Hey, traders. Matt here.
I have a question for you: How do you know when a product hits the big time?
When NFTs started, it was mostly a lot of independent tech and art, with trading enthusiasts getting into the fray. Not exactly mainstream…
Of course, there’s the occasional anonymous rich person or entity that buys potential hit projects.
And while that kind of price action can have ripple effects on the industry at large, it’s still easy to wonder if the ‘next hot thing’ is really just a one-hit wonder…
That is, usually, until celebrities get involved.
After all, what says popular better than a buy-in from huge pop stars and beloved celebrities? Let’s take a look at the latest celebs buying into NFTs — and how it can benefit the larger market.
NFTs of the Rich and Famous
Actors and pop stars are hot on the NFT trend. Let’s take a look at a few of the most popular celeb NFT endorsements and what it could mean to have such big influencers joining the party.
1. Madonna Gets Her Ape On
Nothing says “I’m still relevant” like dropping over half a million dollars on a Bored Ape, and that’s exactly what Madonna did.
Madonna’s now the proud owner of Bored Ape #4988 — a hot-pink ape with a biker hat and evil eyes all over its neck. She announced that she “finally entered the MetaVerse” on Twitter.
The pop star used MoonPay to buy the $564,000 ape and reportedly owns 17 NFTs from eight separate collections.
The Material Girl needs no introduction and has millions of followers. Most brands highly favor social media influencers when it comes to advertising these days…
And celebrities are the ultimate influencers. Madonna’s purchase of a Bored Ape Yacht Club NFT puts her in the company of Eminem, Paris Hilton, Gwyneth Paltrow, Shaq, and Justin Bieber.
When you get this many A-listers to endorse a product, it’s pretty much entered the mainstream. Popularity like this could inspire those who follow these celebrities to buy into NFTs as well.
BAYC NFTs may be out of many traders’ price ranges … But if the trend continues, smaller celebrities might induce NFT projects that they think are genuinely cool even if they’re not status symbols yet. And those could become great buying opportunities for the average trader.
2. Will Bill Murray’s NFT Stories Get Found in Translation?
When you think of glitz, glamour, and cutting-edge technology, you probably don’t associate that with famous “Ghostbusters” actor Bill Murray. Can that be a good thing?
Currently, the majority of NFT purchasers are in their early 20s and 30s. Not exactly the generation of people that grew up with Bill Murray on screen. But could that mean an opportunity for wider adoption?
Murray’s NFT collection, called the “Official Bill Murray NFT 1000,” features a photo of the celebrity along with a unique story about the Hollywood icon.
When asked why he hadn’t shared the stories before, Murray told HYPEBEAST: “The timing has never been right, nor has the storytelling vehicle. I don’t want to film a documentary or write an autobiography. Social media is for the birds. Still, I wish most people would understand how much I like fresh eggs, laid daily.”
Traders, keep your eyes peeled for how these NFTs do once they hit the market. But don’t just pay attention to how well they sell — pay attention to who’s buying them. Then form a thesis about why that might be and what else that audience might consume next.
3. Snoop Dogg Trots Onto the Scene
Musical artist Snoop Dogg is the proud owner of $17 million worth of NFTs. And he’s playing an active part in their creation.
He launched a limited edition Snoop Dogg and Globetrotters NFT collection that included his Harlem Globetrotters theme song.
It was part of a larger project that included an NFT sitcom, also with the Harlem Globetrotters, called “Da Dogg Gone Gym.”
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Snoop Dogg also previously released an original track called “NFT” and “Snoop Dogge Coins.”
Artists like Snoop Dogg tend to apply their creative talents to collaborations in original ways. As a trader, you want to keep your eyes on them for their potential to set trends. Sometimes, a celebrity will use new technology in innovative ways, and if it becomes popular, copycat projects and sympathy plays could follow.
Celebrities know their influence carries weight. That’s why they take their time before they put their name behind something. They want to make sure it has value.
I can say the same thing about my mentor Tim Sykes. He was slower to adopt NFTs than I was. He’s comfortable with his strategies and he doesn’t need to buy into new strategies until he’s convinced otherwise.
This is a guy who used to make fun of NFTs — and boy, has he changed his tune.
Some trends you just can’t deny. For Sykes, NFTs are the hot trend he’s ready to teach you all about. And he’s not doing it alone. He’s hosting a special guest who found wild success in NFTs. Tomorrow, March 30, at 8 p.m. ET, you can find out his strategy. Don’t miss this once-in-a-lifetime opportunity to learn how you can trade NFTs — click here to hold your spot now!