Celebrity NFT lovers are setting the price and value of their favourite projects. Or at least that’s the message we’re getting from a new report by DappRadar NFT Financial View.
It should go without saying by now that famous faces and non-fungible tokens make good — if expensive — dates. We’ve seen everyone from Jay Z and Steve Aoki to Reese Witherspoon dive into this side of crypto, and their loyalties can make a huge difference to the success of individual projects.
DappRadar has put together an in-depth look at this situation, which is well worth a read. Examining the crypto wallets of several prominent public figures, the article makes a convincing use case for DappRadar NFT Financial View.
Wait, What is DappRadar NFT Financial View?
The answer is simple, really. DappRadar NFT Financial View allows users to analyse NFT purchases and assess the net worth of individual wallets that have been vetted by the platform. Unsurprisingly, many of these are owned by celebrity NFT lovers.
The DappRadar analysis starts with Jay Z. An obvious choice since he’s been snapping up tokens for some time now, and shouting loud about them. According to the numbers, he has made $242,000 from NFT investment. This includes a projected 90% profit from CryptoPunk #6095, if he decides to sell.
Next up is the cake-throwing EDM menace, Steve Aoki, DappRadar suggests the producer, pizza chain-owner, and Dim Mak empire boss has a wallet worth $3.15million. His collection of Bored Ape Yacht Club is a major contributor to that value. Although it’s worth noting his 21-strong set of Doge Pound NFTs also helps.
How Celebrity NFT Lovers Impact You
Suffice to say, celebrity NFT lovers are also bonafide sector influencers. A single tweet about a specific collection can easily catalyse a bidding war for those tokens. It’s also worth noting that by spending big money on individual assets, these high-profile collectors ensure rival buyers will go equally high or higher in order to stand a chance of winning the price war.
As we have said in the past, it’s crucial that anyone buying NFTs understands how the markets work and what to look out for when deciding on what collection(s) to snap up. NFTEvening’s Beginner Guides can help. For Example, our overview of gas fees and the hidden cost of non-fungible tokens. Or this look at the best crypto wallets.