Technology

NFT and Celebrities: What Is the Hype?

NFT

NFT and Celebrities. What is it that is so appealing for celebrities and athletes in non-fungible tokens? Is it just a way to gain more revenue? Or is it a modern tool to connect with fans? Join our investigation.

What are NFTs in the first place?

NFTs represent any kind of unique asset in the form of cryptographic tokens. Anything from real-life objects (real estate and pieces of art) to virtual (digital art) can be converted into a non-fungible token. The assets can be presented by one token or be fragmentized into a number of tokens. NFT market functions on blockchain technology, which means that all information about transactions is recorded and stored on public ledgers and can never be edited. That guarantees a high level of transparency and proven ownership.

NFT is now being actively mastered by creators, starting from beginner artists to acknowledged stars. The reason is that NFT eliminates any need for intermediaries and provides a safe and fast way to capitalize art. However, all these popular NFTs celebrities used many marketings strategies, like using specialized crypto ad networks. The leader in this segment is Coinzilla.

What celebrities joined NFT mania?

More and more celebrities from different fields become ambassadors of non-fungible tokens. They view it as an additional source of income and promotion while creating exclusive experiences for fans. Although the majority of such assets can be easily found online, when did it stop a devoted fan from buying something that is, at least nominally, unique and exclusive?

Here is the list of celebrity NFTs:

  • Paris Hilton is one of the most successful NFT celebrity-investors. Her collection of art was sold immediately after it was displayed. 
  • Grimes, an artist and musician, collected $ 6 million in revenue after NFTs featuring her digital artworks.
  • Shawn Mendes launched an NFT of an avatar of himself with a guitar, which was sold for $1 million.
  • Lindsay Lohan contributed to the list of celebrity NFTs with an image of herself as a fursona. The NFT gained $1,700, although the furry community criticized the artwork. 

Of course, there are many more names in the poll of celebrity NFTs with new names appearing regularly. 

How do athletes take part in the NFT craze?

Sportsmen do not stay aside and actively participate in NFT creation. Sports is one of the spheres embracing NFT to the utmost. It is estimated that athlete NFT will collect $2 billion in 2022.

The same as celebrities, athletes use non-fungible tokens to increase revenue and boost their popularity. Sports fans are famous collectors of merchandise associated with their favorite athlete or team. This is the reason why sports NFTs are booming. 

Here are some examples of athlete NFTs:

  • Michael Jordan, a world-famous basketball player, set up HEIR – an athlete NFT platform. One of the key goals of the platform is to engage supporters, especially young ones. HEIR runs on the Solana blockchain and requires you to buy tokens to take part in the platform’s activities. 
  • KB24 NFT team has launched non-fungible tokens in memory of basketball player Kobe Bryant. All profit from the NFT art collection is to be donated to the Mamba and Mambacita Sports Foundation, a charity organization helping underserved sportsmen.
  • Messiverse – an NFT collection of assets featuring renowned football player Lionel Messi placed on auction. One of the pieces from the collection – an artwork created by famous artist Bosslogic was purchased for $1.12 million. 

Will celebrity NFTs rise in value?

Even though celebrity and athlete NFTs are on their rise in 2021, it is hard to predict their path in years to come. The value of such non-fungible tokens is heavily interlinked with the celebrity’s personality and the state of the industry he or she represents. 

Nevertheless, it is now obvious that famous people attract a lot of attention to the NFT market, engaging new creators. There are experienced NFT development agencies which guide creators on their way to the NFT world, so it is easy to join even without knowing all the aspects of the industry.

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