Celebrity NFTs — A Story Of Celebrities And NFTs
Pretty much everyone must have heard about NFTs by this point. NFTs are being used in so many spheres that you will have to try not to come across any news. Whether they are used in gaming or whether they are used as a branding and marketing tactic by brands, NFTs have penetrated several markets and industries. So much so that they have become topics of discussion around the dinner table. What was once viewed as being bought only by a select few is now an investment for everyday Joes. That is how much of an impact NFTs have had.
So how exactly did the reach of NFTs improve drastically in such a short period of time? The answer is simple. Celebrity influence. There is a reason why brands go for celebrity endorsements. A recommendation coming from someone the public admires and trusts goes a long way in building the credibility of a brand. The same concept seems to have worked for NFTs. While NFTs did have their origin in the art world, their popularity skyrocketed only after a few big names started treading the NFT waters and launching their collections on NFT marketplaces.
What are celebrity NFTs?
Celebrity NFTs are the ones launched, endorsed, or bought by celebrities. The value of these NFTs rises when they are associated with a celebrity. The NFT collections range in intention. Some celebrities deeply appreciate and believe in the potential of NFTs, while others desire to connect with their fans by way of fan tokens. Still, others have been using NFTs to raise funds and support noble causes. In this blog, we will be discussing the impact celebrities have had on NFTs, along with a few noteworthy celebrity NFT collections.
How celebrities have impacted NFTs
It is inherent to human nature to model the behavior of others. Even in normal, everyday conversations, we tend to mimic the actions and gestures of others, intentionally or otherwise. The same is true even on a larger scale. When celebrities or people in some position of authority behave a particular way or say a particular thing, we copy it. Case in point: fashion trends originated from style icons. So when celebrities go ahead and say something favorable about NFTs, it stands to reason that a positive impression about the tech will be created. Even more so when they buy from a popular collection of NFTs.
Another way in which famous people have impacted NFTs is by launching their own collections on celebrity NFT marketplaces. For many, NFTs give them a way to connect on a deeper level with their fans. Utility tokens, for instance, can be used to grant fans access to exclusive member-only events along with special merchandise or some other perk. And, of course, for ardent fans, collectibles like signed vintage posters are worth their worth in gold! What makes celebrity NFTs more special is the fact that a lot of proceeds go to charities and other noteworthy causes. This way, certain important issues get the funding needed. The reach provided by celebrities also raises awareness on key matters.
However, even people who cast such long shadows are human at the end of the day. Given this, it is important to keep in mind that some NFT collections endorsed by celebrities may be scams. Therefore, it is always best to do your own research and make sure that the NFT marketplace you are investing in is legitimate.
There have been several celebrity NFT collections that have made waves in the industry. Here is a round-up of the ones that have stood out.
1. Snoop Dogg
One of the first names to come to mind when one thinks of celebrity NFTs is Snoop Dogg. The rapper, under the pseudonym Cozomo de’ Medici, bought Bored Ape Yacht Club NFTs worth over $17 million over the course of a few months. He has also been experimenting with his own NFTs. In fact, a LAND NFT next to his virtual plot on Sandbox was bought for a whopping $450,000.
2. Shaquille O’Neal
People in the entertainment industry are not the only ones making use of NFTs. Several athletes and sportspeople have been jumping on the NFT craze as well. Shaquille O’Neal, for instance, dropped his line of NFTs, but this was for a cause. The former NBA legend’s Shaq Foundation has been working to help underserved youth across the United Nations. O’Neal’s NFT collection titled Shaq Gives Back raised $2 million for charity.
3. Justin Bieber
As it turns out, this renowned singer has a penchant for NFTs! Bieber has made several NFT purchases, over 2000 to be more precise, from a number of collections, including BAYC, World of Women, and Clone-X. However, his purchase of an Alien Fren NFT is what serves as testimony to the influence of celebrities on NFTs. Bieber bought the token for 2 ETH. Immediately after, the floor price of Alien Fren NFTs jumped to 3 ETH. We’ll let you do the math!
4. Jack Dorsey
Apart from digital art collectibles and utility, NFTs allow you to own a piece of history. And one of the best examples is Twitter founder Jack Dorsey’s first-ever Tweet. The tweet, which reads “just setting up my twttr,” was minted as an NFT 15 years after it had been posted! And the price? $2.9 MILLION! The earnings from this sale went towards fighting COVID-19 in Africa.
From cricket stars to the divas of 2000s Hollywood, celebrities have been diving into the world of NFTs for countless reasons. But whatever the reason behind it was, celebrities have been contributing to NFTs in spades. The fact that these public figures are vocal about their support for NFTs has made the tech that much more comprehensible to the common man. With Web3 being the watchword of the day and the gateway to the future, it is safe to say that the entry of celebrity NFTs into NFT marketplaces will do so much to boost the advent of the Metaverse. And, of course, with all the proceeds, celebrity NFTs are making the world a more equitable place.