon. The VeeFriends brand cannot fulfill its full potential as long as holders are engaged due to Gary, rather than the project's value or mission itself. Additionally, while owning an NFT grants free access to events, maintaining this structure long-term is financially challenging without generating any upfront revenue. The replacement of these utilities must be authentic and relevant to the end consumer and the project's mission, which requires a carefully planned strategic approach to lay the foundation. The first utility replacement would focus on individuals with access to Gary's real life, ensuring their continued involvement in the project despite the expiration and depletion of their utility. We would develop alternatives based on the project that foster involvement due solely to the value they're getting from the project, rather than the person vouching for it.
For the second replacement involving free access to events, we would create a campaign that encourages users to burn their access in exchange for a new NFT of similar value, without incurring significant costs associated with fulfilling the utility. Concurrently with the first phase, we would establish partnerships and collaborations with Web2 brands, influencers, and ambassadors who share the same target audience. This strategy would raise awareness for our IP products and attract new users who are engaged with the brand's value, vision, and mission.
Another approach to consider is the creation of new VeeFriends sub-brands, each with a distinct focus, style, and target audience. By diversifying the VeeFriends ecosystem, we can tap into different market segments and cater to a wider range of interests, resulting in additional revenue-generating opportunities. These sub-brands can offer exclusive merchandise, shows, series, toys, books or experiences that appeal to the audiences, ultimately contributing to the overall growth and success of the brand. The development of sub-brands also enables us to maintain authenticity and core values while expanding the reach and influence in the NFT space.