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Report: Celebrities’ fame does not guarantee the success of their NFTs

Celebrities have flooded the NFT space in the past few months, with some dropping NFT collections and other popular NFT projects taking on. This includes Snoop Dogg, also known as Cozomo de ‘Medici, who has proven himself to be a passionate NFT collector for most of 2021. Another example is American football player Tom Brady, who started a sports NFT platform.

Artist Emily Yang, popularly known as Pplpleasr, Cooper Turley, a DAO developer and crypto influencer, and Alex Masmej, CEO of the Showtime social network, spoke during the GeckoCon streaming conference, which was held Nov.

During the conference, the panelists agreed that having celebrity participation in the NFT industry was beneficial. Turley pointed out that famous people play a significant role in the industry. However, he noted that celebrities shouldn’t give their fame to crypto and the Web3 space and should expect their projects to be successful.

While celebrities joining the NFTs space allowed the sector to grow immensely, Turley noted that social c -ital in the old world doesn’t directly mean one-on-one in the burgeoning collector’s space.


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The NFT room isn’t ready to deal with the huge fan base of celebrities

According to Turley, Web3 technology is not yet ready to meet the demand that comes with its massive following of renowned celebrities. He gave an example of Drake dropping an NFT project and saying it could be hyped. However, the conversion rate would not match the reception of the project as joining the crypto and NFT space is often challenging.

He added that platforms may also struggle to cope with the sudden surge in demand. Turley further noted that the still evolving Web3 space has a humanizing nature when it comes to oversized celebrities. To do this, he believes celebrities need to invest time and interact with the community in order to generate stable, consistent interest.

Turley also noted that

When you enter the NFT room, start from seat one.

Repeating Turley’s views, Pplpleasr said that about 80% of celebrity fans have not yet joined web3 and may have difficulty doing so. She added that being famous in the traditional world doesn’t guarantee success in the NFT space.

Celebrity NFTs aren’t always successful

Pplpleasr acknowledged that several famous people like Snoop Dogg, Kings of Leon, The Weeknd, Grimes, Tom Brady and Rob Gronkowski have successful NFT experiences. However, not every celebrity has had a blissful experience with NFTs. Examples include wrestler John Cena and r -per AS – Rocky, whose NFTs sold below their original retail price.

Masmej, on the other hand, said he was delighted with how the NFT room is bringing out its own celebrities. According to him, Pplpleasr and Turley are the web3 equivalents of Charli D’Amelio, who became a star through TikTok. He added that NFT stars are more interesting than celebrities who got famous in other ways.

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