Hollywood star and serial entrepreneur Paris Hilton has praised the value of the burgeoning NFT space and plans to ‘go big’ investing, collecting and driving innovation in the sector.
Hilton published a blog post on her personal website in which she unpacks her interest in the non-fungible token (NFT) movement and belief that the sector could become the ‘future of the creator economy’.
The article is a deep dive into Hilton’s predictions for where NFTs will provide most value to a wide variety of content creators, as more people are driven into online and digital worlds as a knock-on effect of the Covid-19 pandemic.
Hilton also teased an upcoming NFT drop of her own, before delving into her main highlights of the possibilities of the space to change how a myriad of creators from musicians, artists, fashion designers and influencers from all spheres of influence are able to create, buy and sell NFTs.
Early NFT influencer
Hilton is perhaps one of the earliest big name celebrities to wade into the NFT space, auctioning off a digital painting of her cat Munchkin in August 2020. The NFT was sold for 40 ETH, worth around $17,000 at the time, on Ethereum-based marketplace Cryptograph.
The proceeds from the auction of the digital art piece, which Hilton created herself, were donated to three American charities. While the sale did not garner the same kind of fanfare that NFTs sales have in 2021, Hilton’s foray into the space seemed well ahead of the pace.
NFTs empower creators
The entrepreneur also seems set on helping artists make the most of the potential of NFTs, having been exposed to a wealth of artworks from her massive fanbase.
“Art has always been an important outlet for me. It’s a source of confidence and creativity, which is why I’m so excited when my fans make digital images featuring me and my life. I want more people with similar talents to tap into this creative outlet and find their voice, and now, with emerging marketplaces, this work is starting to get the appreciation it deserves. I think bringing NFTs into the mainstream will encourage artists, especially digital artists, to create more, distribute their work and hopefully make some money, too,” Hilton wrote on her website.
Hilton believes that more artists could benefit from the ability to crowdfund artwork and digital creations, with contributors funding the work with cryptocurrency in exchange for digital ownership of an NFT that represents that piece of art. NFT marketplaces also make it easier for creators to distribute their work as well as earn more.
“In addition to new funding opportunities, NFTs help lesser-known artists distribute their work more widely and with better financial terms, so they get to keep a majority of the revenue. Using NFTs, talented artists can reach audiences and potential buyers without an agent or a distributor, who would charge a fee or take a cut of a sale., Basically, NFTs put more power in the hands of the creators, and that’s something I’m proud to be part of.”
Not only for content creators
While NFTs are being sold for millions of dollars in the world of art, entertainment and sport, they’re certainly not excluding other industries from getting involved.
Latvian airline company airBaltic is the first from the industry to mint NFTs, with a limited offering of a digital Airbus A220-300 as well as digital art pieces of Latvian towns and cities on auction this month. Back in 2014, airBaltic also became the first airline to accept Bitcoin payments for air fares.