Star Athletes Are Flocking to Rare NFTs in the Search for the Newest Status Symbol
A number of star athletes are flocking to non-fungible token (NFT) art collections as a sign of wealth and status, including the NBA’s Stephen Curry.
According to a report by Decrypt, several star athletes from the NFL and NBA have been investing in NFT art pieces. The report claims Steph Curry is the latest star to join the NFT craze, purchasing a collection from the Ethereum-based Bored Ape Yacht Club (BAYC).
The club, which prides itself as an exclusive membership group, has managed to generate $397 million in trading volume since launching in April. The collections are now worth a small fortune on the NFT marketplace. For example, the image below is of “BORED APE #7”. Currently, the highest bid on NFT marketplace OpenSea for this NFT is 25.64 ETH (or over $100K at current prices for $ETH).
The report claims that ownership in the club comes with several exclusive privileges, including free NFTs in the collections Bored Ape Kennel Club and Mutant Ape Yacht Club.
Other star athletes have invested in similar NFT collections, including the popular CryptoPunks, World of Women and Koala Intelligence Agency. The stars are leveraging the secure and innovative stamping of NFTs in order to hold ownership of the digital item.
According to the report, NBA player Josh Hart has emerged as one of the most active star athletes in the NFT marketplace. In August, Hart took to Twitter to guage interest in fractionalizing the NFT collection, thereby allowing multiple investors to hold ownership in the piece.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Image by Gerd Altmann from Pixabay
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