Non-fungible tokens (NFTs) are currently popular among celebrities and the wealthy. With her latest NFT purchase, Gwyneth Paltrow has become the latest celebrity to join the BAYC.
Gwyneth Paltrow has joined the BAYC
After Paris Hilton and Jimmy Fallon’s attempt to promote NFTs on Monday night’s episode of The Tonight Show, you’d think celebrities would stay away from the crypto debate for a bit. Gwyneth Paltrow has jumped on board the NFT bandwagon. On Thursday, the Goop founder and former Marvel Cinematic Universe actress joined the Bored Ape club by posting the NFTs on her Twitter account.
Many people appear to be dissatisfied with Paltrow’s new acquisition since its announcement. Many have attacked her, claiming that her new Bored ape tarnishes her reputation.
It's really incredible that 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
Many critics have unequivocally stated that they believe NFTs are a type of fraud or pyramid scheme that a recognized actress should not endorse or purchase.
Why Do Celebrities Purchase NFTs?
Because they are able to afford them.
Scarcity, speculation, and buzz all entice celebrities. The buyer’s (or artist’s) profile may operate as a feedback loop, increasing the desirability of the NFT. Price rises can be severe as a result.
Joined @BoredApeYC ready for the reveal? Thanks @moonpay concierge pic.twitter.com/gzm1JQEHHF
— Gwyneth Paltrow (@GwynethPaltrow) January 26, 2022
NFTs perceived to be valuable have become a status symbol in the same way that any other lauded commodity has. According to The Verge, a Beeple NFT sold at Christie’s for $69 million, placing the artist “among the top three most valuable living artists.” Mike Winkelmann, often known as Beeple, has several reasons to be popular. However, his sale of a compilation of 5,000 days of the artwork appears to provide the buyer of his work the right to flex.
Some NFT collectors feel that these artifacts, like priceless tangible works of art, will appreciate in value. So far, they’ve been verified right for a small number of NFTs. This dynamic cube was originally marketed for $500 but just sold for $17,000.
In an episode of Folding Ideas, Dan Olson remarked that in order to make money, you need someone to be the “greater idiot” in the chain of customers, someone willing to spend increasingly large sums. Some have made compelling arguments that NFTs are nothing more than a high-paying pyramid scheme. If you’re buying as a “collector,” the price tag influences the item’s worth as a status symbol or a “flex.”
