NFT Boom Through Celebrity Investments.
Mark Cuban, Ashton Kutcher, and Jay Z all have something in common?
They’re all NFT investors!
In light of the growing popularity of new financial technologies like NFTs and cryptocurrencies, celebrity investors are looking to get in on the ground floor by investing in startups that may either generate enormous profits or risk turning into meme stocks in the future.
The data indicates that individuals who cut checks as angel investors were often attracted to these buzzy, emerging industries as they sought to diversify their ever-growing portfolios and make quick money.
NFT’s boom can be attributed in part to celebrities jumping on the non-fungible bandwagon, and companies like Dapper Labs are seeing record funding levels.
New York City-based OpenSea, Kutcher’s investment, has been sweeping the field since its launch in 2017, raising $23 million from Andreessen Horowitz and a tide of angel investors. The company recently acquired Defi wallet startup Dharma Labs. Furthermore, A16z and Jay-Z made a significant investment in Bitski, a San Francisco-based startup that aims to be Shopify for NFTs, allowing brands and creators to build their own NFT stores.
Whereas, Singapore-based Mintable, Cuban’s investment, is a relatively new entry that allows you to bypass major platforms entirely in order to create Ethereum contracts directly from your Ethereum wallet. Ripple, one of the leading digital asset issuers, contributed to the $13 million Series A.
Ultimately, Celebrity Investors are investing in NFTs, and Ethereum is considered the go-to network for tokenized assets. It has been estimated that the blockchain accounts for 80% of the NFT market in terms of transaction volume. Ethereum remains far ahead by a wide margin, even though its value has fallen 15% since the beginning of 2021. Because of this, if NFTs continue to gain traction with investors, ETH’s demand is expected to rise, pushing its price upward. Nevertheless, that isn’t the only reason to buy this cryptocurrency.
Ethereum is the most popular ecosystem of decentralized products in the blockchain industry, with more than 2,900 dApps deployed on the network and more than $120 billion invested in Defi. With the growing popularity of these products, the ETH token is likely to appreciate in value.
TEAM ALPEX Global