- Non-Fungible Tokens(NFTs) used to represent items from the real world like artwork, or real estate have lately been quite in trend among celebrities.
- American actress Gwyneth Paltrow very recently purchased an NFT joining the BAYC.
- Though criticisms tag along when famous people indulge with new technologies.
Non-fungible Tokens(NFTs) have become a trend among celebrities. Continuing that, the famous American actress Gwyneth Paltrow recently purchased an NFT joining the Bored Ape Yacht Club(BAYC).
Gwyneth Paltrow joining BAYC
The former MCU actress announced through her official Twitter account about going all-in on the NFT boat and showed the NFTs.
– Advertisement –
Although everybody didn’t warmly accept her decision, many criticised her new acquisition by saying that her new Bored ape spoils her good name. Another user tweeted criticising her by saying she got indulged in a fraud scheme.
These comments make it quite clear that not all people see NFTs as a good idea. Some still think that it is a fraud and that a popular actress like her shouldn’t be promoting them.
What’s the Hype with these NFTs
Lately, NFTs have become a status symbol for people who are already into the world of NFTs. And when it comes to celebrities and stars, they get attracted to the hype. And when they purchase them, these NFTs become more desirable as the buyer’s profile can act as a feedback loop. NFTs are being treated like any other product.
For instance, Mike Winkelmann managed to get listed in the top three most valuable living artists. A Beeple NFT sold for around $69 million. This sale of a compilation of his 5000 days artwork worked wonders for him.
Non-Fungible Tokens can represent any asset digitally. They can be anything like music, avatars, digital art etc. They are popular among people from almost every aspect, including Sports and Entertainment.
Some collectors believe that the value of NFTs does appreciate with time. And this is true with some NFTs. For example, the Dynamic cube, which was initially advertised for $500 was sold for $17000 recently.
Some prominent figures like Lionel Messi, Justin Bieber, Snoop Dogg etc., are already involved with Non-Fungible Tokens(NFTs). And Gwyneth Paltrow purchasing the BAYC NFT isn’t a surprise when others are doing it too. But the scepticism over the concept has always been there, and criticism hovers around people favouring them. Some people find them exciting, and a way to enhance their experiences, and some people see them as nothing more than a fraudulent scheme.
Source: https://www.thecoinrepublic.com/2022/01/29/gwyneth-paltrow-gets-into-nfts-joins-bayc/