There is no doubt that the NFT craze is sweeping the globe, attracting a large number of investors into the market.
Startups and creatives are also thinking about how to transform their products into digital assets.
It’s difficult to stand out in the NFT industry today, especially when hundreds of other celebrities have already come on board.
The Rise Of NFTs In Entertainment
Many celebrities are entering the NFT market, demonstrating that art in the form of NFTs is the new trend after Bitcoin, with billions of dollars in revenue.
Anyone, from British painter Damien Hirst to model Paris Hilton, can create one.
Hilton has been collecting and making NFT works since 2016.Hilton displays her work through screens at her Beverly Hills mansion. In April, her animated portrait in NFT sold for more than $1 million.
For NFT advocates, this is a technology that will change the buying and sale of works of art, opening up a plethora of prospects for artists.
Hilton, with a luxurious lifestyle that is far from the traditional artist, is a suitable model for the NFT movement.
With the expansion of NFT platforms and creators in just a few short months, NFTs have become immensely popular, to the point that NFT costs are no longer cheap.
Unlike the first stages of the boom, NFT products are being sold at a very high prices right now.
More Praise for More NFTs
Not only Paris Hilton, but many public figures, such as Snoop Dogg, Lindsay Lohan, John Cena and Shawn Mendes are investing in NFTs.
NFT asset sales surged by more than $2 billion in the first half of the year. However, not everyone who joins will be successful.
While it is entirely conceivable for a celeb to make a profit with their first NFT, this will not be the case for all celebrities. Similar to building a fanbase, becoming a reputable, talented and serious NFT artist in the eyes of the public will take time.
Unlike the typical business approach of selling artwork through commercial galleries, NFTs can acquire and sell without the use of intermediaries.
Artists can sell their art directly to the public, usually via a professional auction site. The NFT market is available to anyone, and the price of the piece is public, as opposed to traditional galleries, in which the cost is unveiled.
Furthermore, in the traditional market, the original author receives almost nothing when the work is resold by the collector at a greater price. After each resale, NFT still produces a profit for the author in most cases.
Not Always a Gold Mine
Celebrities’ participation resulted in surprising yet understandable outcomes.
According to critics and artists, the NFT market is a lucrative space for money-hungry people whose creations do not deserve to be classified as art.
Many people wonder if NFT symbolizes cultural values in the age of digital consumption, or if it’s just a gimmick to earn money in an unsustainable way.
The NFT world and the art media system differ in their financial models. Many in the art world believe that the NFT does not deserve to be regarded as a work of art, and that the author and seller are unlikely to be serious art enthusiasts.
Celeb NFTs are lacking value: the story behind the item, the feelings it invokes, and the work’s inspiration set it apart from the millions of other NFTs on the market, which discourages long-time NFT investors to make contributions.
With NFTs, the line between artworks and assets seems to disappear. An auction site has taken the place of a properly managed exhibition. The price of the sale, not the meaning behind, governs the job.
When celebrities wish to advance their popularity using NFT, it is critical that they develop community, cultivate and expand their fan base.
They can also demonstrate to the community the real value of their collections that distinguishes them from other artists, rather than focusing solely on making a profit.