Why do big name stars buy NFTs?
Have you ever wondered what A-lists and influencers do with their money? Well, many of them like to invest it. Some go into business or make new products; at the same time others invest in stocks and shares. However, as non-fungible tokens or NFTs begin to gain in popularity, many are turning their attention to buying these digital assets.
But why do celebrities jump at this opportunity? Read on to find out more.
Turn art into NFTs
Many celebrities make art in their own right. The most prominent examples are musicians, movie stars and artists. But since many things can be converted to an NFT today, A-lists use themselves to shape their work and make it available to a wider audience.
A way to buy exclusive works
The unique nature of NFTs makes them an ultimate collectible. In the same way as a famous artist’s painting sitting in a gallery, celebrities can collect exclusive digital works of art in the same way. For example, Gwyneth Paltrow bought a BAYC NFT, and actor Kevin Hart also bought one from the same creator.
Supports charity work
Some creators sell NFTs to support charity work. An example of this is Shaquille O’Neill’s Shaq Gives Back Foundation. The former basketball player launched his own collection of NFTs, which donate 100% of the foundation’s revenue.
Support creators
Many people, including celebrities, buy artwork and other creative assets solely because they like them and follow the artist. The same goes for NFTs. As a result, creators are making new work available exclusively for these platforms, and this is a great way to support your favorites.
Investment opportunities
Many celebrities have recognized the opportunities for investing in cryptocurrency and the NFT market. While some buy for collections, others choose purchases with the intention of shopping in the future. As a result, many celebrities have cashed in NFTs, and some have used their influence to enhance their own collections in the NFT arena.
Increases awareness
When celebrities do something new, the media reports in and out for the world to see. The same can be said when big names buy an NFT. Many people use their platforms to inform and showcase the range of available NFTs. Some are also very passionate about this new environment. For example, former One Direction band member Liam Payne often tweets his enthusiasm for NFTs. He also created a new Twitter account solely to talk store.
Should I buy an NFT?
There are two main reasons to buy NFTs. First for investment. Second, for joy. Like celebrities, you can do the same and buy NFTs to launch a collection of digital creative works, or you can choose to make long-term investments.
Many people buy NFT because they like them and want to support the artist. So it’s a great way to open up the market for new and unique creative works. In addition, there is an excellent opportunity to get disposable pieces that may increase in value in the future.
