Juliet BCelebrities are jumping on the NFT bandwagon. Do you sincerely believe in it?
It's not surprising that the stars (everything is relative of course, we're all a bit of someone's star) of music, cinema or sport decide to look at a new trend to gain visibility. Or to invest their big salaries in the hope of retiring early, like everyone else.
Do millionaire rappers like snoopdogg really need it? They may not need money but they still need to be talked about….
In short, if you follow crypto news, you know that NFT stars are flourishing almost as quickly as new tokens. Is this a good thing for blockchain, its stakeholders and its supporters? Who doesn't want a good spotlight to stay in the hype?
Look at how celebrities are trying so hard to stay in the race? The competition is getting tougher. Social media is producing stars every two minutes. It must be said that staying “famous” has become a tough job these days…
And, owning an NFT today seems to be a good way to alert the media to its existence….
You are ready?
It is the objective of our article today to see why so many stars are (suddenly) interested in cryptocurrencies…
Stars and NFTs: Favorite or publicity stunt?
Yes, I'm improving every day in putaclic titles, thank you 😅.
Many people (novices) like to buy the NFTs that the stars have bought. In fact, very often, stars have two good reasons to do it (other than believing in the project).
The first really good reason is that we are going to talk about them. Well yes, nothing better than a purchase from a depressed monkey worth millions of dollars to stir up the crypto press.
Is your career at half mast? Nothing better thanninvest in an NFT. Your agent told you that. In addition, it is fiscally interesting.
In short, you have everything to gain. You are baiting the media (We are the first to love this kind of news 😉 which gives you great publicity for free.
It’s still cheaper than paying press agencies, believe me.
The tree that hides the forest or the true attentions revealed
In reality, not all publicity is good publicity. And for the newbies who are eyeing NFTs after seeing Paris Hilton's intervention at Jimmy Fallon's house, better to tread carefully when it comes to NFT stars.
If you are reluctant to follow the advice of the first moonboy who has just arrived on the networks, you should be just as reluctant towards celebrities who are only looking for one thing... A golden exit door so you can put down the microphone !
Which NFTs are the stars investing in?
In the family of stars who invest in NFTs, I ask:
Snoop Dogg, the first of all NFT stars
American rapper reached meme status (and the most active and beloved celebrity in the NFT universe) thanks to his completely crazy collection. He notably invested in Cryptopunks and Fidenzas.
Snoop Dogg is perhaps one of the most active rappers in terms of crypto communication. He was personally involved in several different projects. He seems really won over by this technology. However, we are never sure of the real thoughts behind…
–> Read the article on Snoop Dogg, metaverses and NFT marketing.
Quentin Tarantino
The director made headlines last November when he announcedt the exit of his next collection of NFT “Pulp Fiction« . Although he is still relatively new to the private circle of NFT stars, Tarantino seems to have taken a great interest in how the NFT community is shaping the non-fungible industry.
Grimes
The musician (and wife ofElon Musk) stood out in 2021 with the sale of its WarNymph Vol. 1, which includes 8 original works associated with exclusive and previously unreleased soundtracks. Generally, Grimes' NFT sales totaled over $5 million.
Paris Hilton
Paris has been a regular guest on CNBC's Closing Bell to discuss NFTs and her "love for innovation." Her first NFT, launched in March 2020, won Best Charity NFT at the NFT Awards. She has appeared on Jimmy Fallon's show where she talked about Bored Ape Yacht Club. She owns Bored Ape #1294. (Or, by clicking on the Bored Ape, you can view her entire NFT collection).
In fact, Paris Hilton has always been a “good” ambassador for crypto, well before the NFT craze. We have to point that out here. She’s perhaps the least hypocritical of them all…
Lindsay Lohan
The actress got involved in the world of NFTs around the same time as Paris Hilton. Despite having been mocked for her NFT Fursona, Lohan continued to engage in the community, promoting several NFT projects.
Gwyneth Paltrow
Paltrow is also one of the NFT stars, especially after entering into a partnership with Cash App. A campaign in bad taste, for which the actress published a photo of herself being held hostage and sent free bitcoins to users who had re-tweeted it with the correct hashtag. This was strongly criticized by the community. We can understand...Recently, Paltrow also announced that she had invested in un NFT BAYC.
