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Celebrities’ impact on the NFT market
Here are a few celebrities that found passing interest in NFTs, but did not fully dive into the NFT space. The list of celebrities goes on, including Sean Mendes, Snoop Dogg, Tony Hawk, Eminem, Jay-Z, and more. Whether celebrities like Snoop Dogg are selling their NFTs themselves or picking up sets of a hit, celebrities are flooding into a growing market. As the concept of the NFT has gained greater mainstream appeal and buzz, more celebrities are jumping on the bandwagon and selling collections.
From celebrities tweeting and videos advertising NFTs to thousands of fans buying the products they are selling, the NFT has skyrocketed in popularity, and so have its prices, in the last year. The meteoric rise in the communities popularity for Non-Functional Tokens (NFTs) has snowballed to a number of celebrities collecting and auctioning the digital tokens. NFTs, or Non-fungible Tokens, are tokens that are built on a blockchain and can be used to verify a digital asset, making them ideal for artists, musicians, movie stars, and a host of other celebrities to utilize in order to generate income off the artists’ creations. Now, celebrities are using NFTs to tokenize everything from music, to photos, and artwork.
Musician Grimes was among the first prominent celebrities to take advantage of NFTs, making millions off collections of his digital artwork. Believe it or not, one of the earliest known NFT celebrities was actor and space tourist William Shatner, who has issued 10,000 NFTs. Partly this is due to one NFT piece selling for $69 million back in March – and because celebrities and high-profile institutions have been getting into the game. Amid the NFT launches by corporations and celebrities, individual artists and crypto-collectives flooded the market with this new digital media sales format.
From Snoop Dogg collecting an enormous amount of precious NFTs, Tom Brady starting a sports NFT platform, to Jimmy Fallonapes joining The Bored Ape Yacht Club, entertainers and athletes are spreading the word about digital, blockchain-backed collectibles when they purchase or sell them. For instance, Bored Ape Yacht Club (BAYC) NFTs investment (and its value) skyrocketed after celebrities such as Jimmy Fallon admitted that they were going to purchase One3. Celebrities including Snoop Dogg, Jimmy Fallon, Grimes, and Tom Brady have issued and/or purchased prominent NFTs, lending influence from celebrities including Snoop Dogg to a rising market. Over time, the more successful among these types of stars have tended to look more like mainstream celebrities–the Jimmy Fallons of the world–but their outsized cultural impact has also forced other types of stars to act more like them.
Even though a celebrity who is owned by NFT has no financial stake in any of the companies that are fighting in the marketplace, he or she has an obvious stake in NFT as a concept. NFT artist PPLpleasr points out that Just because you are a mega-celebrity in the mainstream world does not necessarily guarantee that you will succeed when doing a drop in NFT.
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