• Among corporate and celebrity NFT launches, individual artists and crypto collectives have flooded the market with this new digital media sale format.
• Typically, the value of an NFT is either dependent on its real-world price or speculation.

At some point two years ago, a malevolent individual snapped their fingers like Thanos and ushered in a new era defined by NFTs. Some people love them, some people hate them, and celebrities keep trying to sell them to us.

Among corporate and celebrity NFT launches, individual artists and crypto collectives have flooded the market with this new digital media sale format. Since 2021, the amount of NFT trading has risen to more than $17 billion.

The D-O-Double-G will literally agree to anything. Snoop dog launched an NFT collection “A Journey with the Dogg” in 2021. The collection was a digital dive into his career and personal memories, and proceeds benefited his youth football league, sure why not? The rapper is still deeply involved in the crypto art world.

Lindsay Lohan, an American actress, and singer are doing whatever she can to make a buck. While I’m not pleased that she released one of her first singles in years as an NFT, or that she chose to sell custom “fursonas” not long after, it wasn’t at all surprising that the actress and Grecian dancer dipped her toe into the world of NFTs. The actor and singer did enrage a good portion of the internet with her first drop, but she’s still pursuing her lucrative NFT career.

If it were up to me when asked whether the Scottish “someone you loved ” singer seems like the type of guy to get into NFTs, My answer would be no. Well in 2021, the singer dropped a couple of digital trading cards. Later on, the celebrity went offline, erasing all traces of his NFT launch from his social media pages, and claimed that he is taking a break to work on his new album. Who knows whether he is cooking up another NFT in that studio?

It is tuff to sometimes trace what the pop singer Shawn Mendes, is up to. Mendes’ digital wearables NFT was an accompaniment to his album Wonder, which was far too long and had some strange creative choices. At least all the money went to a Shawn Foundation grant for digital artists,(NFT artists).

Thanks @genies for partnering with @shawnfoundation to launch a Wonder Grant for digital artists, & an auction/digital drop on @opensea, proceeds going to SMF. Text WONDER to 16503767980 to claim a free digital wearable & nominate a digital artist https://t.co/P0W8O4Egsi pic.twitter.com/ChOpe7dWna

— Shawn Mendes (@ShawnMendes) February 25, 2021

Celebrities and their impact on crypto tokens

In conclusion, let me pose the billion-dollar question. Are social media personalities supposed to be doing promos for cryptocurrencies? Maybe yes, but this is only if the celebrities take into consideration the terms and conditions that apply according to the Securities and Exchange Commission. This is if they do not want to end up paying a fine and get bullied by the regulatory commission.

As Gary Gensler, CEO of the SEC said in an official statement the case of the mega influencer Kim Kardashian should serve as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.

Influencers have an effect on cryptocurrencies, majorly NFTs. The prices of digital assets majorly depend on the social hype and energy around them. Hence if an NFT owner doesn’t promote the token socially, it will shed value. The more an NFT project gains demand from the community, the higher its floor price.