What Is an NFT?

Whether you are into cryptocurrencies, you’ve probably heard of NFTs. Many, many celebrities have joined the NFT game, bringing more attention to it. But some people are left wondering: What exactly is an NFT?

What is an NFT?

NFT stands for “non-fungible token.” It refers to a set of data in a blockchain that is tied to a piece of virtual goods, such as a drawing, a song, a video, etc. When someone owns an NFT, their ownership is recorded in the blockchain. 

Since 2020, NFT trading has exploded around the world. Numerous people started creating their own NFTs and passing them around for various prices. Some NFTs have even been sold for millions of dollars.

There are even conversations about NFT changing the art world, with more and more people interested in collecting digital art. According to Wired, major auction houses are getting into the NFT game as well. However, some people also believe NFTs might be a bubble that is on the verge of bursting.

Celebrities who’ve sold NFTs

Several high-profile celebrities have sold NFTs. For example, in 2021, director Quentin Tarantino announced plans to sell NFTs with never-before-seen content from his popular movie Pulp Fiction. In response, Miramax sued Tarantino and claimed the studio had intellectual property rights. But according to Hype Beast, Tarantino did manage to sell one NFT in early 2022 for $1.1 million.

Meanwhile, 90 Day Fiancé star Stephanie Matto has sold some unusual NFTs. In 2021, she decided to sell her farts in jars. However, after experiencing some health problems, she switched to selling NFTs of her farts in jars instead. Because of this, Matto has boosted her net worth significantly in the past year.

In early 2022, rapper Method Man also started selling NFTs via a platform called Metaverse. There, fans can buy NFTs related to the content of his self-titled graphic novel. Method Man said in a press release, “We wanted to provide a safe place for everyone interested in all things hip-hop, comic books, skateboarding, gaming, Web 3.0, and, of course, art.”

Celebrities who have bought NFTs

Some celebrities have even shelled out money to buy NFTs. A notable example: Justin Bieber, who spent $1.3 million on a Bored Ape NFT in January 2022. As reported by Page Six, this was well above its market value of $208,237.

Fans have speculated that Bieber’s interest in NFTs could be due to his manager, Scooter Braun. Braun is known for managing other stars such as Ariana Grande and Demi Lovato, and he is a well-known face in the entertainment industry.

In March 2022, Braun reportedly sold his home in Austin, Texas, to Wayne Vaughan, the CEO of blockchain startup Tierion. The purchase was done via Bitcoin and is considered one of the biggest cryptocurrency real estate transactions in the country.

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