Most celebrities who purchased and displayed NFTs as social media avatars are now delete In the harsh crypto winter, they also led to the NFT recession.
The fast-paced nature of the crypto market has attracted celebrities who want to invest their property. Hollywood celebrities such as Justin Bieber, Ashton Kutcher and Bruce Willis have participated in various projects. Many people purchased NFTs from the Bored Ape Yacht Club (BAYC) collection, especially in 2021.
Are NFT hype dead?
Most celebrities who proudly displayed BAYC as a Twitter avatar, such as Serena Williams, Reese Witherspoon, Lil Durk, Travis Barker, and Shonda Rhimes, have recently changed them.
Jimmy Fallon
Jimmy Fallon was particularly proud of his apes. He showed a copy of it during his show featuring Paris Hilton and said they were “part of the same community.”
Jimmy & @ParisHilton Comparison #BoredApeYC NFT. #FallonTonight pic.twitter.com/RoOlhteLnN
— The Tonight Show (@FallonTonight) January 25, 2022
Despite his excitement at the time, Fallon changed His avatar was taken a selfie on June 8, 2022. However, he has an .eth extension near his name, indicating that he is still part of the community.
Why did they buy it in the first place?
Not many stars came out earlier to explain why they bought NFTs. In the case of Jimmy Fallon, after talking to Hilton, he felt it was a good idea, so he bought an ape. Buying one because everyone else is doing it can be a reason for millionaire celebrities to buy NFTs.
Research shows that the real reason behind NFT hype is the high rate of return on investment. 64% of participants said they bought NFTs to make money, but only 14.7% said they bought them because they wanted to join the community. This survey isn’t specifically about Hollywood stars, but it’s not surprising that A-list celebrities pursue a high rate of return on investment.
Paris Hilton was the only person to publicly explain why she was so excited about NFTs. She wrote a blog post highlighting that NFTs bring great benefits to small artists and creators. She wrote:
“I see NFT, an irreplaceable token, as the future of the creator economy. They use blockchain technology to help creators add value to their work and share it with their fans in real time. doing.”
Hilton seems real in her post, given that it holds NFT avatars and .NFT extensions on Twitter. account..
