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Here’s How Celebrities are Embracing NFTs in a Big Way

NFTs are seeing mainstream adoption, with celebrities like Katy Perry and LeBron James promoting NFTs on social media. That has led to speculation about how long it will be until NFTs become as popular as cryptocurrencies.

What is a Non-Fungible Token (NFT)?

Non-fungible tokens (NFTs) are assets that can be unique and verifiable and represent virtual collectibles such as CryptoKitties. An NFT is a representation of one-of-a-kind digital assets.

NFTs are different from fungible tokens, which are all the same, and can be interchanged without any special consideration. For example, one USD is interchangeable with another USD token.

NFTs and Celebrities

Many celebrities are already excited about NFTs and what it holds for the artists. For example, Katy Perry has already launched NFTs for her fans and invested in Theta Labs, a blockchain video-delivery network. LeBron James recently wore an NFT-decorated hat during the NBA Finals, which Rare Art Labs designed to raise funds for their nonprofit ventures.

According to CryptoKitties founder and CEO Roham Gharegozlou, celebrities like James and Perry are “paving the way for mainstream consumer adoption.”

NFTs can indeed help artists and influencers interact with fans in a new and exciting way. It’s a different asset that can be shared on social media or traded with other collectors.

How Likely is it for NFTs to Become Mainstream?

NFTs have already begun seeing adoption by celebrities, but there’s no telling how long it will be before they become as common as cryptocurrencies. NFTs are still new and untested territory, and the ecosystem is still in its early stages.

One of the most challenging aspects of NFTs is popularizing them beyond just geeks and gamers that already use cryptocurrencies regularly. It’s not something that will happen overnight, but we’re seeing progress in that area — which was one reason James and Perry were chosen for their endorsements.

NFTs and the Music Industry – The Bonding Relationship

NFTs and the Music Industry
NFTs and the Music Industry

Athletes and musicians are adopting to NFTs more than cryptocurrency. It is not just a marketing gimmick; they are very serious about it.

NFTs cut out mediators involved in the music industry, making it easier for musicians to promote their songs/albums and connect with fans worldwide. The only thing you need to do is create good content, i.e., upload your song or album, generate NFTs associated with them, and then post it on social media.

NFTs are helping musicians connect with their fans more than ever before, which is one of the reasons musician Imogen Heap has teamed up with Endless for her first series of NFTs.

We can see many artists moving towards the NFT space because they can take complete ownership of their work and build their fan base. Recently, Grimes, a Canadian musician, sold almost $6 million worth of NFTs containing artwork and audio-visual animations.

It’s no surprise that many musicians are adapting to NFTs to boost their earnings. It’s a relatively risk-free way to monetize their work while connecting with fans in an exciting new way. The worldwide COVID-19 epidemic also bought a critical hit as several musicians were dependent on live performance as their primary source of income.

What Impact Will NFTs Have on the Music Industry?

Since NFTs are an emerging technology with a lot of popularity, it’s hard to say what impact they’ll have on the music industry. It has the potential to change how musicians are compensated, but there’s no way of knowing for sure at this stage.

Kings of Leon secured the most significant splash by tokenizing their new album “When You See Yourself.” They collected $2 million as a result. Surprisingly, the offering included a dozen Golden Ticket sales, giving the owner lifetime front-row seats to one show from Kings of Leon’s tour. Album tokens worth $50 were available in limited quantities. That can be an excellent example of what NFTs can do for the artists, but as it stands, we don’t know everything yet.

NFTs and Creativity

The increased popularity of NFTs can lead to an increase in creativity. As people experiment with new ways to use technology, there’s also bound to be some breakthrough that will impact our lives in a big way.
It is also interesting to note that more people are taking up creative professions because of their passion for NFTs.

This is especially true for athletes, who have turned towards mobile gaming in a big way. It’s not surprising when you consider the earnings potential.

What do you think about NFTs? Are they going to be as popular as cryptocurrencies as celebrities continue to embrace them? Or will it take a long time for them to catch on?

Crypto enthusiast and early adopter, with a passion for video games.

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