The Money Team: Justin Bieber, Floyd Mayweather, and Others Wipe Out Millions as NFT Sales Crash
It can be said that NFTs took the cryptocurrency world by storm. Moreover, it also saw a massive influx of celebrities trying to make their mark in the NFT game. And it comes with no doubt that many notable names in the boxing world like Floyd Mayweather Jr. also chimed in to bank on its popularity. Meanwhile, a recent video gave an insight into the current status of these celebrity NFTs.
NFT stands for Non-Fungible Tokens. Notably, it is financial security consisting of digital data stored in a blockchain.
Youtuber Coffeezilla recently made a video detailing the current status of NFT projects launched by celebrities. Talking about the scenario, he said, “It feels like every day a new celebrity announces a new NFT project that you’ve just gotta buy. They hype you up, send you to a discord group and they promise you a roadmap, riches, and b*tches.”
Additionally, he mentioned that he was curious to know what happens to the NFT projects after fans have bought them. He also stated that he also wished to see if the fans lost money or made money through the same.
Two-time world heavyweight champion Tyson Fury tried to cash in on his immense popularity by jumping into the NFT game. In fact, he collaborated with MINGO which was an ecosystem on the hedera network, to create ‘The Tyson Fury Collection‘.
The series had 16400 uniquely generated NFTs on the hedera network. Moreover, they were in the form of 3D artworks of the champ conceptualized by MINGO’s in-house artists.
It was reported that the collection minted from USD 330 to USD 550. However, ‘The Gypsy King’ was unable to find considerable success in the NFT game. Only a few hundred of these NFTs were sold, as fans were not interested in them.
Floyd Mayweather Jr.
While Fury might not have been successful in the NFT game, the same cannot be said for boxing’s very own King Midas. The crown prince of boxing, Floyd Mayweather Jr. has had no trouble turning whatever he touches into gold.
MIAMI, FL – JUNE 6: Floyd Mayweather meets with the press following the Mayweather vs Paul: Bragging Rights boxing event on June 06, 2021, at Hard Rock Stadium in Miami, Florida. (Photo by Louis Grasse/PxImages/Icon Sportswire via Getty Images)
Mayweather launched his own NFT project titled ‘Floyd’s World‘. The series consists of 111,111 tokens programmatically generated from over 250 items. Moreover, the art for the NFTs was done by illustrator Rui Duarte. Additionally, it was also reported that the assets are stored as ERC-271 tokens on the Ethereum blockchain.
The NFTs were minted at ETH 0.15 each (approx. USD 276). And, reports also mentioned that the NFTs sold well. However, it is said that the NFTs from the project currently sell at less than 1% of their original mint price.
‘The Baddest Man on the Planet‘ did not shy away from NFTs as well. He launched his own project called ‘The Mike Tyson NFT collection‘ The artworks in the project were made by artist Cory Van Lew, with the former champ providing artistic insight.
LAS VEGAS, NV – AUGUST 10: Former boxer and inductee Mike Tyson arrives at the Nevada Boxing Hall of Fame inaugural induction gala at the Monte Carlo Resort and Casino on August 10, 2013 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)
Moreover, the project is also comprised multiple series. It ranges from ‘The Ultimate Mike Tyson NFT’ which is a 1-of-1 unlockable to ‘The Baddest Man on the Planet’ which comprises 250 editions.
The entry of YouTuber turned boxer Jake Paul into the NFT game, came as no surprise. The Paul brothers have always expressed their eagerness to jump into the cryptocurrency bandwagon.
Paul partnered with the ‘League of Sacred Devils‘ NFT project. The project consisted of ‘10,000 Devils’ generated from over 500 assets. It was said that the ‘devils’ were present as ERC-721 tokens in the Ethereum blockchain.
However, it is said that ‘The Problem Child’ has since abandoned the project.
The world of the NBA also had a considerable foothold in the NFT landscape. Golden State Warriors point guard Steph Curry also launched his NFT project called ‘The 2974 Collection‘.
Notably, the collection pays tribute to the all-time three-point record achieved by Curry. Another intriguing feature is that each of the artworks, made by Andrea McDonald, was created by using the number 2974. Meanwhile, it was also reported that all the proceeds would be used for charity.
Sporting world aside, there were many other celebrities who have launched their NFT collections. Singer Justin Bieber also jumped into the NFT crusade with the ‘inBetweeners’ project.
The project is a collaboration between Bieber and Gianpiero D’Alessandro. Notably, D’Alessandro is an in-house artist in Bieber’s ‘Drew House’. The NFT collection comprises 10,777 hand-drawn characters in the Ethereum blockchain. Moreover, Bieber has stated that the main idea behind the project is to spread positivity both in real life and in the metaverse.
The NFTs have an initial mint price of ETH 0.27 (approx USD 500). However, the current selling prices in this project are about 30% lesser. But, it is worth noting that it is not considered a drastic fall in the NFT world.
Comedian Kevin Hart had a rather intriguing take on his recent NFT project, ‘Confessions from the Hart‘. In fact, the series is part NFT project and part ROKU animated series.
Nov 8, 2021; Los Angeles, California, USA; Actor and comedian Kevin Hart with son Hendrix in attendance as the Los Angeles Lakers play against the Charlotte Hornets during the second half at Staples Center. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports
The project consisted of a 30-minute animated anthology based on his IGTV series of the same name. It also had 10000 NFTs showcasing Hart’s alter egos. The initial mint price was ETH 0.05 (approx USD 92). But, the prices were down by 50% within a month.
Notably, the bad animation in the series is said to be a major reason for the project’s downfall.
While celebrities try promoting elaborate roadmaps for their projects. It is worth noting that very few projects have actually outlived their initial hype.