This has been a habit for some time, and every stellar ad usually promises some form of communication or exclusive opportunity. But for most people who don’t own cryptocurrency or NFT (and may not care about it), the big names and expensive technology concepts they promote really do make amazing bedfellows.
Take a few recent examples: last week, Madonna released the stunning NSFW NFT collection, which featured images of her birth tree, as well as a 3D model of her chassis. True, the reaction was mixed.
Earlier this year, there was an incident with Bree Larson in which the Marvel actress took a look at what she called her “corner” of the metaworld. The 30-second video on Twitter featured a blonde avatar, only casually similar to Larson, who clumsily shuffled around a virtual museum filled with NFT art.
Countless other stars, athletes, artists and even sports teams have taken similar precarious steps to promote crypto or NFT partnerships, sometimes ridiculed by critics who see NFT as a money-making venture that doesn’t benefit fans – or at least not those in which there is not much money.
READ MORE: What is NFT?
Also, even the sexiest promise of owning digital art or real estate cannot overshadow the instability of the current cryptocurrency market. NFT sales have fallen 92% since September 2021. Panic in the crypto market has reached the ears of US regulators. Parts of the NFT, which were bought for millions of dollars and promised to be a stellar investment, have disappeared. In fact, the first tweet of NFT founder on Twitter Jack Dorsey, which sold for $ 2.9 million in 2021, attracted a high bid of just $ 280 at an April auction.
Have we reached a critical mass in the NFT market? We are in the last days it is influencer or what movie star pushes high dollars towards digital goods?
Where is the crypto train going?
For Benjamin Behruz, these growth pains are part of a long game. Behrooz is the founder of Branding Los Angeles, a branding agency that focuses, among other things, on the NFT partnership. He says the number of powerful customers and companies looking to develop NFT projects is increasing day by day, and soon major retailers will accept payments in cryptocurrencies.
He says what we see now; the awkwardness and cultic aggression of cryptocurrency promoters is wheat that separates from chaff.
“Now these things can have a very small audience. But it’s like the beginning of a roller coaster. You work, you get up and you go up, up, up, and then comes the payoff,” he told CNN.
It is true that cryptoverse is still exclusive. It is estimated that about 46 million people in the United States have invested in bitcoin, the most famous cryptocurrency. There are about 300 million crypto users worldwide, or about 3.9%.
Once this cryptocurrency is invested in things like NFT and the metaworld, the circle becomes even smaller. According to one estimate, only 360,000 people owned every available NFT, and 80% of the value of this market belongs to only 9% of the owners.
While celebrity recommendations can complete the future where people buy and sell exclusive virtual goods as easily as at kiosks, the modern world of digital assets is a small body of water filled with very, very big fish.
Who is contacting whom?
What these big fish hope to sell to their smaller followers is a point of contact – a ticket to the pond if you will. Opportunity to swim next to them.
“They’re trying to prove that just as you can become a member of someone’s fan club in the analog world, now you’re just doing it digitally as part of someone’s NFT sale or metaworld. You can have a certain amount of insider access “, Paul R. La Monica of CNN Business
Maybe that’s why someone paid $ 450,000 earlier this year to become Snoop Dogg’s “neighbor” in the metaworld, or that’s why Paris Hilton has consistently promoted NFT and cryptocurrency projects. (Even if some attempts aren’t convincing, such as the wide-ranging chat between Hilton and Tonight Show host Jimmy Fallon, in which the couple discussed their NFT yacht clubs Bored Ape.
Dolly Parton used the same element of communication when giving NFT at this year’s SXSW conference, even as people questioned the 76-year-old’s cozy country atmosphere and the financially risky hypertechnic concept mostly adopted by young people with native technology literacy.
Behrooz says the key to any good partnership – one that doesn’t feel compelled or inorganic – is to really explore the celebrity or influential person who will be involved in the project. Who is their audience, for example, or what values do they have? It has to be someone real who has a close relationship with the fans, he notes.
This is especially important in the world of NFT, he says, where people can easily fall victim to fraud or mismanagement.
“People are starting to become aware of the situations in this space where they are being used,” he says. “So you have to look at man-made communities.”
Not surprisingly, the most active in these digital spaces may have never listened to a Snoop Dogg or Madonna tape. They probably don’t even remember than the famous Paris Hilton.
“It’s clearly more common among young people with more numbers, because for this generation, money has always been more conceptual,” says La Monica.
People who are admired by the younger generation often become famous through other media, and this tests our understanding of who exactly this celebrity is and where their influence lies. NFT may seem better off, for example, with a YouTube star or an influential TikTok figure who became famous from his basement rather than with an old guard dubbed the tabloids.
“We are not changing our approach,” Behroz said. “That’s where the market is to turn people into believers.”
In the future that the faithful of the metaworld dream of, the stars will be able to regularly hold concerts or meetings in cyberspace. People could buy special items for their avatars – virtual versions of themselves that will live in this new world. Behrooz says he was impressed with some of the ideas he saw about ways to interact with the metaworld, like custom homes and NFT, which turn into exclusive, real access to clubs or other events.
As now, celebrity-promoting digital assets are often overpriced or hosted on platforms that require exclusive access rights. Communication with fans at best often feels weak, and at worst – predatory. But as the crypto race continues, stars of all stripes will run together, hoping to bring their followers – and their money – into the future.