In April 2021, Paris Hilton issued her first non-fungible token (NFT), telling NFTWatcher at the time that NFTs had “taken over her entire mind and soul.” Even before investing in cryptocurrency in 2016, Hilton made a big splash by being one of several celebrities who “imitated” when the hype peaked in 2021.
Since the beginning of 2022, the price of Ether has dropped 60%, and NFT trading volume has decreased 88% since the third quarter of 2021, according to a report from Alchemy. The bear market rages on and hype around NFTs has waned, so We sought to discover: what NFTs did celebrities purchase that would be worth less now?
We determined how much celebrities paid for NFTs at the time, according to crypto data aggregator CoinGecko’s rankings, and what they would be worth today if they sold the same amount of ether (ETH).
At the time of purchase, Snoop paid 1,600 ETH for the original NFT, currently worth $2,083,456. Because Ethereum has depreciated, the same amount of ETH would be worth $7,088,229—less than two-thirds its original value.
In July 2021, entrepreneur and NFT influencer Gary Vaynerchuk (known as Gary Vee) purchased CryptoPunk 2140 for 1,600 ETH, which amounted to $3,953,216.
Despite paying the same amount of ETH for their tokens, Vaynerchuck got a better deal than Snoop because he purchased his token five months prior. Today, the price of their NFTs would be the same for both men: $2,083,456.
According to a press release, Vaynerchuck, the entrepreneur behind restaurant reservation platform Resy, owns over 7,000 NFTs. In addition to collecting NFTs, he is also a builder in the Web3 space. In May 2021, he launched the VeeFriends NFT collection on OpenSea, and last month, he filed a trademark for Vayner3, his own NFT consulting firm.
In January, 2022, pop icon Justin Bieber bought Bored Ape Yacht Club (BAYC) 3001 for $1,301,550, or 500 ETH. There was speculation after he posted a photo of the ape on Instagram without confirming that he had bought it.
Aoki just saved $351,179 by purchasing his Doodle today, as opposed to the $712,900 he paid for the token back in 2014.
In February 2021, Logan Paul paid 188 ETH for K4M-1 03 from the 0N1 Force Collection, paying $624,669 for it. At the time, that would have been $244,806 in real money.
Paul was able to copy into collections at the start of the NFT frenzy days by taking early steps into the space. He currently holds several CryptoPunks, World of Women NFTs, and a Bored Ape in two accounts on OpenSea.
Crypto roots run deeper than the token he made his profile picture for a moment during the hype. In 2018, his soccer club partnered with European blockchain company Socios to create a social token, which has also partnered with Barcelona, Juventus, Atletico Madrid, and Manchester City.
In October 2021, DJ and music producer Marshmello purchased CryptoPunk 8274 for $504,069, or 130 ETH. If that same token were purchased today, it would be worth $169,280.
In September 2021, Marshmello purchased BAYC 4808 for $2,100 and sold it the following December for $180,000 in profit. The artist still owns CryptoPunk 8274 and BAYC 9231, as well as a number of CrypToadz, among other tokens according to his OpenSea wallet.
The original owner of the token, @Gee_Gazza, asked Eminem to write a song about him after he discovered that the rapper had bought his token. Since Pete Davidson’s Saturday Night Live skit explaining NFTs, Eminem has been releasing works on Nifty Gateway’s SHADYCON collection inspired by his childhood and collecting hobbies.
In addition to co-founding NFT firm Autograph and releasing his own lines there, the famous footballer has made significant contributions to the Web3 space. Prior to that, Brady revealed he and Gisele Bündchen purchased a stake in crypto exchange FTX in June, 2021, and while he has not revealed the amount of cryptocurrency he owns, he has stated that he is invested in it.
When a celebrity purchases an NFT, the news is often reported in stories of excess and hype. Whether it be to contribute real value to Web3 communities or simply to jump on the bandwagon, the reasons vary.
It will be intriguing to see which celebrities continue to purchase digital tokens and advocate for their utility and community aspects, even as others switch their PFPs and lose interest in their former acquisitions, due to less than desirable market conditions.