The NFT space has come a long way since the classic projects like CryptoKitties and CryptoPunks. What started as a small cult following has become a mainstream $17 billion industry. Many celebrities are realizing the power of Web3, and how they can use it to interact with their fans and further define their brands. 

Celebrities have the power to influence and drive mainstream adoption. The opportunities presented with NFTs have huge financial incentives. With this comes a lot of responsibility. If celebrities create projects with a lot of value for fans, it will go a long way toward mainstream adoption.

On the other hand, if celebrities launch horrible projects, or even rug pulls, that could potentially set the industry back in a significant way in the eyes of new retail investors. Some celebrities have already made bad choices that have negatively impacted the image of the space. 

While some celebrities are giving the NFT space a bad name, others are using it to create meaningful projects: 

  • Reese Witherspoon’s media company has partnered with World of Women to develop feature films and a TV series based on the characters. World of Women is a collection of 10,000 NFTs by women artists.
  • BFF, founded by powerhouse names like Mila Kunis, Gwyneth Paltrow, Tyra Banks and Kate Hudson, seeks to help women and non-binary people get involved in Web3 through education and community. 
  • Shaq also raised $2 million for underserved kids with his Shaq Gives Back NFT collection.
  • Paris Hilton released an NFT collection in 2020 and donated the proceeds to Meals on Wheels.
  • Shawn Mendes’ Wonder NFT collection proceeds went toward his foundation for grants for digital artists.

There is a lot to learn from these successes and failures. Here are some tips that could help you lean more toward success than failure: 

Have a strong roadmap and keep building after the initial launch.

Make sure your roadmap is ambitious but doable. Many projects never gain momentum because the roadmap falls apart. Sometimes this happens even before the launch! Make sure to regularly audit your milestones and update your roadmap as well. It’s important to hold yourself accountable to your community through a commitment to the project. 

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Focus on the utility of the project.

Don’t just drop an NFT collection and run. Keep building out the utility. If something doesn’t work, you can always redirect, but make sure you’re bringing value to your holders!

Partner with strong NFT projects to uplift and elevate worthy communities.

You don’t always have to create your own project. Using your reach to elevate worthy projects is a great way to get involved in the NFT space.

Use the immutable power of blockchain to give back to charity.

Take advantage of the transparency of blockchain to donate proceeds to charity. You can even program a percentage of sales to automatically go to a wallet for your chosen charity, which gives holders a reason to feel good about their investment.

Empower marginalized groups by helping them get involved in the growing Web3 space. 

As with anyone else, it’s important to empower the right people. It’s also important to ensure that these groups are provided with the tools they need to get involved in the NFT space. There are plenty of minority players in the space, and it’s important to elevate those that deserve it. 

The sale of an NFT is only the beginning; there is infinitely more to do in order to continue to add value to your communities. Celebrities have built communities. NFTs take this a step further in engaging with those people via technology while providing a human element. It is imperative to remember the importance of adding value and giving back, and not taking advantage of those loyal followers.

Amanda Whitcroft is the founder and CEO of Panda PR.

This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.

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