Top Celebrities Embracing NFT Industry
NFTs are here to stay. It turns out they could be the game changer not just for the arts industry, but also for the entertainment industry and several others.
NFTs are digital assets that are unique, allowing creators to digitize their work and be sold for thousands (and even millions) of dollars. Copycats can be easily identified thanks to blockchain technology that secures the digital ownership of the original NFT.
The NFT market is currently over $2 billion as more mainstream investors and creators continue to make their way into the market. Although the concept has been around for years, the recent craze has been through the roof! Top celebrity figures are also joining in the craze. Twitter’s Jack Dorsey recently sold his first tweet for millions and donated the proceeds to charity.
Here are some celebrities who, like Dorsey, have incorporated NFTs:
On March 30, 2021, Snoop Dogg in collaboration with Crypto.com announced the release of his debut NFT collection titled “A Journey with the Dogg”. The collection includes memories from the hip hop artist’s early years in his craft and includes an original track “NFT”. The collection was released early in April, with Snoop Dogg looking forward to his audience’s reception of the work. Having been in the game for a little over two decades, the artist has always embraced digital innovation. NFTs to him are another opportunity for artists to connect directly with their audience.
Snoop Dogg isn’t the only hip hop artist to bank on NFTs. Multi-award winning rapper, Eminem, generated $1.78 million from his first collection of “Shady Con”. The rapper released his digital collection through Nifty Gateway in April 2021 and has seen an overwhelming response from his fans. The collection featured digital action figures based on characters in some of Eminem’s best-known music videos, original instrumental beats created by the artist and more. To Eminem, also known as Marshall Mathers, this collection was an opportunity to relive his childhood passion for collector’s items, and to offer one-of-a-kind merchandise to his dedicated fanbase.
Popular actress and singer Lindsay Lohan refused to let the NFT train pass her by. The pop icon is known for her support of NFTs, seeing them as an opportunity for artists to access better copyright claims. To Lohan, NFTs are “history in the making” and she foresees crypto becoming the future of entertainment. Her first NFT, a motion graphic soundtracked by her song, “Lullaby”, sold for a little over $85,000. Lohan also sold an NFT of Daft Punk for $15,000.
You can’t talk about pop culture shifts without including one of pop culture’s darlings, Paris Hilton. Hilton joined forces with designer Blake Kathryn to create a series that included three unique pieces. As of April 2021, the collection has amassed earnings of just over one million dollars. The original influencer intends on participating in more NFTs in the future as she sees this as an opportunity for media to grow in a different way.
Skating legend Tony Hawk joined the NFT space with his own twist. He intends on auctioning off a video of himself performing a complex trick — a trick he first landed in 1989. The 540-degree “Ollie” is one of the most dangerous tricks a skateboarder can perform and Hawk described this feat as one that “meant a lot” to him. Hawk intends on minting the asset as an NFT on the Eternity Chain before putting it up for auction.
Celebrities and creators are aware of the huge industry potential of NFTs and are making sure to maximize on the opportunity. As the NFT market continues to flourish, we see potential for derivatives stemming from NFTs, including options, perpetuals and even prediction markets on NFT prices.