While some describe celebrities and NFTs as “a match made in hell,” it’s time to accept that celebrities are involved in new, exciting innovation — especially if there are new ways to interact with their fans while elevating their brand. NFTs offer a wide range of opportunities to do both, so it only makes sense to see celebrities hopping on the bandwagon.
The problem is this: NFTs are an incredibly new space. They can be complicated and difficult to understand. Knowing how to utilize them can be a daunting task. How can celebrities differentiate between a scam and a legitimate project? What steps are involved in launching their own NFT series? What can they do to build community and maximize the experience for hodlers after launching their own NFTs?
With all of these minefields to navigate, celebrities need to educate themselves and surround themselves with the right advisors. It is all too easy to buy an NFT and get lost in the noise, or accidentally screw over investors (aka loyal fans) without a good roadmap and strategy. They cannot rely on their old interpretations of branding and marketing in this new space.
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 Gives Back, after purchasing Mutant Ape Yacht Club and Creature World NFTs. Brie Larson, on the other hand, faced major backlash after unveiling her NFT profile picture. Fans called her a hypocrite, and even went so far as to say they hated her for purchasing a Flower Girls NFT. They also cited concerns about the environmental impact of NFTs. This was a reminder of how important messaging and strategy can be for those in the limelight.
NFTs are also set to take Instagram by storm, vindicating 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’s success 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 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.
Leaders and advisors in the NFT community must be willing to bridge the educational gap if the space is to continue growing. Either way, NFTs look like they’re here to stay.
Amanda Whitcroft is the CEO and founder 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.