Sunday, June 23, 2024

Why Celebs are Going All-In for Crypto

Synonyms for Why Celebs are Going All-In for Crypto

We all know how famous people often act as trend-setters. It is no different in the case of cryptocurrency and blockchain technology, where their involvement has been a big boost to its growth. Being invested in by renowned figures or even having their endorsements can make cryptocurrencies or blockchains popular globally. They can back research into new crypto developments and invest in artistic and cultural NFTs.

The Star Power within the Cryptocurrency Market

Cryptocurrencies including this very token began to gain popularity during 2017 Bitcoin boom, and it has since grown from that point on. Therefore, crypto is now at the heart of entertainment industry which includes gaming platforms such as this one- check out Bovada casino for example — powered by cryptos while smart contracts enhance it further. Additionally, despite bearish conditions in cryptocurrency markets over the past 12 months, star power continues to be supercharged throughout this sector.

A heavyweight supporter of crypto is legendary boxer Mike Tyson. Not only is he passionate about digital currencies and blockchain but he also supported the Solana Foundation which is a non-profit organization focused improving development and adoption of the Solana blockchain.

Elon Musk who was an early adopter of decentralised currencies remains a huge advocate for them even though he now serves as Tesla’s CEO and recently became Twitter’s CEO too. In August 2021 Musk made headlines when he created $1.5 billion worth Bitcoins (BTC) Coin Desk reports that although some assets were sold off during June 2022 BTC price crash, no buying or selling transactions have been done ever since then.

NFT Endorsements

From March 2022 when Christie’s auctioned Beeple’s collection of digital artworks at $69.3 million, there has been intense discussion concerning NFTs (non-fungible tokens). On one side there are those who believe that virtual assets are becoming the next stage of art while others still stick to the traditional mode of thinking about art. However, this new market is already creating a buzz and drawing the attention of many famous people.

Some NFT projects have gained traction mainly because they enlisted celebrity endorsements. For instance, having been launched in 2021, Bored Ape Yacht Club (BAYC) became popular within celebrities’ circles. In early 2022, Paris Hilton who had released her own non-fungible token bought a stake in the project with Neymar, Shaquille O’Neil among other celebs coming aboard.

Meanwhile, Paris Hilton isn’t the only VIP to have immortalised herself in NFT form; several of her contemporaries have jumped on board the digital trend, including Lindsay Lohan, who launched companion tokens alongside the release of her single ‘Lullaby’. In fact, releasing NFTs became a hot trend in celebrity circles in 2022, with everyone from Ellen DeGeneres to skateboarding specialist Tony Hawk green lighting limited runs of digital tokens.

But Grimes is far ahead of anyone else with regards to NFT forays. Being an early adopter of futurism and blockchain technology, Grimes sold an NFT collection on Nifty Gateway for $6 million.

Metaverse Celebrities

There can be no argument that blockchain technology has strong ties with the Metaverse. The decentralized nature of blockchain is indicative of how much potential there are in virtual worlds within metaverse as genuinely transformative innovation. And like everything relating to cultural zeitgeist, celebrities have begun giving it immense recognition.

Pop superstar Taylor Swift held a series of digital concerts in 2022 that encouraged fans to create their own metaverse avatars. For many years now gaming platforms have been at the forefront by pioneering virtual concerts like Fortnite hosting Travis Scott’s performance (2020) and Ariana Grande’s (2021) performances respectively. More recently Roblox hosted a concert filmed by Charli XCX and last year Hypetype Metaverse Concerts were attended by many famous EDM artists including Wolfpack.

Besides this metaverse investing is becoming more popular amongst some celebrities; however, it has turned out that former and current footballers also consider it an interesting activity. Notably, Phil Jones and David Beckham are former Manchester United players who’ve invested in or supported this alliance.

In 2022 Argentine national team striker Sergio Kun Agüero even released his own sandbox experience through collaboration with The Sandbox platform.The Kuniverse offers football lovers the ultimate virtual experience where they can even come face to face with their idol. Plus, there are 9320 NFTs that have been minted and ready for users to collect and spend in this metaverse.


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