In the past few years, the world of cryptocurrency has seen a remarkable rise in the popularity of Non-Fungible Tokens (NFTs). These unique digital assets have become a new trend, allowing creators and artists to monetize their work like never before. Among the early adopters of NFTs, celebrities also joined the bandwagon to capitalize on their fame and fortune. However, not every celebrity’s foray into the NFT space has been a success story. In this article, we will delve into the world of “Celebrity NFT Fails,” exploring the mistakes made by some famous personalities and the lessons we can learn from their experiences.
John Cena
Who does not know WWE superstar wrestler and actor John Cena and he wanted to take advantage of this? John Cena has teamed up with WWE to release platinum NFTs and 500 limited edition NFTs in October 2021, each priced at $1000. The package contained physical collectibles — a hat, shirt, wristbands, belt, towel, and an autographed picture. Despite all this, Despite all this WWE was able to sell only 37 NFTs out of 500, while the platinum NFT reportedly sold for $21,000, which was a huge blunder for Cena. It’s a good thing that Cena accepted his failure, which is probably something a celebrity does.
Cena said, I talk a lot about failure — this idea fails. Myself and the folks in the WWE thought $1,000 was a fair price point. We were wrong. We were absolutely wrong.
Logan Paul
YouTube star Logan Paul has done different feats. His project failed or he scammed his fans, can’t say anything. Paul brought a project in 2021, which he used to promote a lot on his social media. The name of this NFTs project was CryptoZoo, which was a game that you had to buy NFTs to play. Thousands of people invested in Paul’s NFTs, but sadly, the game was never released.
When the investors realized that they were being scammed, they sued Paul and his associates for crypto scams and rug pull. Seeing the matter increasing, Paul apologized for his actions and promised that he would sell his share of the fund and return the investor’s money, which was about $ 1.3 million. But it is a pity that he has not returned it yet.
Floyd Mayweather
Boxing legend Floyd Mayweather, who is known for his extravagance, tried to monetize his fans but failed miserably. Floyd Mayweather released his NFTS collection in 2022; the total number of collections was 5000, and the price was 0.3 ETH. But he was able to sell only 147, which shows that no one showed interest in his NFTs. Interestingly, his discord community has more than 150K members. The reason why fans are not interested in his NFTs is because of Floyd Mayweather’s past scam record.
Before releasing his NFTs, Floyd Mayweather worked on two more NFT projects but abandoned them in the middle, besides promoting several rug pull coins. The SEC issued a notice of Unlawful Activity against Floyd Mayweather on September 29, 2018.
Ellen DeGeneres
Ellen DeGeneres, host of the famous TV show The Ellen Show”, also tried her luck in digital art but could not succeed. Instead of art, she released her own limited edition selfie collection called “Woman With Stick Cat”. The NFTs were released in the Silver and Gold categories, but both did not do well. Things got so bad that Ellen had to ask people on her social media to buy NFTs and promise to donate a percentage of them to charity.
Despite Ellen’s celebrity status and the collection’s charity focus, it raised a measly $33,455. The Gold edition was disappointing, selling only half of the ten NFTs for $2,500 each. The silver edition didn’t do much better, attracting just 64 buyers and raising $6,400 in sales. The only silver lining was the $14,555 that the video monologue fetched.
Outcome
This list is just a start. There are many names, like Mike Tyson, Salman Khan, Amitabh Bachchan, Chris Brown, Lana Rhoades, etc. The mistakes made in some “Celebrity NFT Fails” serve as important lessons. To succeed in the competitive NFT market, celebrities must prioritize uniqueness, build strong communities, price their NFTs realistically, and embrace transparency and environmental sustainability. By learning from past failures and taking these lessons to heart, celebrities can create NFT projects that stand the test of time and leave a positive impact on the world of digital art and collectibles.
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