A lot has been said about NFTs as a means of ownership transfer, content documentation, and even as collectables. One thing that is not as discussed but is perhaps more prominent these days is the role of NFTs as a status symbol.
Keep in mind that NFTs from some of the top collections sell for hundreds of thousands or even millions of dollars. In a way, holding an NFT from certain collections can be compared to owning an art piece from a legendary artist. As such, more and more wealthy people and celebrities are buying into NFTs as not just an investment but a status symbol as well.
Madonna in the Metaverse
As per reports, the NFT bought by Madonna was the Bored Ape No. 4988. The Bored Ape Yacht Club is one of the biggest and most profitable NFT collections in the world. As such, it is no surprise that a celebrity of Madonna’s status would buy an NFT from the collection.
“I finally entered the MetaVerse…,………..My very own Ape! What should I name her ? … We all need protection from Evil Eye,” she wrote on Instagram, accompanied by a picture of her own Bored Ape, which was acquired through MoonPay.
While this is the first NFT being purchased by Madonna, she is not the first celebrity to get involved in the space. Previously, rapper Post Malone had spent roughly $700,000 on two NFTs from the collection, Bored Apes Nos. 9039 and 961.
Other celebrities who are known to collect NFTs include DJ Marshmello, Steve Aoki, The Chainsmokers, Lil Baby, and many more. Needless to say, NFTs have become the hottest new status symbol for the rich and famous.
There is also an obvious business aspect to it as celebrities are not only buying NFTs but creating them as well. For example, producer Timbaland has created his own company, Ape-In Productions, to develop and sell NFTs.
The Power of Celebrity in NFTs
It is impossible to overstate the power of celebrities over the buying decisions of the public. From perfume lines to books, there is a long history of consumers buying things because it is attached to a celebrity.
This is why the public endorsement of NFTs by celebrities like Madonna and Timbaland is so important (Madonna has since changed her Twitter profile picture to her NFT). It signals to the public that not only are NFTs legitimate but that they are also a status symbol.
This is also a major win for the Bored Ape Yacht Club. Not only did its parent company, Yuga Labs, acquire two other major collections, but it recently closed out a $450 million funding round. With all this financial backing and visibility, the Ape Club has certainly had a good year so far.