You might have heard of celebrities getting into cryptocurrency and blockchain technology. Ashton Kutcher, Floyd Mayweather, Jamie Foxx and many more are making the news over their investments in these companies and emerging technologies.
But what’s drawing these celebrities on blockchain in the first place? It turns out that non-fungible tokens, or NFTs, are an important factor.
What are NFTs and why are they so attractive to people like them? The answer lies in their uniqueness and lack of duplication.
Why Celebrities falling in love with NFTs
As mentioned above, non-fungible tokens are collectibles which can be stored in digital wallets and traded freely across a blockchain. Unlike fungible tokens that represent resources like coins or spendable money, unique tokens have very specific attributes that make them special.
So it’s no surprise that celebrities would get in on such an exciting and lucrative trend! NFTs offer numerous benefits to artists and other entertainers who are paid in cryptocurrency including increased flexibility, privacy, new monetization strategies and even a say in how their works are used.
NFTs are a breakthrough for actors, producers and other entertainers who have traditionally struggled to maintain control over their intellectual property and receive a fair share of revenue from it.
NFTs allow celebrities to issue unique tokens that represent different aspects of their persona or work including autographs, image rights, merchandise, custom memorabilia and even tickets to shows.
Unlike traditional intellectual property which is locked up in government databases or central entities like Netflix or Spotify, digital collectibles live in a distributed blockchain marketplace where they can be traded freely by fans who value them.
From Singers to Actors Launching their own NFTs
The idea of launching an NFT was originally proposed as a way to create digital representations of physical art. As it stands, there are platforms like Rarebits that enable artists to do just that (in fact, you can even buy some pretty awesome CryptoKitties using Rarebits).
But it’s not limited to paintings or sculptures; writers and singers could launch NFTs for their books or songs and earn royalties when they’re sold in digital form. In short, non-fungible tokens offer a unique opportunity for creatives to get paid like never before. And I think it’s fair to say they’re already excited.
With NFTs each actor owns his own DNA and can copy it to another chain or sell it for real money. This opens up multiple use cases for all kinds of actors and celebs in entertainment, sports and even politicians.
The majority of celebrities need a trustline from another famous person that proves they are close friends and could confirm that they know each other with a special nft.
Or they use nft’s as tickets to different events/performances where only ticket holders will be let in, or have merchandise (such as pieces of clothing) that can be owned by anyone, who checks if he is wearing authentic material, designed by celebrities and more.
That’s how many Hollywood biggies pulling money and wealth from NFTs.
From Snoop dogg, Shawn Mendes, Eminem to Lindsay Lohan.
The possibilities for fun, new business models and intellectual property protection are nearly endless. CryptoKitties (now with a gaming spinoff), for example, has already spawned its own cottage industry of collectibles and inspired other DApps like Etherbots.
And if you want a more established NFT example that’s poised to take off, just look at China’s TON project from tech giant Bitmain.
The social media platform is built around NFTs that can represent celebrities and brands, giving them control over their image rights.
Now imagine taking these ideas—decentralized applications run by crypto token holders—and applying them to everything from music royalties to real estate ownership. As you can see, there are big things ahead for non-fungible tokens.
Big Brands too attracted to NFTs
Facebook is working on a gaming platform called Facebook Gaming, which will allow developers to tokenize in-game items. Meanwhile, Fortnite developer Epic Games recently announced plans to do something similar with its own collectibles, though it isn’t clear when that feature will go live.
With big brands getting involved with blockchain NFTs, expect more mainstream brands and apps to get on board—and for tokens of all types to become even more popular.
One reason they’re interested in NFTs? Digital collectibles have proven to be a viral hit with players and fans, which means there’s a lot of potential for mainstream brands to appeal to their target audience.
Think about it—if you’re Nike, what better way is there to get your sneakers into young people’s hands than by partnering with CryptoKitties or an NFT game? Especially since, if they do well with crypto-collectibles, brands can then leverage that success into real life—they could start selling limited edition shoes in stores tied to crypto-collectibles.
Celebrities on Blockchain: Why They Love NFTs?
How can Brands Attract Attention with NFTs :
By now, you’ve probably heard a thing or two about non-fungible tokens (NFTs) and blockchain.
Maybe your cousin even keeps asking you why he can’t trade his CryptoKitties on any of your favorite exchanges.
Regardless of how much awareness you have, it’s time to understand exactly what NFTs are and why they matter in today’s world. If brands hope to attract attention using NFTs, they should consider learning more about their benefits — especially when it comes to customization, branding, and collectability.
The opportunities for brands to attract attention are endless. If a brand can pinpoint who its target audience is, there’s no telling what kinds of collectables it could create with NFTs. Some companies have even begun using blockchain technology and celebrity tie-ins to directly reach their customers.
In early 2018, Joe Montana teamed up with Primalbase to raise funds and awareness for concussion research and treatment. Fans had a chance to bid in an auction and purchase one of 10 limited edition Big Game 99 jerseys that once belonged to Joe Montana himself.
All transactions were made through QKC Chain – blockchain platform that allows users and collectors to securely own, buy, sell, donate or trade any NFT in existence.
Does celebs NFTs goes very high?
Celebrities could also prove to be very influential in how people think about non-fungible tokens.
As noted above, celebs are known for having large social media followings—but non-fungibles will likely catch on in much more mainstream contexts as well.
For example, imagine buying a concert ticket or donating to a charity using a custom NFT of your favorite musician’s latest song or album art? You may just get that warm fuzzy feeling (like getting an autograph) without even realizing it. Not only would you feel like you have a special token of your own, but other NFTs like it will likely be seen as more valuable as well.
You may have noticed in our list of projects at the beginning of this post that there are plenty of non-fungible token collectibles based on celebrities.
This is because their fans want a more personalized experience when it comes to collecting memorabilia and creating digital representations of their favorite artists, actors, comedians and athletes.
The ubiquity that smart contracts offer means that such projects could reach new levels in terms of creative representation. Such offerings would allow for items to be one-of-one or one-of-few, making unique tokens even more desirable—and likely worth significantly more than similar NFTs not linked to a celebrity.