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ART & COLLECTABLES

What Do Celebrity NFTs Actually Achieve?

NFTs are becoming increasingly popular among celebrities, who are buying and manufacturing them. However, where can you get a celebrity NFT? And what exactly does it accomplish?

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Among the selfies and holiday photographs on your morning social media scroll, you may have noticed messages from celebs advocating NFTs.

NFTs are blockchain assets that are one-of-a-kind due to identifying information stored in smart contracts. NFTs can be used to tokenize anything from music and images to movies and artwork.

The majority of the controversy surrounding NFTs occurs on Twitter, because the platform allows NFTs to be used as profile images in hexagonal frames rather than the standard circle frames that everyone else must use. Celebrities such as Paris Hilton, Justin Bieber, and Gwyneth Paltrow have jumped on board as the buzz develops. If you own a Bored Ape Yacht Club NFT, you already know that you have access to private communities and digital rooms where your favorite star hangs out and interacts with fans.

But it’s not just about grabbing the newest ape from the Bored Ape Yacht Club or the newest XCOPY artwork. Celebrities are now designing their own NFT pieces; for example, Snoop Dogg’s line is available on OpenSea, while Paris Hilton collaborated with Superplastic to curate the “Past Lives, New Beginnings” collection.

Grimes, a Canadian singer who was one of the first to cash in on the NFT game, has sold $6 million worth of digital artworks. Grimes became one of the best-selling NFT creators in the world thanks to her WarNymph collection of ten artworks, which successfully created enough excitement and demand for her work.

Even Eminem got in on the game, releasing his “SHADYCON” collection on Nifty Gateway and generating $1.8 million through the sale of digital action figures and musical tracks.

The issue here, of course, is that not everyone can own a work of art created by their favorite celebrity. They miss out on the chance to interact with celebrities when they miss out on impending celebrity NFT releases. This provides an untapped opportunity in the market, and one firm has discovered out how to take advantage of it while allowing fans to get closer to their heroes.

There is a need to establish a platform for singers, actors, and sports figures to develop and host their collections for a wider audience now that so many celebrities are becoming advocates for cryptocurrencies and NFTs. Making it easy for them to participate in the blockchain revolution may even persuade long-time followers of these musicians to invest in bitcoin and NFTs.

nOFTEN, a brand-new NFT marketplace that brings the premium gallery experience to the internet world, will host this platform for celebrities. This digital gallery, on the other hand, will solely contain celebrity-curated collections for fans to trade, share, buy, sell, and experience previously unseen moments.

The platform connects artists with their fans by providing an easy way for them to engage with loyal fans and share exclusive content in the form of NFTs. Among the prizes offered would be a personalized film, a new song, a chance to dine with a celebrity, and a video call.

The blockchain network Etherlite would support all of the above, and combining them with the website would tie the project together and enable both communities – artists and fans – to join and communicate with one another.

People are migrating to the metaverse for everything from work and school to grocery shopping and sports, which is closing the digital divide. nOFTEN bridges the gap even further by bringing together artists and their loving fans, allowing them to learn, wonder at the art, and grow.

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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