What once started with blockchain-based kittens in 2017 has quickly grown to become a global industry worth billions of dollars in 2021. Non-Fungible Tokens (NFTs) are yet another cryptocurrency phenomenon that has captured the attention of retail traders, institutional investors, and more recently, some of the biggest celebrities on the planet.
These unique digital assets have evolved since their inception to become more functional, thereby, providing the market with new levels of utility. In industries such as gaming, NFTs can serve as collector’s items that users acquire to improve their ranking and transform that status quo of gaming by enabling players to earn income from the game itself. For celebrities and artists, NFTs represent the missing link to ensuring the content they produce remains authentic and irreplaceable.
Big Names in the NFT Ecosystem
The list of A-List celebrities that have taken to the NFT marketplace is extensive and rapidly growing. International rap icon Eminem recently released his first NFT collection called Shady Con NFTs and made an impressive $1.8M in the process. The collection, featured on the Nifty Gateway platform, contained some original music produced by “Em”, as well as trading cards and comic books. The rapper had this to say about his move into NFTs:
“I’ve been collecting since I was a kid, everything from comic books to baseball cards to toys, as well as every rap album on cassette I could get my hands on. Not much has changed for me as an adult. I’ve attempted to recreate some of those collections from that time in my life, and I know I’m not alone.”
Rap mogul Jay-Z also entered the world of NFTs when Sotheby’s auctioned off “Reasonable Doubt” in June of 2021, a digital asset work of his first album cover debuted in 1996.
But musicians are not the only artists realising the value that NFTs bring to their craft. American actress and global modelling superstar, Emily Ratajkowski, minted her non-fungible token aptly named, “Buying Myself Back: A Model for Redistribution”. The intended message? To demonstrate a clear effort to fight back against unauthorised redistribution and use of her images. Once the token was sold, she took to Instagram saying, “NFTs carry the potential to allow women ongoing control over their image and the ability to receive rightful compensation for its usage and distribution”.
Other big names in NFTs include tech entrepreneur and Shark Tank favorite Mark Cuban, Hotel-Chain Heiress and celebrity model Paris Hilton, and sports organisations such as the Golden State Warriors, among others.
It is evident that NFTs have found a place in preserving the uniqueness of art, music, and even original tweets like that of Twitter founder Jack Dorsey. However, the application of NFTs goes far beyond that of tangible objects. They have also found a home in preserving real-life experiences such as concerts, meet & greets, and live gaming events.
Participants at these NFT-based events can record their experience on a unique digital asset, and do so without the worry of its reproduction, by way of countless Youtube videos that include edits and inserted opinions.
$BURP — Connecting NFT partners in the Digital Ecosystem
Until now, the growth of the NFT industry has been nothing short of extraordinary, but we are far from the peak of its popularity. As NFTs become more mainstream and their utility continues to expand to different industries, they will attract the attention of new users, gamers, collectors and digital art traders, who will undoubtedly want to enter the space.
The $BURP ecosystem hosts a wide array of NFT project partners in the space featuring the likes of The Sandbox, Avastars, NFT Boxes, Polkamon, Ethermon, ChainGuardians, and Crypto Prophecies, with more to come. $BURP has recently pioneered an NFT Raffle concept that will feature exclusive generative and partner NFT drops, so be sure to keep in the pipeline.
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$BURP is the official token of the $BURP ecosystem of products including but not limited to non-custodial token management, staking mechanisms, NFT raffles and swap-fee rewards via $BURPback.
Cryptocurrencies and crypto tokens are generally not regulated and investors do not have access to recourse or compensation schemes such as, for example, in the UK, the Financial Ombudsman Service or the Financial Services Compensation Scheme. Investing in cryptocurrencies and purchasing crypto tokens can be high risk and investors should carefully evaluate their appetite for risk and their understanding of trading cryptocurrencies prior to entering into a transaction.