Justin Bieber
The Canadian singer recently bought a BAYC NFT for a 300% higher price than its estimated pre-sale value. You will tell me, he certainly has the means…He also has his own range of NFTs, a project on which he is working with InBetweeners. After his purchase of BAYC No. 3001, his own NFTs increased in value. Many people are looking to buy his NFTs from him (simply because he was the owner of them). Ah..The benefits of fame have no limits…
The real reason why celebrities invest in NFTs
Paris Hilton has she become the new ambassador of NFTs for the love of art? An aesthete coupled with an on-the-go patron who wants to support artists and the blockchain revolution?
In reality, the links between stars and NFTs are murkier than they seem. In un itemsubstack, Max Read highlights the dangerous connections between stars who display their NFTs and the powerful agencies that represent them.
“If you look at both Hollywood and the crypto press… you can begin to see the outlines of a growing, interconnected, celebrity-driven financial and cultural complex,” says Read.
“Did you know, for example, that Jimmy Fallon is represented by CAA, an investor in the NFT marketplace OpenSea? Or that CAA recently signed an agreement to represent NFT collector 0xb1, who owns NFTs from the Bored Ape Yacht Club and world of women ? "
As an aside, it's also common knowledge that Witherspoon is married to Jim Toth, who not long ago was one of CAA's most powerful agents.
Some artists are really interested in NFTs, let it be said. They are not all opportunists who do it for the wrong reasons. It is important not to put them all in one basket.
Are NFT Stars investment models to follow?
Now that we better understand the links between stars and NFTs, we can start to take their investment advice with more caution. After all, aren't we dealing with disguised paid partnerships?
For some, the simple fact of seeing Hilton and Fallon exhaust themselves in explaining the income generation mechanism of this new economy is a reason in itself to do not take these new champions of NFTs too seriously. But if we take a closer look at the projects of NFT stars, who were quick to cash in millions by creating their own collections, we quickly notice that the gains of ordinary investors are much less rewarding.
Among the big failures, we can cite the project of host Ellen DeGeneres, Woman With Stick Cat, which hasn't even sold half of its units 😭…
Or the collection of professional wrestler and actor John Cena with World Wrestling Entertainment Inc., which was also a big flop (37 units sold). Without forgetting the Pulp Fiction collection launched on OpenSea by Tarantino….The latest news is that there are still no takers. We could also drive the point home with singer Shawn Mendes' NFT (an avatar of himself playing the guitar) which only brought in half of its initial sale price in ETH.
Beyond the flop projects of celebrities, we could also cite the countless projects of influencers and web entrepreneurs. Think of Logan Paul and his thousand and one attempts to sell Jpeg images like works of art 🤢…In the French scene, we were not spared either… Many people took the opportunity to raise funds for bogus projects. We cannot define them otherwise...
Don't follow the stars' investments...
Add to this the fact that it is very easy today to create NFTs, thanks to NFT generators for example that it has become child's play. Everybody can create your NFT, and if you already have an audience, well...that's bingo.
( Of course, sell NFTs, It's not as simple as you might think. The stars' failed projects are good proof of this.
As Danny Maegaard, a big NFT investor, puts it very well “celebrity status does not have the same effect in the NFT world, targets of the same skepticism.” Better to stay away then, and invest with peace of mind rather than following the example of the NFT stars!
Also remember that they do not have the same financial means as ordinary people. For a celebrity, spending 200,000 euros will not have the same repercussions on their finances as it would for you...
They gain notoriety and communication, in addition. Not you…
NFT price manipulation for the wrong reasons…
To conclude this short article, you should know that it is not trivial that the stars invest in NFTs with such frenzy.
In fact, at first glance, it is (and it was very good) to make NFTs known to a greater number of people.
This started to be problematic when there were a multitude of failed projects or projects that smacked of opportunism. This is where we felt cheated.
The other problem comes from market manipulation and the illicit increase in value. As we quickly mentioned for Justin Bieber's NFTs, some have gained value on the fly. Simply because the owner was a famous singer...We deviate even further from the criteria of objectivity.
Indirectly, this pushes NFT project founders to seek celebrity endorsement. They will prefer to attract stars rather than real investors and collectors. In fact, this lightens and diverts certain projects from their true objectives and organic growth…
In short, stars and NFTs don’t always go well together…
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Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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