Snoop Dogg, Weezer, A$AP Rocky, Boy George, Aphex Twin, Grimes, The White Stripes, and Kings of Leon are some of the few celebrities that have joined the NFT craze lately. No, they're not buying NFTs, but rather creating their own. NFTs have become the new collection cards of the future and somehow making possible for the owner of any sort of moments and forms of art to monetize them.
Late to the party, but with quite a splash is Eminem. Eminem partners with Gemini’s Nifty Gateway to Launch his First NFT and it will definitely be a blast. I bet this rapper's fresh minted non fungible tokens will sell like hot coffee on a cold morning.
“I wanted to give this drop the same vibe of, ‘Oh, man I gotta get just that one or maybe even the whole set!’ It’s been a lot of fun coming up with ideas from my own collecting passion.”
-Eminem source
What exactly is selling Eminem as NFTs?
There are three types of NFTs up for sale, each of them high-quality animations with an original beat produced by Eminem himself. There of 50 editions of each of the first two NFTs, which are titled "TOOLS OF THE TRADE" and "STILL D.G.A.F". They cost $5,000. Those quick enough to buy them will also receive a physical print, numbered by hand and autographed by the rapper. The third, "STAN'S REVENGE," is an edition of one, and will sell to the highest bidder.
source
OK. Now that we're clear regarding the news around Eminem's NFTs launch I want to share a few of my view points on why I see this thing bullish for crypto. First and foremost, I consider NFTs as an important step in the process of tokenizing everything and bringing crypto closer and closer to that mass adoption goal that we have for so many years.
If we could call ICOs the hype of 2017, although a quite failed one, then NFTs are the one for the 2020-2021 bull market along with DeFi. NFTs and DeFi are clear signs of maturation for the crypto industry where cash flow seems to be heading towards palpable stuff this time and not just promising white papers as there was the case with most ICOs. I have never invested in ICOs, but I have bought TLM on Binance a few weeks ago...
As much as I don't consider Beeple's NFTs collection that got sold for $69 million as a good example of art for the buck ratio, I can't overlook the importance it had on the industry. It has created a precedent and showed the world the direction we're heading and how blockchain technology is penetrating everything, and in quite a good way. This tech is finally starting to make sense and have a shape.
Cryptos have overcame the status of no intrinsic value assets and this space is finally getting recognition in the world. When you have rappers and all sort of celebrities shilling cryptocurrencies and blockchain technology, it's almost impossible to not get any attraction towards this space. It's true that we have had crypto shillings during the 2017 bull market as well and all sort of endorsing, but not much for real life use case products.
NFTs are a form of monetizing one's passion, work and legacy. They're one way through which technology has made instant gratification something to be chasing. Instant gratification is usually not something one should chase, but in the case with NFTs and other ways of monetizing we're talking of another story.
I am 100% sure that almost all the celebrities getting into crypto are doing it for the money and not much the tech, but you know what, tech is benefiting from this exposure as well and the whole crypto market with it. Those celebrities have fans and followers and the ones that haven't yet heard about crypto are probably gonna look into it. Hence I consider such news as bullish for the space.
Thanks for attention,
Adrian