There are many things that are rare in this world; a four-leaf clover, a shooting star, and the autograph of your favourite star. The latter has been one of the most coveted collectables among pop culture fanatics and the general public for decades.
Celebrity autographs are known to sell for millions of dollars in some cases and even as the concept of celebrity itself evolves, autographs remain in demand. Now, businessman Mark Cuban is teaming up with Hollywood actor Ashton Kutcher to bring autograph collections to the NFT space.
They plan to do this through a new company called Baked Ink which will act as a marketplace for digital autographs.
Signatures in a Digital World
Along with autographs themselves, NFTs are also a symbol of rarity and exclusivity, with no two NFTs being the same. Now, Cuban and Kutcher want to combine the immutable nature of NFTs and the fascination around autographs.
On Baked Ink, users will be able to sign on pieces of digital content like pictures and this immediately turns them into rare collectables. This is similar to the way a signed poster from a celebrity immediately becomes rarer and more valuable in the real world.
But Baked Ink, in essence, wants their NFT autographs to be even rarer than the physical ones. Once Baked Ink’s users have created their collectables, they can share them on social media and list them on both the Baked Ink marketplace and OpenSea for sale.
Since the launch of Baked Ink, its first collectable autographs have been launched by the singer Lexi Jade, with an average price tag of $20 per piece.
As the Baked Ink team explains, blockchain technology can be used to create better cultural access for fans and easier access for creators. Given that the creator economy has been expanded because of the rise of social media, there is massive potential for creators to be able to monetize their brands even more
“By pairing the visual uniqueness of an autograph with the computational uniqueness of an NFT, we offer a missing metaphor to cultural consciousness to help usher in the new era of digital property,” the announcement says.
Signed on the Chain
Clearly, celebrity autographs and autographed items are not a new concept in the least. However, the leveraging of NFTs can solve age-old problems and revolutionize the way that fans buy autographs.
For example, for as long as celebrity autographs have been a thing, fakes have existed in the market. With NFT marketplaces, fans can have a verified way to buy autographed assets from their favourite celebrity.
Access to autographed collectables is also easier with NFTs. if you wanted to buy an autographed poster, for example, you’d usually have to physically travel to where it is being sold or have it shipped to you, both of which would cost extra time and money.
Buying an NFT autograph, on the other hand, can be done as easily as logging onto a site like Baked Ink. Needless to say, NFTs certainly have a place in the celebrity autograph industry.