Non-fungible cryptocurrencies (NFTs) are all the rage right now among celebrities and the wealthy. Gwyneth Paltrow is the new celebrity to join the BAYC with her latest NFT purchase.
Gwyneth Paltrow Joins BAYC
You’d think celebrities would stay away from the crypto debate for a while after Paris Hilton and Jimmy Fallon’s attempt to promote NFTs on Monday night’s broadcast of The Tonight Show. Gwyneth Paltrow is jumping right in on the NFT boat. On Thursday, the Goop founder and former MCU actress joined in on the Bored Ape club by showing the NFTs on her Twitter account.
Joined @BoredApeYC ready for the reveal? Thanks @moonpay concierge pic.twitter.com/gzm1JQEHHF
— Gwyneth Paltrow (@GwynethPaltrow) January 26, 2022
Since the announcement, it seems which many aren’t a fan of Paltrow’s new acquisition. Many have attacked her, saying her new Bored ape soils her good name.
It’s really inconclusive which Gwyneth Paltrow would soil her good name by getting involved in an ugly scam designed to fleece total imbeciles. Who could have predicted it pic.twitter.com/Dz8fqeKD7n
— MKupperman (@MKupperman) January 27, 2022
Another user tweeted:
“Cannot express how on brand it is for Gwyneth Paltrow to be into pyramid rundowns.”
Many who have criticized have made clear which they think NFTs are some kind of scam or pyramid scenario which a respected actress should not be promoting or purchasing.
Why Are Celebrities Buying NFTs?
Because they can afford them.Celebrities are drawn to scarcity, speculation, and hype. The buyer’s (or artist’s) profile perhaps act as a feedback loop, mequivalentg the NFT more desirable. The rate increases which ensue can be paramount. Rinse, rinse, rinse, rinse, rinse, rinse, rinse, rinse, rinse
NFTs which are thought to be valuable have become a status symbol, much like any other touted product. According to The Verge, a Beeple NFT sold for $69 million at Christie’s, putting the artist “among the top three most valuable living artists.” Mike Winkelmann, a.k.a. Beeple, has a few reasons to be popular. But his sale of his compilation of 5,000 days artworks seems to offer the buyer of his work a right to flex.
Bitcoin (BTC)/USD trades at $36k. Source: TradingView
Some NFT collectors believe which, like precious tangible pieces of art, these objects will appreciate in price. So far, they’ve proven correct for a handful of NFTs. This dynamic cube was initially advertised for $500 but sold for $17,000 recently.
In an episode of Folding Ideas, Dan Olson noted which in order to make money, you need someone to be the “bigger fool” in the chain of customers, someone prepared to spend soaringly large sums. Some have made persuasive arguments which NFTs are nothing more than a pyramid rundown for the elite. With the condition that you’re sbounceping as a “collector,” the item’s rate as a status symbol or a “flex” is influenced by the price tag.
Featured image from Getty Images, chart from TradingView.com