How Hollywood celebrities are getting in on the NFT craze, from Snoop Dogg and Paris Hilton to Mila Kunis and Reese Witherspoon – but will their early market entry pay off?
- Former Disney boss Bob Iger joined the board of a company making wearable NFTs, and Warner Bros. sold 100,000 Matrix Resurrections-inspired tokens
- Not just digital collectibles, some NFTs also now allow holders to participate in the Hollywood creative process, like in Mila Kunis’ animated show The Gimmicks
The blockchain-based digital assets – NFT stands for non-fungible token – are a hot commodity in the entertainment industry right now, where everyone from former Disney CEO Bob Iger to Hollywood stars Reese Witherspoon and Mila Kunis are getting in on the act. On a recent episode of The Tonight Show, Paris Hilton and host Jimmy Fallon fawned over their respective Bored Apes NFTs.
But many are still trying to wrap their heads around the tech, which has garnered scepticism from some quarters, as well as comparisons to the dotcom boom and bust.
In their most common current form, NFTs function much like digital trading cards or works of art – unique collectibles that can be acquired and then sold. But there are many other applications for the tech, some of which Hollywood is just beginning to explore, including “utility NFTs” that can act as a subscription or a ticket to an event.
While some see the ascendance of the tech as a fad, others are loath to miss out on a potential new revenue stream, and the entertainment industry’s heaviest hitters are minting and buying NFTs of their own.
Let’s take a deeper look …
The Hollywood players laying claim to NFTs
