Major players like Snoop Dogg, Eva Longoria, Matt Damon, and more are entering the NFT space. Some have found success, others not so much. Beloved NBA Hall of Famer Shaq recently raised over a million dollars for his charity, Shaq GivesBack, after purchasing Mutant Ape Yacht Club and Creature World NFTs.
NFTs are also set to take Instagram by storm, indicating those who believe NFT mass adoption is closer than we think. NFTs could also potentially change social media dynamics for stars. They are contractually obligated to post on social media outlets to update their fans on happenings in current projects. Stars could potentially utilize the utility of NFTs to raise brand awareness and interact with their fanbase while fulfilling their studio commitments. Instagram’s adoption is proof major players like Mark Zuckerberg believe NFTs are a huge part of staying relevant in the digital age.
There are a lot of opportunities for celebrities and brands in the NFT space right now. Snoop Dogg has been at the forefront, turning Death Row Records into an NFT, label, offering fans exclusive opportunities for owning his NFT tracks, and even offering earning potential for his music NFTs. Snoop Dogg has become a major face in Web3, and he’s done it with the help of the right advisors. He didn’t just throw money at projects and expect them to succeed. Snoop Dogg was thoughtful and strategic in every approach. He wanted to maximize the experience for investors, not just make his investment back.
Celebrity NFT projects offer a huge opportunity for not only the stars, but for their fans and investors as well. However, education surrounding NFTs and Web3 is critical. This culture clash is only going to become more pronounced, and Hollywood’ssuccess hinges on good advisors. It’s not just Hollywood’s success that hinges on good advisors, but the success of their fans who have chosen to invest in their projects.
Many laymen have not made this a connection. NFTs became a $41 billion industry in 2021. It has become a massive market with tons of opportunities for retail investors. Teaching the importance of utility and community building is paramount to the future success of celebrity projects because the success of NFTs hinges on the willingness of fans to participate. If celebrity projects are unappealing to fans, they won’t make money, which means HODLers won’t see their investments pay off either.