Celebrities and cryptocurrency have a strange relationship. Thus far, most celebrity involvement has been either scams or through paid promotion.
There is no doubt that we live in a culture that values the opinions and actions of those who are famous. Whether they are correct appears to have little consequence.
The recent hack of Twitter shows how powerful this can be. Some famous names sent out a tweet asking for Bitcoin, in return for more Bitcoin. Most realized it was a scam yet not everyone. I feel certain the effectiveness of that scam would have been diminished is the tweets can from the account of average people instead of the likes of Elon Musk and Barack Obama.
For these reasons, it is good to finally see some positive news as it relates to cryptocurrency and a celebrity.
James Shatner is known to millions of Baby Boomers as Captain James T. Kirk from the original Star Trek series. People all over the world idolize him for his role from over 50 years ago. Of course, he was able to revisit the role decades later in the Star Trek films that captured many from Gen X. In other words, Shatner is a name people know.
For those who are younger, you will remember him as the Priceline guy.
Shatner and Wax just released 125,000 NFTs (non-fungible tokens) that are tied to photographs of personal memorabilia from Shatner's career. Each token is tied to a particular photograph which can have its history traced via the blockchain. Already, people are starting to buy, sell, and trade the tokens on the secondary market.
Evidently, the original offering sold out in 9 minutes.
This is showing the power of NFTs and how big the collectible market can become. Notice these NFTs that Shatner put out apply to the photographs of the memorabilia, not the actual items. They are still owned by him. Here we see another layer of value created apart from the physical items.
Ownership here is crucial. While anyone can copy an image online, the value comes from the key. Only those with the key can assert ownership over the item. If a particular photo increases in value, the one with the key will be able to cash in. Everyone else who tries will be known to be peddling a copy.
Over the last few weeks, I mentioned NFTs as it pertained to NFTShowroom. Here again, we see individuals creating value and applying it to digital items. This concept is only starting to tap into what is possible.
After all, we are dealing with a market that is worth hundreds of billions of dollars.
Naturally, the reality of this market is that it is often opened only to those with means. While it is possible to hit it big on some doll or toy that becomes very popular, the likelihood is rare. Instead, it usually takes some money to by a rare piece of sport memorabilia, as an example, that goes for hundreds of thousands of dollars.
This will continue to a degree yet NFTs open things up for everyone else. As shown here on Hive, unknown artists can create works that have value. Individuals can buy them and see what happens. This rewards the artist while also providing the buyer with something of value.
Certain, works from someone known like Shatner are likely to fetch a bit more money than a photograph from me. However, the concept is still valid. There is value, no matter how minuscule in all that is created. When we look at that across the board, we can start to gain some insight into the potential.
It is said that cryptocurrency is going to generate the greatest wealth creation we ever saw in the history of humanity. Many believe that it is going to create hundreds of trillions of dollars in value over the next few decades. Shatner's offering is a prime example of that. Even if the tokens went for a dollar each, that is $125,000 quickly generated.
There are a few things that are really fascinating about the world of digital collectibles.
To start, it is a way of decentralizing wealth and power. We are all aware of names like Marvel, Hasbro, and Topps, corporations that put out products that end up as collectibles years later. Thus, the production process is centralized excluding most other designers and creators.
Digital collectibles allow anyone with some talent to create items. Blockchain provides a platform where they can be housed and traded. Millions of people around the globe can now monetize their creativity.
Another factor is the pace of creation. For a company like Marvel, it is a time consuming process to develop a character and get it to market. There is a corporate process that is followed. Even after the character becomes a hit, there is then licensing agreements to be worked through and the process of selecting companies to partner with.
All this is removed in the world of blockchain. Someone can create a digital item over a weekend and have it listed for sale by Sunday night. If it is bought, another can replace it that is developed on Monday and Tuesday.
Consider the impact this will make with millions of people generating works. The collective numbers can get very big.
Of course, a great deal of what is created will just be for fun. It is unlikely that most hit it "big". Just like google.com is a very valuable web address, most cannot be sold for a box of tissues. Nevertheless, there are billions of websites around the world that offer information to people. In the end, all that information has value to someone.
Now that Shatner had a successful go with NFTs, it will be interesting to watch what other celebrities get involved. It seems likely that this idea will spread.
As it does, it will only add more validity to all that is taking place within the cryptocurrency arena. Big names carry a lot of weight in our society and positive news can really help to propel things forward.
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Posted Using LeoFinance