NFTs (non-fungible tokens) have become a phenomenon in the tech world recently. From punters and art-investment gurus to celebrities and A-list personalities, the buzz about NFTs seems to have gripped everyone.
If you are new to the world of NFTs, you may have questions about what they are and why there has been so much buzz about them. A simple way to explain NFTs would be to describe them as digital media which are converted to unique tokens through blockchain technology — the technology behind cryptocurrencies. Blockchain technology ensures that these tokens cannot be copied.
If you’re wondering how to turn physical art into NFT, well, it is done through a process called minting. Minting converts physical art into digital tokens that are stored on the blockchain ledger to ensure their non-fungible character. Despite interest in NFTs being ubiquitous, celebrities seem to have caught the buzz even more than every other group. Celebrities view NFTs as a game-changer in the world of art investment since NFTs present seemingly endless possibilities for creators and art investors.
The list of celebrities that have vouched for NFTs and invested in them is diverse. Notable celebrities that have invested in NFTs include:
Snoop Dogg: The veteran rapper revealed himself to be the individual behind the Twitter profile @CozomodeMedici. Under the alias, Snoop Dogg collected items worth almost $17 million. He later released an NFT collection, “Decentralized Dogg” with the crypto artist Coldie.
Eminem: The controversial rapper dipped his toe into the NFT craze by buying 123.45 Ethereum worth of Bored Apes, an NFT collection. He also launched an NFT collection inspired by toys and action figures he collected as a kid.
Lindsay Lohan: The actress collaborated with Canine Cartel to release an NFT collection in September 2021. Her interest in NFTs stems from her belief that NFTs could help musicians retain the rights to their work while increasing their revenue.
Leo Messi: The legendary footballer released an NFT collection named “Messiverse”. This collection, which was created in collaboration with the crypto artist BossLogic, sold $3.4 million on its release, reflecting the soccer player’s star power.
Several other notable people, like Elon Musk, Shawn Mendes, Kate Moss, and Gwyneth Paltrow have either backed NFTs or released collections. The NFT phenomenon does not seem to be abating and certainly seems like it is here to stay.