Gary Vee NFT Artwork Will Be Auctioned At Christie's: What You Should Know

NFTs have hit the auction block several times in 2021 with CryptoPunks and Bored Ape Yacht Club non-fungible tokens selling for millions of dollars. Artwork hand-drawn by a well-known investor and entrepreneur will hit the auction block on Oct. 1.

What Happened: Gary Vee released VeeFriends earlier this year, a collection of NFTs featuring characters hand-drawn by himself that will grant access to a live event in the future and provide continued value.

On Tuesday, Vee announced on CNN that the original artwork for five of the NFTs will be auctioned at Christie’s on Oct. 1.

A tweet from Vee showed the characters Gratitude Gorilla, Diamond Hands Hen, You’re Gonna Die Fly, Tremendous Tiger and Empathy Elephant as part of the auction.

“I made them and drew them physically, then clamped them with PSA,” Vee said.

Vee said the auction is for the original artwork, not NFTs from the project.

No listing price or an expected sale price was given by Vee.

“Start it at $0, I’m that confident the market will understand what it is,” Vee told CNBC that's what he said Christie's.

Vee referenced sales of original artwork from movies and shows and how collectors know the value of the items.

“This is the original cell," he said.

Related Link: What's Gary Vee Up To Now? Launching An NFT Restaurant: Here's What You Should Know 

Why It’s Important: When asked why he was selling the artwork, Vee smiled and offered hints at the increased value for holders.

“It elevates the brand. This is my Disney. This is my Pokemon,” Vee said.

Vee said he will continue to work on VeeFriends for the next 40 to 50 years and the auction marks another step of execution along the way.

“People forget there’s a lot of ways to use NFTs,” he noted.

Vee has been hinting at a big announcement for VeeFriends recently and sales activity in the NFT project had picked up over the last week.

“People underestimated this project in the OG NFT-land, and this is another execution that’s not going to allow them to underestimate it anymore.”

Sales of VeeFriends have a volume of $5.37 million, up 408% in the last 24 hours. The project ranks 12th over the last seven days with a sales volume of $11.63 million. Sales of VeeFriends have a sales volume of $77.77 million.

VeeFriends launched via a Dutch auction with starting prices of 2.5 Ethereum ETH/USD and declining over time.

The floor price for VeeFriends was 9.5 ETH at the end of August. At the time of writing, the floor price of VeeFriends is 21 ETH, or around $71,000.

The Christie’s auction will also feature other NFT projects including Art Blocks and Curio Cards.

Photo: Gary Vaynerchuk via Twitter