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Paris Hilton, who is a great-granddaughter of Conrad Hilton, the founder of Hilton Hotels, auctioned one of her artworks for 40 units of Ethereum last year.
American media personality Paris Hilton released her first Non-Fungible Token (NFT) after she was influenced by a respected gamer, artist, and entrepreneur KimDotcom. However, it is reported that she was involved with the NFT market last year, according to news outlet Decrypt. Reportedly, Paris Hilton who is a great-granddaughter of Conrad Hilton, the founder of Hilton Hotels, auctioned one of her artwork for 40 units of Ethereum last year. Paris Hilton took part in a clubhouse session on NFT yesterday where KimDotcom encouraged her to venture into the booming industry.
— Paris Hilton (@ParisHilton) March 2, 2021
In a tweet through her official page, Hilton noted that the NFT is the future and she is ‘fascinated’ to take part. KimDotcom urged Hilton to venture into the NFT business as she can crack the $30 million level.
Paris Hilton and Her NFT Involvement
Artists have realized the great potential that blockchain technology can bring on board to assist them to reach a greater audience at a minimal cost. The Gemini-backed Nifty Gateway is the exchange that has facilitated most of the NFT exchange. The coronavirus pandemic has made an online business that was previously done onsite more predominant. Global meetups for artists and interested investors are now taking place through blockchain technology at the comfort of their homes. Notably, most of the proceeds from the auctioneers have ended up in charity to help the homeless and people in need.
As more and more celebrities and artists join the NFT ecosystem, some worry it may end up as a mere bubble. According to the founder of BlockGeeks, Ameer Rosic, the NFT will eventually turn into tulip mania. However, Rosic noted that the NFT industry will change the world.
Messari CEO Ryan Selkis thinks the NFT market is set to correct similarly to the 2018 ICO bubble. “In January 2018, I told our investors [that] ICOs [initial coin offerings] were going to correct 90-99%, but that many of them would be interesting as long-term investments post-correction. That’s how I feel about NFTs today,” Ryan noted.
With minimal regulations in the NFT industry, investors are warned to do prior research before putting their money into the market. High net worth entrepreneurs like Mark Cuban have in the past highlighted that they are interested in the NFT market.
One of the fields that have significantly assimilated the NFT market is the Basketball NBA top shots. Whereby, 3D video highlights are sold through the blockchain. Notably, the NBA Top Shots accounted for two-thirds of February’s NFT trading volume.