Non-fungible tokens, or NFTs, have been all the rage lately—and it’s no surprise that celebrities are getting in on the action. NFTs are digital assets that are unique and cannot be replicated. They’re often used to represent artwork, music, or even virtual real estate. So far, a number of celebrities have embraced NFTs. Paris Hilton, Snoop Dogg, and Lindsay Lohan are some early adopters. Singer-songwriter Grimes sold an NFT artwork for nearly $6 million, while entrepreneur Mark Cuban has also jumped on the bandwagon, selling an NFT of a digital sketch for $69,000.
This dip in the NFT pool by celebrities is a strategic move of course. Some celebrities see NFTs as a new and innovative way to invest their money, while others may view NFTs as a way to connect with their fans in a new and unique way. The era of Fan Club memberships can be reborn in a digital way. Additionally, some celebrities may believe that NFTs could potentially become a valuable investment in the future.
NFT's of American Celebrities
For many, Bored Ape Yacht Club can be seen as the catalyst for acquiring celebrity influence as a means of promotion and skyrocketing popularity and value. The average sale price for Bored Ape is currently over $200,000 and still rising. Amidst an NFT bear market, Justin Bieber reportedly just bought his second BAYC NFT for a staggering 1.3 million. He is just among the few entertainers and sports players that see value in endorsing.
NBA Top Shot, a platform that allows users to buy, sell, and trade digital collectibles of NBA moments, has also seen a number of high-profile users, including LeBron James and Zion Williamson. The involvement of celebrities and influencers has helped to raise awareness of NFTs and their potential use cases. It has also driven up prices for some NFTs, as investors see the potential for celebrities to help promote and validate the technology.
Dwayne ‘The Rock’ Johnson, is about to sell his digital artworks worth $1 million in the form of NFT tokens. He has already signed a contract with NFT marketplace, Rarible.
Music also has its place in the NFT space among celebrities. Tyler, the Creator, sold his album in the form of NFT tokens. The album, ‘Cherry Bomb’ is sold for $2.9 million. The rapper Logic has sold an NFT-based song for $400,000. The song, " 1944" just over two minutes long, was sold as an NFT on the decentralized marketplace Foundation.
Snoop Dogg is one of the most popular rappers in the world, and he is now also one of the first musicians to launch his own NFTs. The rapper has released a series of NFTs called "Snoop NFTs" which can be bought and sold on OpenSea. The NFTs include a digital version of the rapper's album "Bush" as well as a virtual reality experience called "Snoop Dogg in da Hood". The rapper has also released a limited edition NFT called "Snoop Dogg's Diamonds," which includes a diamond-encrusted virtual version of the rapper.
The metaverse, a digital shared space where people can experience content and interact with one another is another haven for celebrity influence. Snoop Dogg who is doubling down on digital assets, is building as Snoopverse on the Ethereum-based blockchain platform, The Sandbox. With the release of his first Metaverse Music Video, 'House I Built', he said in a statement, "The 'House I Built' track draws a parallel between how I've constructed my life and career and how I'm building out my Snoopverse virtual world in The Sandbox."
NFT's of Indian celebrities
2021, proved to be a big year for Indian celebrity NTs. Several Bollywood celebrities, such as Amitabh Bachchan, Anushka Sharma, Akshay Kumar, and Priyanka Chopra, have jumped on the bandwagon.
In March 2021, Amitabh Bachchan sold his digital artworks for ₹1.6 crores (US$220,000) as NFTs. The artworks were a part of his personal collection and included his sketches, doodles, and messages.
In April 2021, Indian actress Anushka Sharma sold her digital artworks, which were a part of her personal collection, as NFTs. The artwork was sold for ₹5.6 crores (US$770,000).
In May 2021, Akshay Kumar sold his digital artworks, which were a part of his personal collection, as NFTs. The artwork was sold for ₹9.8 crores (US$1.3 million).
In June 2021, Priyanka Chopra sold her digital artworks, which were a part of her personal collection, as NFTs. The artwork was sold for ₹11.5 crores (US$1.6 million).
Will we be seeing more influence?
As we are advancing toward the popularity of Web3.0, the NFTs and NFT metaverse will propel and grow very rapidly and will usher in a new era where transactions are taking place using NFT's in the real and virtual world. Concerts, meet-and-greets, and exclusive content will take place in digital form in order to connect with fans in this new space. In the meantime, we will see how celebrity influence can help usher in a new form of digital interaction.