Saturday, September 30, 2023

Why Celebs are Going All-In for Crypto

Why Celebs are Going All-In for Crypto

Since the mid-2010s, crypto markets have taken the world by storm, captivating tech enthusiasts, investors, and a growing number of celebrities. The adoption of blockchain and crypto-related projects has increased substantially in recent years, with new developers offering innovative ways to consume art and entertainment and, of course, make money. Naturally, the diverse applications of decentralised tech have attracted the attention of famous personalities. 

Just like it has been for most markets, celebrity interest has been a boon for the growth of cryptocurrencies and blockchain tech. As more well-known figures have invested in or endorsed digital assets, their popularity has, in turn, soared among global consumers. Whether it’s backing research into new crypto developments or investing in artistic and cultural NFTs, celebs are going all-in for crypto. 

Star Power in the Cryptocurrency Market 

Having first risen to prominence in the Bitcoin boom of 2017, cryptocurrencies, led by the token mentioned above, have seen their use cases increase year after year. Now, crypto is at the heart of the entertainment industry, powering everything from gaming and casino platforms — click here and visit Bovada to see a crypto casino in action — to smart contracts. Furthermore, despite the bearish conditions of the cryptocurrency market over the past 12 months, the sector is still supercharged with star power. 

Crypto has at least one heavyweight supporter in the form of legendary boxer Mike Tyson. Not only is the former world champion an avid fan of cryptocurrencies and blockchain, but he has also joined forces with the Solana Foundation, which is a non-profit focused on the increased development and adoption of the Solana blockchain. 

CEO of Tesla and, more recently, Twitter, Elon Musk, is still a big supporter of decentralised currencies, despite being one of their earliest adopters. Musk made the headlines in August 2021 when he invented a staggering $1.5 billion in Bitcoin. While he did sell some of his assets during the BTC price crash of June 2022, according to Coin Desk, he hasn’t made any buying or selling moves since. 

NFT Endorsements

Non-fungible tokens (NFTs) have been a topic of intense debate since Christie’s auctioned Beeple’s digital collection of artworks for $69.3 million in March 2022. While the art world has been split down the middle, with some seeing virtual assets as the next step for art and others still being firmly in the traditional camp, this innovative new market has become a hot topic and attracted significant interest from celebrity circles.

Star power has been a driving force in the success of some NFT ventures. The Bored Ape Yacht Club (BAYC) collection, for example, first launched in 2021 and rapidly grew in popularity thanks to celebrity interest. After releasing her own non-fungible token in 2021, LA socialite Paris Hilton bought into the project in early 2022, joining the likes of Brazilian Soccer pro Neymar and former NBA legend Shaquille ‘Shaq’ O’Neil. 

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. 

Leading the way in NFT ventures, however, is musical artist Grimes. An early adopter of futurism and blockchain technology, Grimes sold an NFT collection on Nifty Gateway for a total of $6 million. 

Celebrities in the Metaverse

There’s no denying the strong link between blockchain technology and the Metaverse. The decentralised nature of blockchain is a strong indicator of the potential of the virtual worlds of the metaverse to be a genuinely transformative innovation. And, as with all things related to the cultural zeitgeist, the metaverse itself has been garnering significant celebrity attention. 

In 2022, pop superstar Taylor Swift held a series of digital concerts that encouraged fans to create their own metaverse avatars. Gaming platforms, meanwhile, have been pioneering virtual concerts for several years now, with Fortnite featuring performances by both Travis Scott and Ariana Grande in 2020 and 2021, respectively. More recently, Roblox hosted a concert filmed by Charli XCX, while last year’s Hypetype Metaverse Concerts were attended by several renowned EDM artists, including Wolfpack.

Furthermore, metaverse investing continues to grow in popularity in certain celebrity circles; interestingly, it’s become a popular activity with existing and former footballers. Phil Jones and David Beckham are two ex-Manchester United players who have either invested in or endorsed Metaverse projects. 

Sergio Kun Agüero, who plays on Argentina’s national team, even launched his own virtual experience in collaboration with The Sandbox platform in 2022. The Kuniverse promises to deliver football fans the ultimate virtual experience, where they can even meet their idol. Plus, a total of 9,320 NFTs have been released that users can collect and spend in this metaverse. 


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