Celebrities are embracing NFTs in a big way

Celebrities are embracing NFTs in a big way

The next few years are likely to be very interesting, as the nonfungible token market opens digital collectibles for fans and investors.

The nonfungible token (NFT) market is growing. According to a new report by analytics platform DappRadar, NFT trade volume soared past $10 billion during the third quarter of 2021, a sevenfold increase from the previous quarter’s figure. Although a significant slice of that action comes from runaway hits like NBA Top Shot, CryptoPunks and gaming platform Axie Infinity, NFT use cases are rapidly proliferating as creators recognize their potential.

In the not-too-distant past, celebrities keen to profit from the burgeoning crypto scene had few options. Mostly, they were limited to shilling an initial coin offering (ICO) or investing their own money in a startup they deemed promising. Thanks to NFTs, however, they can now leverage their star appeal by releasing sought-after digital collectibles representing, well, just about anything: artwork, albums, trading cards, or merchandise. These tokenized collectibles can then, in turn, be traded on the open market among fans and investors.

Related: When dollars meet the hype: The biggest NFT hits from celebrities

The music industry is a perfect proving ground for NFTs

From musicians and athletes to actors and supermodels, prominent celebrities are busy minting and auctioning a dizzying array of blockchain-based assets and commodities that appeal to the digitally-savvy crowd. Through NFTs, public figures can connect with fans in a digital realm and open up a new revenue stream into the bargain.

Earlier this year, Canadian musician Grimes sold almost $6 million worth of NFTs encompassing artwork and audio-visual animations. While some tokens were one-of-a-kind, other cheaper items had thousands of copies. Although this fact appears to contradict the NFT concept — isn’t every NFT supposed to be provably unique? — the “duplicates” in question raised over $5 million.

It is perhaps unsurprising that musicians are increasingly leveraging NFTs to supplement their income: The shift to streaming over the last decade has massively

It’s natural to wonder where we go from here. Will the NFT bubble burst, leaving fans and investors holding a hoard of digital collectibles? Or, will we see more creative use cases emerging, with NFTs granting fans all kinds of nifty perks?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Mitch Liu is the co-founder and CEO of Theta Labs. In 2010, Liu co-founded Gameview Studios, one of the earliest free-to-play mobile game studios best known for its Tap Fish game franchise with nearly 100 million downloads. The company was acquired by DeNA, a leading Japanese mobile gaming company six months after launch. Prior to that, he co-founded Tapjoy in 2007, a pioneer of mobile video advertising, and grew that company to $100MM in revenues. He holds a BS in Computer Science and Engineering from MIT and an MBA from Stanford Graduate School of Business.

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