Celebrities are embracing NFTs in a big way

The market for non-fungible tokens (NFT) is expanding. DappRadar’s new report shows that NFT trade volume rose sevenfold to $10 billion in the third quarter 2021. This is sevenfold more than the figure for the same period last year. While a large portion of this action is attributed to runaway hits like NBA Top Shot and CryptoPunks, NFT trade cases are quickly expanding as creators realize their potential.

Celebrities who wanted to make a profit from the growing crypto scene in the past had limited options. They were restricted to investing in promising startups or shilling initial coin offerings (ICO). NFTs have allowed them to leverage their star power by releasing highly sought-after digital collectibles that represent just about any item: merchandise, artwork, trading cards or trading cards. These tokenized collectibles are then able to be traded on an open market between investors and fans.

Related: Celebrities’ biggest NFT hits: When dollars meet hype

NFTs have a great proving ground in the music industry

Celebrities, from actors to athletes to supermodels and musicians, are busy auctioning off a wide range of blockchain-based commodities and assets that appeal to the digitally-savvy crowd. Public figures can create new revenue streams by using NFTs to connect with their fans online.

Canadian musician Grimes has sold nearly $6 million worth NFTs that include artwork and audio-visual animations. Some tokens were unique, but others had many copies. This fact seems to contradict NFT’s concept. But isn’t every NFT supposed be unique? The “duplicates”, in question, raised more than $5 million.

Tomorrow at 2 PM EST, NFTs will be dropped enter the void pic.twitter.com/l9fNFUCheX
— Grimes grimes (@Grimezsz February 28, 2021

It’s not surprising that musicians are using NFTs more often to supplement their income. The shift to streaming has had a huge impact on artists’ earning power over the past decade. Many musicians relied on live performances for their income prior to the global COVID-19 epidemic. Snoop Dogg and Eminem joined Grimes down this NFT rabbit hole.

Related: NFTs can be a game-changer for independent musicians and artists

Kings of Leon, who have raised over $2 million by tokenizing their album When You See Yourself, made the most splash of all the artists. The release featured half a dozen Golden Ticket Auctions. The tokens entitle the holder to front row seats at every Kings of Leon show for life. The album tokens were $50 and included a limited edition vinyl.

We are proud to be supporting Katy Perry’s eagerly awaited NFT launch in December, which celebrates her Play residency at Resorts World Las Vegas. Katy Perry is one of the most popular artists in the world, with six of her albums having sold over one billion streams on Spotify. The NFTs will feature both digital collectibles as well as IRL experiences, so there is something for everyone.

These ventures are driven by creativity, and there are new NFT applications constantly emerging. For example, Royal, a blockchain-powered marketplace that allows users to buy shares of songs they like and receive royalties when those tracks become popular. Artists can retain most rights to their work and receive direct funding from their largest supporters. Royal says it is a system that allows artists and fans to benefit from each other without the need for middlemen. One wonders how the record label bosses feel about it.

TopShot to Topps

Music is the most powerful driver of NFTs becoming mainstream. However, sports stars are also adopting NFTs in masse.

We cannot talk about blockchain and sport without referring to NBA Top Shot, the trading game for basketball cards that has made Dapper Labs a multi-billion-dollar company. Top Shot allows NBA fans to trade, buy and sell officially licensed video highlights of famous moments such as Lebron’s reverse windmill slam against Houston Rockets last February. The minimum price is $219,000, FYI. Top Shot facilitates over 13,000,000 transactions and has over a million users.

This formula is being used in other sports, including motor racing (F1 Delta Time), soccer (Sorare Socios), and baseball (Topps MLB). ONE Championship, Asia’s largest promotion of mixed martial arts (MMA), recently announced the launch of a marketplace on Theta blockchain. NFTs will allow for exclusive access to real-world benefits like backstage passes, ringside tickets, and other customized fan experiences. Special NFT drops are also used by individual sportsmen and women to mobilize their fan base. Tyson Fury, the heavyweight champion, sold a token that was unique for less than a million dollars. The buyer received a signed painting of the artwork and boxing gloves, as well as a personal video by the Gypsy King.

Related: Fan tokens: Day trading for your favorite team

It is natural to wonder what the future holds. Will investors and fans end up with a pile of digital collectibles after the NFT bubble bursts? Will we see more creative uses of NFTs, which will allow fans to enjoy all sorts of cool perks?

This article is not intended to provide investment advice. Every trade and investment involves risk. Readers should do their research before making any decision.
These views, thoughts, and opinions are solely the author’s and do not necessarily reflect the views or opinions of Cointelegraph.
Mitch Liu, the CEO and co-founder of Theta Labs, is Mitch Liu. Liu founded Gameview Studios in 2010, one of the first free-to-play mobile gaming studios. It is best known for its Tap Fish franchise, which has more than 100 million downloads. Six months after its launch, the company was purchased by DeNA, a Japanese mobile gaming company. Tapjoy, which was a pioneer in mobile video advertising, was founded by him in 2007. He grew the company to $100MM in revenue. He has a BS degree in Computer Science and Engineering at MIT and an MBA degree from Stanford Graduate School of Business.

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Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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