Celebrities are strongly adopting NFT

The market for non-fungible tokens (NFT) is growing. According to a new report from the analysis platform DappRadar, the NFT trading volume shot up to 10 billion US dollars in the third quarter of 2021, a seven-fold increase compared to the previous quarter. While a significant portion of this action comes from runaway hits like NBA Top Shot, CryptoPunks, and the Axie Infinity gaming platform, NFT use cases are rapidly increasing as developers realize their potential.

In the not-too-distant past, celebrities looking to capitalize on the burgeoning crypto scene had few options. Mostly they limit themselves to Initial Coin Offerings (ICOs) or invest their own money in a startup that they think is promising. However, thanks to NFTs, they can now capitalize on their star appeal by posting coveted digital collections that represent anything: artwork, albums, delivery card merchandise, or services. These tokenized collections can then be traded on the open market between fans and investors.

Related: When dollars hit the hype: Celebrity Biggest NFT Hits

The music industry is a perfect testing ground for NFT

From musicians and athletes to actors and supermodels, celebrities are busy mining and auctioning a dizzying array of blockchain-based assets and goods that attract a digitally savvy audience. . Via NFT, public figures can get in touch with fans in the digital sector and open up a new source of income for a bargain.

Earlier this year, Canadian musician Grimes sold nearly $ 6 million worth of NFTs, including audiovisual artwork and animation. While some tokens are unique, other cheaper items have thousands of copies. Even if this fact seems to contradict the concept of NFT, doesn’t every NFT have to be unique? – The aforementioned “clone” has raised over $ 5 million.

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It may come as no surprise that musicians are increasingly using the NFT to supplement their income: the move to streaming over the past decade has had a huge impact on artists’ ability to make money. The global COVID-19 pandemic has also dealt a blow to the industry as many musicians have relied on live performances for their income. Acts to join Grimes in the NFT rabbit hole include Snoop Dogg, Eminem, Jay-Z, Shakira, Lewis Capaldi, Steve Aoki, Shawn Mendes, Kings of Leon, Soulja Boy and Aphex Twin.

Related: NFTs are a game changer for independent artists and musicians

Of all of the names mentioned above, Kings of Leon have probably caused the biggest buzz by programming their new album. When you see yourselfand raised $ 2 million in the process. Interestingly, the release includes half a dozen gold ticket auctions, with the resulting tokens allowing front row holders to see a show from any Kings of Leon tour for a lifetime. Meanwhile, the album token costs $ 50, including a limited vinyl edition.

We’re proud to support Katy Perry’s highly anticipated December NFT launch to celebrate her upcoming stay at Play at the Resorts World Las Vegas Hotel. Katy is one of the best-selling artists in the world. All six of their albums surpass a billion streams on Spotify. Interestingly, NFTs will include both digital collections and IRL experiences – so there is something for everyone.

Creativity is at the heart of these projects, and new NFT use cases are constantly emerging. For example, the marketplace is powered by the Royal Blockchain, which allows users to buy shares in the songs they love – and earn royalties as those songs grow in popularity. In the meantime, artists can retain most of the rights to their work while accessing funding direct from their largest financiers. According to Royal, it is a system “where artists and fans can benefit from each other without relying on middlemen to take most of the profits.” Definitely a good idea, and one wonders what the record label owners did with it.

From TopShot to Topps

Music could prove to be the biggest driver of bringing NFT into the mainstream – but sports stars are also banking on mass NFT.

Of course, we can’t discuss the intersection of blockchain and sports without consulting NBA Top Shot, the basketball card trading game that turned the creator of Dapper Labs into a multi-billion dollar company. Top Shot gives NBA fans the opportunity to buy, sell, and trade officially licensed video highlights from iconic moments like Lebron’s two-handed headwinds that crashed into the Houston Rockets last February – $ 219,000 was the lowest asking for Worth, FYI. To make you believe that trading is focused on a core of hardliners, Top Shot has enabled over 13 million transactions and referenced more than a million users.

Needless to say, this formula is replicated in other sports such as baseball (Topps MLB), soccer (Sorare, Socios), and motor sports (F1 Delta Time). ONE Championship, the largest mixed martial arts (MMA) promoter in Asia, recently announced that it is opening a marketplace on the Theta Blockchain with NFT, which will provide exclusive access to the benefits of the Theta Blockchain. Ring seats and other personalized fan experiences. Individual athletes and women also mobilize their fan base through special NFT sales, with heavyweight champion Tyson Fury selling a unique token for just one million dollars. Buyers also receive a realistic representation of the work of art, hand-signed boxing gloves and a personal video of the self-proclaimed Gypsy King.

Related: Fan Token: Your Favorite Sports Team Trading Day

It is natural to wonder where are we going from here. Will the NFT bubble burst and fans and investors hold onto a pool of digital collectibles? Or will we see more innovative use cases where NFTs bring all sorts of benefits to fans?