Connect with us

Hi, what are you looking for?

NFT

Celebrities were quick to jump on the NFT bandwagon and now they’re seeing some tough times.

Celebrities were quick to jump on the NFT bandwagon and now they're seeing some tough times.

Despite the fact that the worldwide crypto market has tanked, celebrities continue to invest in Non-Fungible Tokens. While NFTs are presently outperforming many of the cryptocurrencies during this downturn, a large number of celebrity-controlled NFTs are now approaching worthless, selling for fractions of their original values—if they sell at all.

Paris, France: Athletes, film and music stars have all flocked to the NFT market to buy photographs of apes, promote corporate partners, and even establish their own art collections.

Celebrities are continuing to get involved in the cryptocurrency craze, despite the downturn in sales and values, as well as fraudulent operations.

End of the Ape NFT Century

The Bored Ape Yacht Club is credited with inventing NFT “collectables.” There are thousands of cartoon images in the algorithm-generated pictures. Hundreds of additional generations and millions of forgeries followed the initial ten thousand computer-generated images.

To fans in particular, they represent a status symbol, allowing them to join an exclusive society with the rich and famous. On January, Brazilian soccer star Neymar and tennis champion Serena Williams both shared their ape photos on the same day.

On television, TV talk show host Jimmy Fallon and socialite Paris Hilton revealed their chimps as well. To nft critics, these chimps represent everything that is wrong with the crypto world—basically worthless yet selling for staggering sums of money based on speculation.

At the end of the day, these people do not have ownership over the ape photographs in any real sense—anyone may download and use them. What they have is a digital certificate linked to the image. But it’s crucial to have the backing of a celebrity.

The apes, along with cartoon collections like CryptoPunks, appear to be weathering the crash better than other parts of the crypto sector.

Goals of Celebrities

Celebrities have delved even deeper into the nft business than just acquiring ape photographs, with plenty of people building their own NFT portfolios and getting varying results.

Grimes, an American musician, got in early, managing to bag almost $6 million for some fantasy-inspired art last year.

However, many of these NFTs have depreciated dramatically in value, selling for paltry fractions of what they were worth when they were created—if they are sold at all. Despite all of these issues, additional groups remain to be formed. Last year, John Cena sold only a few NFTs from a collection he had developed

At the cost of some of his fans’ approval, skateboarder Tony Hawk has been more effective in selling. Last year, after announcing that he would sell alternative versions of his popular routines as NFTs, responses ranged from “Stop this Tony” to “Tony, no, not you too.”

Since then, however, there has been no mention of the project from Hawke on Twitter. He has continued to trade in NFTs, however.

NFT’s in Business

The celebrity-NFT relationship’s oldest and most familiar pillar is the brand endorsement.

The latest celebrity to join the initiative is French megastar footballer Kylian Mbappe, who has become an “ambassador” and invested in start-up Sorare. The company offers a fantasy football game where players can purchase NFTs similar to sports cards. Serena Williams, Gerard Pique, and Rio Ferdinand are among the soccer

Advertisement. Scroll to continue reading.

Not to be outdone, the world’s most famous athlete, Cristiano Ronaldo, recently revealed a collaboration with Binance, the planet’s largest cryptocurrency company. The ideas will apparently include designs created in collaboration with Ronaldo, who stated in a press release that he looked forward to “providing unrivaled experiences and access through this NFT platform.”

Click to comment

Leave a Reply

You May Also Like

NFT

A Quick Intro to Bored Ape Yacht What is the Bored Ape Yacht Club? Its very simple, its punk rock at its finest –...

CryptoKitties

CryptoKitties have really become one of the most famous Crypto games played on the internet as people are not only enjoying the game but...

NFT

When first dipping your toe into the world of non-fungible tokens (NFTs), it’s great to discover there are a variety of different marketplaces available...

CryptoPunks

The sudden increase in punkish prices is mainly due to the increase in cryptocurrency prices, the increasing popularity of the NBA Top Shot Dapper...

NFT

For a lot of us, trading and flipping is something we’ve done since childhood. From comic books, stickers, trading cards to toys, anything we...

NFT

Its 2021 and there is a massive explosion of the idea so called Non-Fungible-Tokens, all over the world. While many people familiar with the...

NFT

Beeple, a name that sounds so Pokemon, and so was the Art world. Really, the art world before 2021 or before NFT was really...

NFT

Non-Fungible-Tokens or so-called NFT’s have literally shocked the art industry and paved a way for Artists and Digital Artists to make good money from...

Advertisement