After the Terra disaster and several crypto loan firms going bankrupt, crypto winter continues.
NFTs, cryptocurrency’s blockchain siblings, are also struggling.
Crypto winter is affecting speculative investments that tokenize digital assets on the blockchain. Fortune said that trading activity on OpenSea, the largest NFT platform, plunged 98% between May and August 2022.
Financial figures show the NFT market’s declining popularity. OpenSea’s May 1 trades totaled $2.7 billion. The platform processed $9.3 million on Aug. 28.
Celebrities and companies support NFT initiatives to fill their digital wallets therefore, brands And Celebrities Invest In NFTs
Truth in Advertising warned Justin Bieber and Reese Witherspoon about peddling NFTs without sufficient disclosure.
Celebrities with NFTs
Snoop Dogg is a popular NFT player. The rapper revealed he was Cozomo de’ Medici, a $17 million NFT art collector. Snoop Dogg aims to make Death Row Records the first “NFT label” in 2022.
Jim Carrey’s first NFT cost $40,000 in 2022. The 13-piece “The Wild Within” series includes “Devotion.” The series was created by Alice Wexell and Ryan Koopmans. Carrey later bought “Nuclear Taco Trucks”
Paris Hilton has supported NFTs in tweets and interviews and has established her own collection in cooperation with “Superplastic’s synthetic superstar, Dayzee”. “Her Past Lives, New Beginnings” is her autobiographical NFT series.
Shawn Mendes launched NFTs in 2021. Mendes partnered with Genies, a 2D avatar firm, to build digital copies of his most iconic items. Mendes launched a vest, ring, and Fender guitar from his performance outfit.
Steve Aoki is one of the world’s best-known and highest-paid DJs, but in 2022 he revealed he earned more from NFTs than music royalties. The DJ said he earned 95% of his money from his live performance (not royalties), yet he made $888,888.88 on the sale of a single NFT in 2021. Aoki owns numerous more NFTs, including ones from the Bored Ape Yacht Club, and has formed the Aokiverse membership club.
In December 2021, Eminem bought a Bored Ape Yacht Club NFT. The “EminApe” NFT cost $450,000. Eminem has several other NFTs. In January 2022, he owned 284 NFTs, including “Shaq Gives Back #4077.”
Kate Moss auctioned three videos as NFTs in April 2021. The films showed Moss sleeping, driving, and wandering across a woodland. Moss: “NFTs are fascinating since I can participate directly and manage my image.”
Mark Cuban is infinitely quotable on sports and investments. He is Time2play’s top influencer for NFTs. Cuban was one of the first celebrities to embrace NFTs, calling its smart contracts “game changers”. He says creators might earn more royalties when NFTs are resold. Cuban invested in OpenSea, Nifty’s, CryptoSlam, Mintable.app, and nft42.
Lindsay Lohan used NFT technology early and has benefited greatly. Lohan sells her customised NFTs to an eager market, collecting significant amounts. In February 2021, Lohan sold “Lightning” for $50,000 and “Lullaby” for $85,484.09. In 2022, she said she’d offer experiential NFTs and advise the Superfandom marketplace on Stacks.