Why Celebs are Endorsing NFTs?
Jan 14, 2022
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NFTs seem to have come from nowhere to become one of the most famous ways to make money online, and they’ve entirely revolutionised the world of cryptocurrency and digital art. The art community has inherently always favoured artists that use traditional mediums like paint or sculpture - while a painting on a piece of canvas can be sold as prints, the original can also be sold for a much higher value. The NFT marketplace allows digital artists a way to sell their original artworks rather than prints only, and finally makes them part of the conversation.
- NFTs – A Growing Trend
- Why Are Artists Keen To Get Involved?
- Helping Artists To Make Money
- Supporting Your Favourite Artists
NFTs – A Growing Trend
Over the past year, we’ve seen a huge number of celebrities jumping on the trend, partially fuelling the huge success of the growing NFT market. YouTubers like LaurDIY have created content showing the NFTs they own decorating the walls in their homes. Celebrities like Paris Hilton, Lindsay Lohan and Snoop Dogg have all spoken about the NFT market.
If you are interested in being involved in NFT investment then it is really important that you research and make sure you know what you are getting into. Digital currency, in general, is certainly a growing trend and in a few years is likely to be something that is much more familiar to us all. However, for now, if it is something that is new to you then you need to make sure you brush up on your knowledge and read up on it before you dive in. Thankfully things like this guide to buying NFTs can help you get started and know what you’re doing before you try to invest in something that isn’t going to work for you.
Why Are Artists Keen To Get Involved?
First of all, one of the main reasons is that buying an NFT allows people to support a digital artist in the same way that they would be buying an original piece of work for a more traditional artist.
The second reason is that owning NFTs is almost like a status symbol. Gold and diamonds have always been products for the 1% of society that can afford to spend thousands on an outfit. Now, owning an NFT that’s worth millions of pounds is a way of showing that you have wealth without taking up space in your home.
Helping Artists To Make Money
One of the most obvious reasons is simply money. Hugely popular celebrities are releasing their own NFT collections as well as buying work from other artists. By putting their names to a piece of artwork they know it will go for a high price and this will only increase through trading.
Tony Hawk, Shawn Mendes and Paris Hilton are just one of a huge number of big names that have announced a collection of NFTs. Even big brands like gaming giant Ubisoft are doing it.
Supporting Your Favourite Artists
NFTs are a great way to support your favourite artist at the same time as knowing that you own something completely exclusive. Celebrities are endorsing NFTs because it’s a way for them to make money and support smaller creators and because it’s a new and exciting technology that they want to be first to talk about.
The internet has been a fantastic platform for artists to showcase their work and make a name for themselves, particularly on social media platforms such as Spotify and Tik Tok. Although many of them do this for their love of their art an income stream is always handy. NFTs allow you to digitally support your favourite artists which often means that they can carry on creating the art you love and enjoy so much.
The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.
Journalist, cryptocurrency enthusiast. I've being investing in cryptocurrencies since 2016. I hold a Bachelor's degree in civil engineering.
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