Should You Follow Celebrities’ Way of Investing in NFTs?

Here’s what you need to know before investing in NFTs as a celebrity or fan. The world is keeping up with the trend of NFT quite impressively. The crypto world is abuzz with the news of unique virtual tokens and the talk of digital collectibles that can represent anything, be it a remarkable art piece or any sports memorabilia.

With the entry of powerful acting moguls like Amitabh Bachchan, Eminem, Snoop Dogg, Tony Hawk, Ellen DeGeneres, and Sunny Leone into the NFT world, the NFT is ready to gain mainstream status in India. But is it just for celebrities? Definitely NO!

Celebrities into NFTs & The Buzzing Trend

Popularly known as ‘Ulaganayagan’ to fans, Kamal Hassan, who has gained a fathom-like status in Tamil cinema, has followed the trend. Hassan has made his debut in the Metaverse, the first Indian celebrity to own a digital avatar in the world of Metaverse.

Legendary actors and actresses are embracing the trend of NFT, giving their fans a new platform to connect with them. With celebrities in the fray, influencers, cricketers, and even crypto enthusiasts are lining up to create NFTs to invest and sell them.

Global data reveals that online sales in the worldwide art and antique market skyrocketed during the pandemic. It raised nearly 107% in 2020 over the previous year, amounting to $12.4 billion in 2020.

In light of such astonishing data, the digital tokens may prove to be an excellent investment option; you can mint your artwork or buy instantly recognizable pieces by various international artists. The global NFT sales volumes have rallied to $10.7 billion in the third quarter of 2021, 8 times the overall increase.

Both crypto enthusiasts and artists find NFT collections to be an inspiring platform for investing. Moreover, they can mint their works or expand their art portfolios. With that in mind, why should you consider investing in NFTs? Can we give you 5 convincing reasons? Let’s get started.

Five Reasons to Invest in NFT as an independent artist

1. Preserving the art form for a lifetime:

Being an artist yourself, creating personalized digital artwork can be a great way to preserve your ideas for a lifetime. Digital art sells for millions in auctions, and you make money once the works go for sale while immortalizing your NFT art. That’s cool, isn’t it?

2. Stand out from the crowd by digitizing your artwork:

NFTs are becoming increasingly popular to sell unique works of art or music, especially if they have a significant collectible value that increases over time. You can set a benchmark like Kamal Hassan entering the Metaverse with his digital avatars.

NFTs digital art is more than just content; it gives you ownership rights, with an unbreakable contract which you can sell or transfer. Thus, non-fungible tokens offer you global exposure.

3. Developing a closer relationship with your fans:

The global NFT marketplace is establishing new definitions of how celebrities and collectors team up. Offer personalized and curated experiences to creators and collectors. Fans and collectors have multiple trade-off options integrated into a well-established blockchain.

Amitabh Bachchan’s NFT collection created a massive uproar among fans due to his father’s poem, recorded in the superstar’s voice. The reason is a stronger bond between a celebrity and their fans that implies a larger following. Similarly, by tokenizing creations, fans become more connected to their stars by owning their NFT collection.

4. Leaving a legacy behind for your fan-following:

With celebrities trading in NFTs, the cryptocurrency craze has escalated substantially. However, tokenizing your unique creations can help you

  • Get the deserved exposure.
  • Develop a closer relationship with your fan followers and
  • Preserve your amazing art for future generations even after your era in the creative industry and real life.

5. Be an iconoclast to invest in NFTs:

As observed, celebrities entering the crypto world have caused a stir in the entertainment industry. It helps them to honor their exceptional talents. Similarly, by digitizing unique artworks, a star can inspire fans to mint their artworks, as well. In this way, your example will serve as an inspiration for others.

Well, those are some convincing reasons to make your place in the NFT marketplace. But all good things come with a combination of glitches. Like any digital asset market, NFTs are prone to wash trading, digital art forgeries, and wrong value estimations. Isn’t that troublesome?

What’s stopping you from getting into NFTs?

NFTs bear a unique certificate of authenticity which makes them rare and highly valuable. Here are some recent trends.

However, this is not a new phenomenon, nor is it surprising. But before choosing to mint your first NFT, you need to stay informed about the NFT marketplace. Let’s clear your investment confusion with some better examples. Let’s take NFTs as a whole. We promise to reveal unbiased data.

That’s a huge volume. Let’s also have a look at the hottest NFT trends happening right now.

  • A new NFT contender emerged earlier this month, showing that fashion isn’t always predictable. Bored Ape Yacht Club, which features bored apes with various expressions, has taken over the NFT world.
  • In EthereumRocks, you will find 100 NFTs that depict images of rocks from royalty-free clip art. The only difference is the color. In early August, cartoon rock pictures were selling for more than $100,000. Millions were being traded by the end of the month.
  • NFTs depicting toilet rolls or tacos were minted as NFTs during the last wave of NFT mania. The difference in the second NFT boom is that brands are buying existing NFTs rather than creating their own (that people don’t want).
  • With NFTs, it’s possible to break them up into smaller (cheaper) parts so they can be afforded even by the less affluent.
  • As of June, Axie Infinity, an Ethereum-based game, had racked up more than $1.6 billion worth of NFT transactions, more than any other single project or collection.
  • $583 million worth of trading volume was recorded by Art Blocks in August alone, as collectors bought new releases and paid high prices for second-hand pieces.

So, Should you consider investing in NFTs?

Absolutely!

With the guardians of the NFT ecosystem, bitsCrunch by your side, you can kickstart your NFT journey with ease, fewer complications, and seamless integration of AI-based tools.

bitsCrunch brings the flagship product Scour, mitigating wash trading by an astonishing 40% in just two months of integrating it into your NFT portfolios. Apart from Scour, we have Crunch DaVinci to flag forgeries and Liquify, to estimate digital assets, all powered by AI.

Finally,

With time, the NFT market is evolving. New technology is usually associated with inflation, experimentation, speculation, and scams! However, NFT has an actual use-value, solving real problems.

Even if the current hype dissolves, NFTs are here to stay. Before you dive into investing in the NFT marketplace, you should regularly check the wash trading index and follow NFT price data from time to time. Celebrities and independent artists can conclude that artists or creators can safely opt for NFTs as a possible investment, defying their work.

To know more about NFT related transactions and information, stay tuned to Unleash NFTs (NFT Market Cap), launching soon.

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