Celebrities have been endorsing products since the 1700s, when royalty used to promote chinaware sales. Their ability to target a massive audience has only grown as the internet has shaped our relationship with them over the years. It should come as no surprise that they are at the forefront of the NFT discussion.
Non-fungible tokens are redefining the fan-celebrity dichotomy. So let’s look at the who, what, and why of the rich and famous related to this new digital art form.
- Stars are getting heavily involved with non-fungible tokens
- Top celebrities that are making money with NFTs
- Is it wise to invest in this market?
Celebrities Are Hopping On The NFT Trend
Celebrities are hopping on the NFT trend by selling digital artwork in limited amounts, generating a sense of exclusivity about their creations. In turn, fans get to own unique content from their favorite artist, basketball player, or actor.
Whether the said NFT is attached to an animated picture, simple avatar, or an unreleased song, they give people the chance to get closer to their hero.
What Are NFTs, And How Are Celebrities Making Money With Them?
You’re not alone if you’re still scratching your head at the whole premise. The concept of NFTs is pretty abstract, but ultimately it’s the natural conclusion of technological advancements and fandom.
An NFT (or non-fungible token) is a smart contract representing the ownership of a form of art. The token could be attached to a drawing, a song, or a video clip; you name it. They get supported by the same blockchain technology as cryptocurrencies, but that’s where the similarity ends. A bitcoin will always be worth another bitcoin, but the value of an NFT is unique to itself.
Owning one of these files is similar to owning a famous artist’s original painting or a signed first edition of a classic book. Platforms that release the non-fungible tokens take a percentage, but most of the profits go to the celebrities that sell them.
Top Celebrities That Made Big Bucks with NFTs
So what big names have already made a pretty penny in this new frontier that is the Metaverse? They’re just the tip of the iceberg.
Top Celebrities with NFTs
Snoop is no stranger to digital tokens. He has collected $17 million worth and has plans to turn Death Row Records into an NFT label. In February of 2022, he dropped 25,000 copies of a blockchain album with exclusive tracks and bonuses.
The sales ended up amassing him a total of $45 million, and for $5,000, you could have been the lucky owner of one copy.
Hilton has long been involved in crypto investing and is fascinated by the metaverse. Naturally, she was ready with NFTs when the buzz hit mainstream.
She made $1.1 million selling her first fantasy-themed artwork in 2021 and only plans to continue her virtual venture.
Brady believes in NFTs so much that he co-founded the platform, Autograph to help other celebrities create their own tokens. He launched 16,000 NFTs through his company that featured digital copies of his college resume, cleats, and jerseys.
The collection brought in $1.3 million, but it’s safe to say he’s banking much more than that sitting at the top of Autograph.
It’s no surprise Grimes was one of the first to dive into NFTs. Given her connection to Elon Musk and their obsession with technology, it would be weird if she wasn’t.
In 2021, she launched a series of short videos and images featuring her music that earned her $6 million in just 24 hours.
Mendes partnered with 2D avatar company Genies to create a line of digital accessories. People can purchase the virtual version of Shawn’s favorite guitar, a vest he wore on tour, or a gold ring for their avatars.
He made around $1 million in ten minutes but said the profits would support young artists through the Shawn Mendes Foundation.
Eminem launched a virtual festival in April 2021 called Shady Con, where people could purchase NFT collectibles, including original beats.
A fan spent $100,000 on Stan’s Revenge NFT so he could create his three-minute track over his hero’s instrumental. In total, Eminem made somewhere around $1.78 million from the event.
Woods released a 10,000-piece collection of NFTs that ranged in price from an accessible $12 to $1,500 on the platform Autograph.
One of his signed cards went for $70,000, setting the record for the highest sale in the site’s history.
Are Celebrity NFTs a Safe Investment?
Owning NFTs has its benefits and drawbacks. Contrary to popular belief, they’re not an asset. They are simply a digital way to confirm ownership. Since prices can fluctuate over time, their value could increase or be worth less than what you paid a year ago.
You may also want to consider the massive amount of energy blockchain technology consumes. A single NFT transaction uses as much electricity as it would take to run a whole house for a day.
What Is The Biggest Appeal of NFTs?
Of course, you can’t ignore the enormous potential the NFT universe holds and its accessibility to everyone. Once you own an NFT, you can use it in any way. You can integrate it into your own art, turn around and sell it, or just display it with pride. It’s a new way for celebrities to connect with their fans, and some are even using them to sell tangible items like concert tickets.
The consensus is that NFTs are a great purchase if you’re passionate about owning that particular item. For now, they are too volatile to be used as a guaranteed money-making investment.
Celebrities And Fans Closer Thanks To NFTs
Non-fungible tokens can be a way for fans to get closer to their favorite stars and for celebrities to have more control over their art forms. The potential they hold is fascinating and unbridled. NFTs may very well be the future, but for now, most of us are happy to watch the trends rise and fall without spending thousands to be a part of them.