Since early 2021, celebrities have been adopting the latest form of cryptocurrency, non-fungible tokens (NFTs).
But it is the Bored Ape NFT collection which seems to have gained the most traction in famous circles. From Jimmy Fallon, Paris Hilton, Post Malone, Kevin Hart and many more, there are dozens of celebrities who have publicly flaunted their Apes.
Which Celebrities Own Bored Ape Tokens?
According to finance and crypto site Benzinga, there are many celebrities who have purchased Bored Ape NFTs.
Other celebrities include Drake Bell, Timbaland, Shaquille O’Neal, Marshmello, Logan Paul, DJ Khaled, Eminem and Snoop Dogg.
Why Are Bored Apes So Popular With Celebrities?
The scarcity and speculation tied up in NFTs attracts celebrities who are interested in investments. The finite nature of Bored Apes, as well as the publicity that celebrities can bring to them, can often inflate the value of individual tokens. This can quickly result in further increases in value, which has been observed many times with other cryptocurrencies.
NFTs are essentially another form of investment, as well as a status symbol. With such huge price tags, only the richest of investors can afford one.
How Do NFTs Work?
NFTs exist on the blockchain like all other forms of cryptocurrency. The difference between NFTs and the likes of Bitcoin is the fact that each NFT is unique, with no two tokens being the same.
Like Bitcoin, there is a finite supply of NFTs, with collections having much smaller amounts of tokens available.
By purchasing an NFT, the buyer is granted a form of 'digital receipt', which advocates have likened to a "proof of ownership". However, critics have highlighted the fact that buyers do not gain any substantial form of copyright.
What The Critics Say
Critics have been increasing in numbers as Bored Apes and other NFT collections hit mainstream news.
One of the biggest criticisms of the format is its impact on the environment. Some methodologies have equated the average NFT creation to having the same monthly electricity usage as an EU citizen.
Others have pointed out that NFTs offer a false sense of ownership, and do not provide any tangible goods. Similarly, NFTs have been embroiled in several art scams, where those who have purchased 'collections' have been left high and dry once creators vanish off the internet.