Celebrities Embrace NFTs on Rarible With in a Big Way. Rarible and Adobe Partner to Support Content Attribution for Non-Followers
Adobe co-founded the Content Authenticity Initiative two years ago to combat visual misinformation, and protect creators via digital provenance.
Adobe has now released a beta version of Content Credentials. This new feature makes it easier for you to verify and protect digital content created using key Adobe Creative Cloud solutions like Stock, Photoshop, and Behance. It also includes NFTs.
Adobe has partnered with Rarible and other key NFT marketplaces to make sure the new feature is available to all.
As the nonfungible token marketplace opens digital collectibles to investors and fans, the next few years will be extremely interesting.
Opinion
The market for non-fungible tokens (NFTs) is expanding. DappRadar’s new report shows that NFT trade volume rose sevenfold to $10 billion in the third quarter 2021. This is seven times more than the figure for the same period last year. While a large portion of this action is attributed to runaway hits like NBA Top Shot and CryptoPunks, NFT trade cases are quickly expanding as creators realize their potential.
Celebrities who wanted to make a profit from the growing crypto scene in the past had limited options. They were restricted to investing in promising startups or shilling initial coin offerings (ICOs). NFTs have allowed them to leverage their star power by releasing highly sought-after digital collectibles that represent just about any item: merchandise, artwork, trading cards or trading cards. These tokenized collectibles are then able to be traded on an open market between investors and fans.
NFTs have a great proving ground in the music industry
From musicians and athletes to actors and supermodels, prominent celebrities are busy minting and auctioning a dizzying array of blockchain-based assets and commodities that appeal to the digitally-savvy crowd. Through NFTs, public figures can connect with fans in a digital realm and open up a new revenue stream into the bargain.
Earlier this year, Canadian musician Grimes sold almost $6 million worth of NFTs encompassing artwork and audio-visual animations. While some tokens were one-of-a-kind, other cheaper items had thousands of copies. Although this fact appears to contradict the NFT concept — isn’t every NFT supposed to be provably unique? — the “duplicates” in question raised over $5 million.
Dropping NFTs tomorrow at 2pm EST. enter the void pic.twitter.com/l9fNFUCheX
— Grimes ᚷᚱᛁᛗᛖᛋ (@Grimezsz) February 28, 2021
It is perhaps unsurprising that musicians are increasingly leveraging NFTs to supplement their income: The shift to streaming over the last decade has massively impacted the earning power of artists. The global COVID-19 pandemic also dealt a huge blow to the industry, since many musicians had relied on live performance for income. Acts joining Grimes down the NFT rabbit hole include Snoop Dogg, Eminem, Jay-Z, Shakira, Lewis Capaldi, Steve Aoki, Shawn Mendes, Kings of Leon, Soulja Boy and Aphex Twin.
Related: NFTs are a game changer for independent artists and musicians
Of all of the above names, Kings of Leon made perhaps the biggest splash by tokenizing their new album, When You See Yourself, and raised $2 million in the process. Interestingly, the release included half a dozen Golden Ticket auctions, with the resultant tokens entitling the holder to front-row seats to one show from every Kings of Leon tour for life. Album tokens priced at $50, meanwhile, included a limited-edition vinyl.
We are proud to support Katy Perry’s highly anticipated NFT launch in December that celebrates her upcoming Play residency at the Resorts World Las Vegas hotel. Katy is one of the world’s best-selling artists with all six of her albums surpassing one billion streams on Spotify. Interestingly, the NFTs will include both digital collectibles and IRL experiences — so there’s something for everyone.
Creativity is at the heart of these ventures, and new NFT use cases are emerging all the time. Take blockchain-powered marketplace Royal, for instance, which allows users to purchase shares of songs they enjoy — and earn royalties as those same tracks achieve popularity. Artists, meanwhile, get to retain the majority of rights to their work while accessing direct funding from their biggest supporters. According to Royal, it’s a system “where artists and fans can benefit mutually without relying on middlemen taking most of the profits.” A nice idea, to be sure, and one wonders what the record label bosses make of it.
From TopShot to Topps
Music may very well prove to be the single biggest driver in pushing NFTs into the mainstream — but sports stars are also embracing NFTs en masse.
Of course, we cannot discuss the intersection of blockchain and sport without referencing NBA Top Shot, the basketball card trading game that has turned its creator Dapper Labs into a multi-billion dollar company. Top Shot gives NBA fanatics the opportunity to buy, sell and trade officially-licensed video highlights of iconic moments like Lebron’s two-handed reverse windmill slam against the Houston Rockets last February — $219,000 is the lowest ask, FYI. Lest you believe that trading is concentrated among a core of diehards, Top Shot has facilitated over 13 million transactions while onboarding over a million users.
Needless to say, this formula is being replicated across other sports including baseball (Topps MLB), soccer (Sorare, Socios) and motor racing (F1 Delta Time). ONE Championship, the largest mixed martial arts (MMA) promotion in Asia, also recently announced that they will be launching a marketplace on the Theta blockchain with NFTs offering exclusive access to real-world benefits such as backstage passes, ringside seats and other personalized fan experiences. Individual sportsmen and women are also mobilizing their fan bases through special NFT drops, with heavyweight champion Tyson Fury selling a one-of-a-kind token for just shy of a million dollars. The buyer also received a physical painting of the artwork, signed boxing gloves and a personal video from the self-professed Gypsy King.
