Celebrities & NFTs: A Passing Fad or a New Normal?

Paris Hilton’s NFT Collection

So, what are NFTs?

NFTs or non-fungible tokens are unique tokens on a blockchain that represent a digital asset, like a piece of art, audio/video clip, or even a piece of text. When you buy an NFT, essentially you buy a piece of data on the blockchain that points to that asset.

Image Credits: Wired

Non-fungibility, irrefutable ownership, and scarcity

NFTs are non-fungible, which means that you cannot exchange one NFT with another of the same kind, without changing its value and attributes.

NFTs are a great investment!

When Eminem launched his first NFTs last year, he raised over $1.8M. Lindsay Lohan sold NFT based on her single “Lullaby” for over $50k. Jack Dorsey sold his first tweet as an NFT for more than $2.9M. Logan Paul sold around $5M worth of NFTs ahead of his Pokemon Box Break. The Human One, an NFT by the digital artist Mike Winkelman (also known as Beeple), sold for $29.98M!

NFTs are a powerful way to engage with fans!

NFTs are more than just the deeds to an asset.

Graffiti art at The Bathroom; Bored Ape Yacht Club

NFTs can be an opportunity to build narratives!

Emily Ratajkowski‘s NFT “Buying Myself Back: A Model for Redistribution” was no ordinary NFT. The NFT shows the model posing in front of an image of herself.

NFTs have sentimental value!

We knew that our obsession with collectibles is old. Turns out we are wrong! It’s actually primeval, and not even limited to humans alone. Personally, some of us here are hooked on Insta vids showing cats bringing dead mice, garbage, and other collectibles for their owners. But, let’s not go there, right now!

[Image Credits: Stadium Talk]

Final Thoughts

So to answer the question, “Will the NFT craze abate any time soon?” — Dr. Dustin York, associate professor of communication at Maryville University, sums it up perfectly, while speaking to Forbes.



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