Here Is What Happened To Celebrity NFTs
A deep dive into NFT collections created/promoted by well known celebs and how they have performed
As we were writing our previous article on why people lose money in Crypto/NFT trading, we considered it would be a good idea to list some of those NFT projects which were created/promoted by celebrities and do quick analysis on how they have been performing overall since then. In case you have missed our previous article, you can check it out below.
If you are in a rush and you want just the tl;dr: most of them are down 90% or more!
If you are still reading, let’s go one by one and add some more details on each project.
Please note, our analysis are based on ETH terms and not $ terms. It would not be reasonable to speak in $ terms as we have seen a huge decrease in ETH price since those projects launched. But as you can imagine, on top of the floor prices falling, ETH has gone done by a lot in price, so losses have been massive overall in the NFT space.
1/ Justin Bieber. — Justin has been promoting inBetweeners by GianPiero. GianPiero, a world-renowned artist has joined up with Justin Bieber to bring the NFTs to the world stage. Overall mint was really successful. Like in every other project, FOMO drove the initial hype on secondary markets where floor price and trading volume spiked in the first 3 days after mint and since then has kept falling down drastically. As of today, project has not been abandoned yet but as you can see from their project twitter account, there is not a lot of engagement from the community. One thing though, Justin Bieber still uses this NFT as his Instagram profile picture and has a link in bio that connects to inBetweeners NFT. His net worth is around $285 million.
- Mint Price: 0.45ETH + gas fees
- ATH (all time high) Floor Price: 2.2ETH
- Current Floor Price: 0.14ETH
- % Change: down by 69%
2/ Floyd Mayweather — Floyd has been notorious in the NFT space. According to Celebritynetworth, he has around $450 million net worth. Yet, like that was not enough, he created an NFT project with no values whatsoever for the holders. He created a 9.1k Collection of NFTs called Floyd World.
Apparently, he abandoned the project. Last activity on their Twitter account was back in April of this year. Overall traded volume on secondary markets was only 102ETH, although from the mint he got a couple of millions of $. A cash grab, as people would say in the NFT space.
- Mint Price: 0.15ETH + gas fees
- ATH Floor Price: 0.15ETH
- Current Floor Price: 0.03ETH
- % Change: down by 98%
3/ Kevin Hart — his project was called Confessions From the Hart Genesis which was based on a 30-minute animated anthology with Roku. Art for this collection has been horrible as you can see. In terms of holding one of those NFTs, it is not like it had any real value, which is already reflected in the current floor price. It would’ve been completely different if holders were offered royalties from the animated series if their character was used in any of the upcoming shows. Project is not abandoned as Kevin still tweets about it, but the overall interest from community is lost, less than 1ETH sold on secondary markets for the last 30 days.
- Mint Price: 0.055ETH + gas fees
- ATH Floor Price: 0.06ETH
- Current Floor Price: 0.026ETH
- % Change: down by 53%
Oh btw, his net worth is $450 million.
4/ Reese Witherspoon — Reese did not create her own NFT project but she has basically been promoting World of Women NFT project. Hello Sunshine, a media company owned by Reese, will build out the World of Women character universe and franchise into entertainment properties including feature films.
This is something we have not seen it yet being realized but I would not consider this any sort of cash grab from her side as it is not her own project but a project which she supported as an initiative to support a project that represents women in a highly male dominated industry.
For those who minted, they have absolutely been banking with more than 3k% increase in price. However, at the time when Reese posted about the collaboration, floor price went around 12ETH, so you can only imagine the horror stories from those who bought at its peak (not to mention that ETH price was more than double of what it is currently). Reese’s networth, $400 million.
- Mint Price: 0.08ETH + gas fees
- ATH Floor Price: 12ETH
- Current Floor Price: 2.5ETH
- % Change: down by 3025%
5/ Mike Tyson — created his personal collection called The Mike Tyson NFT. Mint happened in the form of auction where it started at 0.5ETH and it went down to 0.15ETH. In terms of floor price, it is down roughly 40% from the initial mint. However, with the FOMO (fear of missing out) going right after the mint, floor went as high as 11ETH so those who bought at that price, they lost roughly 98% of their NFT value since then.
There is no utility that comes with this NFT, besides owning a piece of a collection from a legendary boxer. He made a couple of millions from the mint, which is welcomed as he has been struggling financially lately. His current net worth is around $10 million.
- Mint Price: 0.15ETH + gas fees
- ATH Floor Price: 11ETH
- Current Floor Price: 0.09ETH
- % Change: down by 40%
6/ Lindsay Lohan — promoted (read: got in a paid partnership) a project called Canine Cartel. She has deleted her tweet since then, thinking that she can get away with it and people won’t remember. Well, this is another post to remind everyone of her wrongdoing. Project seems to be completely abandoned as there is barely few tweets since back in May of this year. Her net worth is around $1.5 million. I guess, she really needed money from this NFT project.
- Mint Price: 0.05ETH + gas fees
- ATH Floor Price: 0.19ETH
- Current Floor Price: 0.087ETH
- % Change: down by 83%
There are a lot more well-known celebrities who have followed similar path unfortunately. Last year, so many celebrities kept promoting projects for which they were getting paid. This kind of behavior has been seen previously from celebrities during the crypto hype few years back. Back in 2017, SEC released a statement about celebrities supporting ICOs (initial coin offering) stating that:
“Investors should note that celebrity endorsements may appear unbiased, but instead may be part of a paid promotion. Investment decisions should not be based solely on an endorsement by a promoter or other individual. Celebrities who endorse an investment often do not have sufficient expertise to ensure that the investment is appropriate and in compliance with federal securities laws. Conduct research before making investments, including in ICOs.”
You can read the entire statement here.
What is the lesson from all this?
Most of those crypto celebs shill a lot of projects and not just one. Remember, they are involved in that project, whether that is a % stake in the project or a paid promotion. They are getting rich from that specific project, whether it fails or not. If it fails, they move on to the next project. Internet forget things quickly. If you were smart enough to due diligence on their behavior, you would figure out that projects they were involved are dead already, yet they are shilling a new one. If previous projects are completely abandoned, guess what..the new one will be abandoned too. It is people like you who believe them again that makes them money.
Cheers
