Despite a meltdown in the global crypto market, celebrities continue to sign up to the craze for so-called Non-Fungible Tokens. While NFTs are weathering the meltdown better than most cryptocurrencies, many of the NFTs owned by celebrities are now all but worthless, selling for fractions of their original prices—when they sell at all
Image: Shutterstock" title="Many celebs leapt on the NFT craze. Now they see mixed fortunes"class="img-responsive" alt="Many celebs leapt on the NFT craze. Now they see mixed fortunes" title="Many celebs leapt on the NFT craze. Now they see mixed fortunes"src="https://images.forbesindia.com/media/images/2022/Jul/img_188933_nftbg.jpg">The Bored Ape Yacht Club is the ground zero of NFT "collectables". Image: Shutterstock
Paris, France: Sports, film and music stars have all flocked to the NFT market to buy pictures of apes, endorse corporate partners or even launch their own art collections.
Even as the crypto sector suffers a rout with sales and values plunging and scams proliferating, celebrities continue to sign up to the craze for so-called Non-Fungible Tokens.
The Bored Ape Yacht Club is the ground zero of NFT "collectables".
It features cartoon images replicated thousands of times with algorithm-generated variations.
The initial collection of 10,000 computer generated images has been followed by several other generations and many millions of fakes.