Why are Celebrities Turning to NFTs?

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Some celebrities take advantage of the popularity of NFTs under the guise of fostering fan engagement

The trade volume for NFTs breached the $10 billion mark this year. That alone proves that the NFT space is on the road to mainstream adoption. And when celebrities get their hands on a new technology or trend, it's only a matter of time until everyone takes notice.

NFTs are unique in that they offer true ownership and control over digital assets. This is why celebrities are turning to them as a way to protect their brand and monetize their intellectual property.

Some celebrities take advantage of the popularity of NFTs under the guise of fostering fan engagement, but it's more on behalf of asset and brand protection. But who's blaming them? With the way things are going, NFTs are arguably the biggest thing in entertainment right now.\

A "Carryover" of Influence

NFTs on their own is one thing, but when you add to it a celebrity's endorsement, it'll naturally have a wider reach since popular culture trickles down to the masses through celebrities in one way or another.

When celebrities start to use new technologies, it brings a certain level of legitimacy to it. It's like they're carrying over some of their influence to help drive mainstream adoption.

Take Eminem, for example. The American rapper partnered with Nifty Gateway to sell branded digital blockchain collectible assets and aptly calls it "Shady Con." Having sold over 200 million records throughout his career and being one of the most successful rappers of all time, Eminem is bringing with him the influence of a mainstream celebrity.

Talk about irony - this announcement comes from a guy who once admitted that he didn't even know how to operate a computer. But he did explain that he always fancied collecting stuff as a young boy, from toys and comic books to rap album cassettes. So, his fascination with digital collectibles makes perfect sense, after all.

But celebrities aren't the only people trying to carry over their influence on the NFT ecosystem. Former professional skateboarder and entrepreneur Tony Hawk has had his fair share of business investments, and the latest endeavour is the "Last Trick." It's an NFT collection that commemorates his legendary career and signature moves.

It's obvious that Hawk intends to make money through the popularity of NFTs. Knowing that his collection will entice his legion of fans, it wouldn't be a surprise to see it sell out in no time.

When renowned individuals turn to NFTs for one reason or another, it helps legitimize the technology in the eyes of skeptics and opens up new opportunities for collaborations and partnerships.

Opportunities to Collaborate

Many celebrities seem to favour Nifty Gateway as their preferred auction house for selling NFTs. Rick and Morty creator Justin Roiland is one of the many who've made a highly successful collaboration with the platform.

Roiland announced early this year that he raised a little over $1 million for his NFT collection he called "The Best I Could Do." Unsurprisingly, he broke the news on Twitter, where he has over 700,000 followers. This showcases how an individual with an established social media following can make a ludicrous amount of money in a short period by inviting their fans to purchase their NFTs.

The existence of Nifty Gateway and similar platforms gives celebrities quite the motivation to try their luck on NFTs.  It's a safe and easy way to auction off their digital assets, and there's no shortage of interested buyers.

These platforms are no longer in the "experimental" phase. Instead, they've proven to be a capable partner from which celebrities make an alternative gig that's worth millions, at least for most.

But not all collaborations and partnerships are meant to succeed. Lil Nas X's venture into NFTs by partnering with TikTok didn't go as planned. The rapper, who's known for his chart-topping song "Old Town Road," teamed up with the app to launch new digital content, but it was later shelved for whatever reason. Insiders say that the project in its entirety is nothing but a mess.

Having said that, TikTok has successfully worked with other celebrities to sell NFTs and made good out of them. For example, the platform launched "TikTok Top Moments" several months back, an NFT collection that features some of the most viewed clips on TikTok.

Nifty Gateway and other platforms seem to be making their own fair share of success as well, though it's safe to say that celebrities play a big part in this. It's evident by looking at how they turn to NFTs and bring their influence with them. The role of these platforms can't be undermined, too. They're the ones helping make these sales possible and, in turn, are legitimizing the trend.

Dream Creations

Celebrities are artists by trade. They make money because of their innate talent and ability to entertain. However, they're not limited to music, movies, or television - they can venture into any industry and be successful.

It's no wonder, then, that some of them are venturing into the world of NFTs. They see it as an alternative avenue in showcasing their artistry. One figure who's killing it right now is Paris Hilton.

We all know her as one of the first personalities to embrace NFTs and have been quite good at that. Back in April, the socialite sold a collection for over a million dollars and followed it up announcing a tribute to her passion for NFTs: "Crypto Hilton" and "Ether Reum," describing the dogs as "real-life pets."

Paris' profound fondness towards NFTs is fueled by the need for a new platform or system to show her creations. She even confessed to dreaming about new projects all the time.

A Game Changer

There's no doubt that NFTs have the potential to change how digital content is bought and sold. But it needs the help of celebrities and their fans to really bring this about. When these big names attach their name to a project, it gives it more credibility and lends it more authority.

The celebrity is the absolute game-changer here, as they can turn to NFTs and make a hell of a lot of money in the process. However, while profit is the primary motivation, there's no denying the fact that some of these celebrities are fascinated by this technology and its unlimited potential.

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