The Non-fungible tokens (NFT) have taken the world of entertainment by storm. You might not know what exactly it is but you’ve definitely come across your favorite celebrities promoting NFTs. It is the talk of the town and in case you missed it, read here.
So What Exactly is NFT?
NFTs or Non-fungible tokens are unique tokenized digital assets that are irreplaceable. It will add a unique signature to the asset, authenticating it as yours. You retain ownership of the object. You will also be able to monetize that right.
These non-interchangeable tokens act as digital certificates for the artwork. Each NFT is identified by a unique token ID that contains distinguishable information which can be verified. They’ve quickly gained popularity as a technique used by artists to secure their artworks. By the means of non-fungible tokens, one piece of art with high resale value can be owned as an asset by many thereby allowing huge profits to the seller/artist.
How Do Artists Benefit From Non-Fungible Tokens?
With NFT, artists can provide their fans with a blockchain-based digital certificate for digital collectibles such as games, music, autographs, and artwork. This allows artists to better engage with their fans as this certificate is what gives a piece of artwork its unique identity.
NFTs use blockchain technology. It is the same technology that powers cryptocurrencies such as Ethereum or Solana. Blockchain technology prevents NFTs from being counterfeited. Unlike Bitcoin and Ethereum, NFTs are not interchangeable/tradable.
Famous Celebrities on NFTs
There is an increasing number of celebrities, including politicians, musicians, Hollywood, and Bollywood actors, who are creating, selling, and securing their art through non-fungible tokens (NFTs). The NFT ventures of some of those public figures you might know are as follows:
Hip-hop legend, Snoop Dogg has been pumping cryptos since Dogecoin crashed the market. A Journey with the Dogg, the rapper’s NFT collection, was released early this year. With this memoir, he shares his involvement with the NFT movement from the beginning, along with a brand new track called “NFT”. He donated a portion of the proceeds to new artists in crypto and another portion to his Youth Football League.
With his Shady Con NFT, the rap god partnered with Nifty Gateway to release comic books, action figures, original tracks, and beats produced by him to over $1.8 million in sales. In addition to the above, Sony Music Entertainment and Eminem invested $30 million in MakersPlace, an NFT platform.
One of the most recent Bollywood stars to create their own NFT is Amitabh Bachchan. As part of his non-fungible token collection, he will offer artworks such as verses he narrated from his father’s iconic work, Madhushala, his works throughout the years, signed movie posters, and other celeb life moments converted into digital artwork.
Embracing the democratization of art, Paris Hilton has gone all-out in NFT mode. With her new works, “Hummingbird in my Metaverse,” “Legend of Love,” and “Iconic Crypto Queen,” she has sold over a million dollars worth of NFTs.
The musician from Canada is making a lot of money through NFT. With her WarNymph collection, she reportedly sold over $6 million. It is one of the most popular non-fungible tokens or NFTs worldwide.
A picture of a cat that she sold from the NFT marketplace was the talk show host’s first foray into NFT. She donated the $33,495 profit to the World Central Kitchen after promoting it on The Ellen Show.
Among other things, his virtually signed Fender guitar, neckless vest, keychain, and a whole bunch of other items sold for over $600K in NFT.
Always keeping up with the trend, Lindsay Lohan was one of the first to grasp the potential of NFTs. Besides minting her tokens, she released a song, “Lullaby,” as an NFT. It was auctioned off at a price of $85K+, with an unseen animation of the singer with butterflies.
We will finally discuss the person who gave us all a taste of privacy and fought for us all. Edward Snowden bought and sold his NFT, Stay Free, for 2224 Ethereum (VT), or approximately $7.17 million, as of the date of publication. He donated the amount to his Freedom of Press Foundation.
The Present Market State of Non-Fungible Tokens
As we see a surge in sales for NFTs in the second quarter with $2.5 billion in sales so far as opposed to $13.7 million in sales during the first half of 2020, we see a steady increase in the market. Despite traditional investors’ skepticism about it, it continues to soar as it is on its way to dominating the market. Nevertheless, we are seeing a lot of celebrities, traditional brands, and companies putting their trust in NFT and thriving.
Thriving off of joining the NFT bandwagon are a bunch of household names hard to miss. The list includes Mike Tyson, Paris Hilton, Snoop Dogg, Eminem, Amitabh Bacchan, Liam Payne, Ellen DeGeneres, Gwyneth Paltrow, and more. As more celebrities tune into mainstream cryptocurrency and non-fungible tokens, it is becoming increasingly popular among the millennials and also raising curiosity among the younger generations. We are likely to see another surge of crypto adoption and crypto education all across the world.