Celebrities releasing NFTs. Why?

A few months back if you would have said about buying or selling NFTs, you would be thought ludicrous. But in the year 2021, a lot has changed. Many celebrities have been flocking into the cryptocurrency world by releasing their own NFT(non-fungible token) collections. From actors and painters to musicians and sports players, all have started to dip into the NFT space. 

What Is An NFT?

What exactly are these NFTs? NFTs are digital content linked to the blockchain ecosystem. These are non-fungible assets and can be exchanged with identical items having the same value. 

Why Are Celebs Releasing NFTs?

Now, why do these celebrities are releasing their NFT collection? The answer is simple; to live to the hype and make a profit. Artists know NFTs have got the hype, and they can sell it for very high prices under their Artist name. The price of NFTs is determined by the artist’s popularity. 

The Reason People Are Buying

People are buying NFTs released by celebs, musicians, sports players like crazy. But why? As of now, if you buy their NFTs, it is not going to provide you with any real value. Two reasons are responsible for people buying NFTs. 

The first one is FOMO, Fear of Missing Out. You would have heard a lot on the internet, people talking about buying NFT. If you’re lucky, you would have heard it from the people in your surroundings. As per psychology, this creates a FOMO among people, and people buy things they never intend to. 

The second reason is that an artist releases a limited number of NFTs. And people think that in the future it will have more value and will sell at much higher prices. Who knows? It may be, or it may be not.

Let’s see which artists have got into the NFT space and released their NFTs. 

1. Snoop Dogg

You should not be surprised by seeing his name. Snoop Dogg is an artist ahead of his team. He knows exactly what will work and when it will work. He was among the first artists to launch his NFT collection ‘A Journey with the Dogg’ on April 2. We have seen Snoop Dogg’s love for cryptos and now getting into NFTs is no big surprise. Somewhere we expected it.

2. Eminem

Marshall Mathers, or you would know him by the name Eminem released his NFT “Shady Con” in April. His NFT collections comprise a variety of Eminem-approved NFT collectibles.

Speaking about his NFT collection, Eminem said: “I’ve been collecting things since I was a kid. My collection includes everything from comic books to baseball cards to toys, as well as every rap album on cassette I could get my hands on.

“And not much has changed for me as an adult. I have attempted to re-create many collections from that time in my life. I wanted to give this drop the same vibe I had as a child.”

Countless artists have released their NFTs, and talking about all of them in a single article is not possible. Artists Like Amitabh Bachchan, Ellen DeGeneres, Damien Hirst, have also released their NFTs and many more are on their way to releasing their NFTs.

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