It is no secret that nonfungible tokens (NFTs) are still a niche subject. Despite their rapid surge in popularity during 2021, there is still a significant percentage of people who do not know what an NFT is. Reflecting on the graph below, it is evident that a lot of work needs to be done for NFTs to truly hit the mainstream.
However, it is clear from recent months that there is potential for this to happen, and there have been many signs of awareness and adoption which I will discuss in this article.
Celebrities have been a key proponent in the rise of NFTs. Initially, the NFT space began with artists, creators and traders, all of whom set the foundations for what the NFT space is today. Since then, notable figures have also entered the space, whether it be via creating their own projects or simply collecting. The influx of celebrities in recent months has been extremely valuable in terms of expanding the reach of NFTs but, in the NFT space, everyone starts from square one and value does not arise from influence. For many celebrities that created NFT collections without considering the long term, their NFTs have failed to sustain value, therefore reinforcing this point.
There is a difference between celebrities that have provided value and those who have sought to profit from the space. Take, for example, Pharrell Williams, Snoop Dogg, Jimmy Fallon, Tom Brady, Paris Hilton, Post Malone, The Weeknd, Stephen Curry, Lil Baby, Timbaland and DJ Khaled. They are all celebrities who have bought into collections and displayed them as their profile pictures.
These celebrities have certainly been a major catalyst for the growth of the NFT space, and as the number of celebrities in the space snowballs, there is no doubt that their influence will help to cement the crypto culture into the mainstream. But, most importantly, they are joining us — they are not changing the dynamics or making the rules. The NFT space is a collaborative effort, and we are building value together.
Related: Celebrities are embracing NFTs…