Pop singer Katy Perry has announced the launch of her very first NFTs on the Theta Network. The tokens are expected to appear in the fourth quarter of this year.
Excited & 👀curious👀 to be launching my FIRST ever #NFTs later this year w/ @Theta_Network. Look out for memorable & creative moments from my 🍄 residency 🍄 that’s both a digital collectible AND an IRL experience 😱TANGIBLE😱 Pre-register for more info! https://t.co/kiEwPLZH4T pic.twitter.com/uYNhpDW8oy
— KATY PERRY (@katyperry) June 30, 2021
Perry is quite familiar with cryptocurrencies: Already in early 2018, she had posted the infamous “Crypto Claws” picture on Instagram. This was shown by her fingernails, which were painted with various project logos – and in retrospect was perceived by many as a sign of the climax of the Bull Run at that time.
The singer now joins the growing list of celebrities who have jumped on the NFT “hype bandwagon” – including Snoop Dogg, Paris Hilton and Lindsay Lohan.
Let’s hope that history doesn’t repeat itself and that crypto markets experience a bull run even after Perry’s NFT drop. Whether this also applies to NFTs is questionable – because sales statistics show a massive slump.
Has the hype around NFTs evaporated?
Opinions continue to differ on NFTs. The so-called non-fungible tokens reached the peak of media hype in March of this year, when Beeple’s “The First 5,000 Days” sold for a record-breaking $69 million.
The selling price came as a shock to most – and the usual comments revolved around the lavish extravagance of spending such large sums on digital art.
Nevertheless, Vignesh Sundaresan, who bought the work, says: He has no regrets. He is even motivated to pay even more if necessary.
Sundaresan justifies his decision by saying that NFTs would represent the beginning of a new era in digital art. For him, the purchase of “The First 5,000 Days” at this price means the transition to this new phase.
However, Sundaresan acknowledges that it will take some time for the general population to recognize and accept this.
“Sometimes these things take a certain amount of time to be recognized and realized by everyone. I have no problem with that. I had the opportunity to be part of this very important change in how art has been perceived for centuries.”
“The First 5,000 Days” was Beeple’s collection of his daily efforts to create artworks around the theme of social contradictions in the technology age over 13 years.
According to Perry, her works focus on “creative and memorable moments” from her stay at “Resorts World Casino,” Las Vegas. But apart from that, we have to wait for them to appear to get a better sense of what she means by that.
NFT sales have declined
Data from NonFungible.com shows that sales have fallen sharply in each NFT category. May 3 marks the peak at which $102 million worth of NFT sales were made.
But today, total NFT sales are only $1.1 million, which is a 99% drop in sales volume.
Bitcoin’s recent crash and repeated environmental concerns about NFTs have not made the situation any better. However, many, such as major investor Sundaresan, assume that this is only a temporary lull and that the NFT markets will pick up again in the foreseeable future.
Text credit: Bitcoinist
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