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A brief summary of my groupchats and social feed recently: “Guys, real talk, why does Snoop Dogg have NFTs?” “Do you guys know what the points of celebrity NFTs are?” “Anyone know why the finance bros keep talking about these things called NFTs?” “What even are celebrity NFTs?”
What and why are celebrity NFTs?
An NFT is a digital asset that represents art, music, videos, and other items that exist in the real world. These assets are bought and sold on the internet using cryptocurrency, and the majority of them have the same underlying software. Despite having existed since 2014, people did not really start paying attention to NFTs until they started becoming a popular way to buy and sell digital artwork.
NFT stands for “non-fungible token.” Non-fungible means that there is only one and it cannot be substituted for something else. Therefore, unlike how bitcoins can be exchanged for other bitcoins, NFTs cannot be exchanged for other NFTs. When you trade an NFT, you get something significantly different.
It gets confusing, we know. Read more about crypto podcasts that might help better explain NFTs here.
So, what’s the point? Well, that depends on whether you’re the buyer or the seller. For buyers, there are a lot of benefits that come with buying an NFT. First of all, it allows people to support some of their favorite artists, and, when you purchase an NFT, you’re also purchasing basic usage rights like posting an NFT online, which consequently comes with ownership bragging rights.
On the other hand, when it comes to being a seller, there are smart contracts that make automatic payment after selling possible. To give an example, when the owner of an NFT resells their asset for a profit later, if the artist has attached a royalty “rider” to the contract, the original artist gets compensated on the spot.
Why are celebrities getting into NFTs?
In short, celebrities are getting into celebrity NFTs for the same reason everyone else is: so they can say they have them. The fact is that the majority of people don’t really understand what NFTs are, but what they do know is that they have value, which in many cases is more than enough information. Especially when you have money that’s just sitting there and not being used.
Aside from this, there are many other reasons why celebrities are getting into and/or promoting their own celebrity NFTs as well as other NFTs. Regardless of qualifications, celebrities are looked to as opinion leaders, thus they can give unsolicited advice and followers will do what they see their favorite people do.
Want to work with these powerful voices. Read more about well-known people involved with cryptocurrency and celebrity NFTs here.
5 Celebrities and their NFTs
1. Paris Hilton
In collaboration with Blake Kathryn, a designer, Paris Hilton created one of the most popular celebrity NFT series that features three pieces, called “Hummingbird in My Metaverse,” “Legend of Love,” and “Iconic Crypto Queen.” The collection was sold in April for over a million dollars. Since then, she has collaborated with Superplastic’s synthetic superstar Dayzee to create “Paris: Past Lives, New Beginnings”, a collection of pieces dedicated to Paris closing the chapter of her life as a young heiress in the 2000s and moving onto the next chapter of her life as a married businesswoman.
2. Lindsay Lohan
Lindsay Lohan is collaborating with a company called Canine Cartel that has created 10,000 drawings of anthropomorphic dogs and is now selling them as celebrity NFTs. However, this isn’t her first time in the NFT marketplace. As a matter of fact, last March, the famous singer and actor released her single called “Lullaby” as an NFT on the FansForever digital platform.
This single is proclaimed to be an experience in and of itself, and, as a result, sold for over $85,000. This electronic song is in collaboration with DJ Manual Riva, and it is accompanied by visual images/animations of Lohan and butterflies. Finally, she also sold an NFT of the EDM duo Daft Punk for $15,000.
Congratulations @realCoinUnited with the winning bid of 1,000,001 TRX
— Lindsay Lohan (@lindsaylohan) April 2, 2021
3. Snoop Dogg
In March of 2021, Snoop announced his first NFT collection titled “A Journey with the Dogg,” which is essentially a collection dedicated to his early memories in the rap game. The collection includes the following pieces: “NFT,” “Snoop Doge Coins,” “Diamond Joint,” and “Deez Nuts.” The drop for this collection lasted about 48 hours, with Snoop Dogg earning over $100,000 per piece.
Grimes recently sold $5.8 million dollars worth of her artworks in the form of NFTs. The musician published her digital artworks as “WarNymph Collection Vol. 1,” and launched them in March of 2021 on Twitter, which definitely must have contributed to the fact that they all sold in 20 minutes on the NFT platform Nifty Gateway. The majority of these pieces were released in connection with musical compositions with the following titles: Ærythe, Mars Theme, and Anhedonia. Additionally, in 2020, Grimes displayed her artworks in a digital showroom with Los Angeles dealer Michele Maccarone and GalleryPlatform LA.
God in Hi-Res
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5. Emily Ratajowski
Emily Ratajkowski auctioned off an NFT titled “Buying Myself Back” to reclaim an Instagram picture of herself which was appropriated by Richard Prince for his own series called “New Portraits” in 2014. Moreover, on May 14, Ratajkowski auctioned off her NFT, which is basically a photo of her standing in front of Richard Prince’s Instagram post blown up in her living room. For her, the digital space was an avenue to go about reclaiming her own image.
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