Business

Why are Big-Name Stars Buying NFTs?

Why are Big-Name Stars Buying NFTs?

Ever wondered what A-listers and influencers do with their money? Well, many of them like to invest it. Some go into business or create new products; at the same time others invest in stocks and shares. However, as non-fungible tokens or NFTs start to rise in popularity, many are turning their attention to buying these digital assets.

But why are celebrities jumping on this opportunity? Read on to find out more.

Turning art into NFTs

Many celebrities create art in their own right. The most prominent examples are musicians, film stars, and artists. However, as many things can be converted into an NFT nowadays, A-listers are turning their hand to minting their work and making it available to a wider audience.

A way to buy exclusive works

The unique nature of NFTs makes them an ultimate collector’s item. Much like a renowned artist’s painting sitting in a gallery, celebrities can amass exclusive pieces of digital art in the same way. For example, Gwyneth Paltrow purchased a BAYC NFT, and actor Kevin Hart also bought one from the same creator.

Supporting charity work

Some creators sell NFTs to support charity work. An example of this is Shaquille O’Neill’s Shaq Gives Back Foundation. The former basketball player launched his own collection of NFTs, which gives 100% of its proceeds to the foundation.

Supporting creators

Many people, including celebrities, buy artwork and other creative assets purely because they like them and follow the artist. The same applies to NFTs. As a result, creators are making new work available exclusively to these platforms, and this is a great way to support your favorites.

Investment opportunities

Many celebrities have recognized the opportunities for investment in cryptocurrency and the NFT market. While some buy for collections, others opt for purchase with the intention of future trading. As a result, many celebrities have cashed in on NFTs, and some have used their influence to improve their own collections in the NFT arena.

Raises awareness

When celebrities do something new, the media reports the ins and outs for the world to see. The same can be said when big names purchase an NFT. Many use their platforms to inform and showcase the range of NFTs available. Some are also very passionate about this new environment. For example, former band member of One Direction, Liam Payne, is often tweeting his excitement for NFTs. He also created a new Twitter account purely to talk shop.

Should I buy an NFT?

There are two main reasons to buy NFTs. First, for investment. Second, for pleasure. Much like celebrities, you can do the same and purchase NFTs to start a collection of digital creative works or you can opt to create long-term investments.

Many people buy NFT because they like them and want to support the artist. So it’s a great way to open up the market to new and unique creative works. Plus, it’s a prime opportunity to get one-off pieces that may rise in value in the future.

 

 

 

 

 

 

 

Business

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