There is a new wave of NFTs breaking the web and on social media, NFTs are all the hype. This has attracted many new investors and plenty have gained a lot of money with them. More recently, celebrities have decided to jump in.
Celebrity NFTs
Celebrities are known to make a lot of money which they then invest. One investment they could not resist is definitely crypto.
During the COVID-19 pandemic, many artists turned to NFTs to keep up a relationship with their fans and many continued to put their money into non-fungible tokens.
Johnny Depp creates and sells his own NFTs. Paris Hilton was just recently interviewed by Jimmy Fallon about NFTs on The Tonight Show with Jimmy Fallon. Matt Damon is the face of Crypto.com and Reese Witherspoon confirms that “Crypto is here to stay.”
But it is Johnny Depp‘s NFTs that are currently breaking the market, due to his viral court case. Depp has been working on a collection of NFTs called Never Fear Truth and these include 11,111 unique portraits of close friends and idols. The most expensive NFT sold for $15,000 but the average price is between $2000-and $3000.
Since there aren’t many people unaware of his acting career, we won’t go into too much info regarding his world-famous role as Captain Jack Sparrow. On the other hand, many of his passionate admirers may be unaware of his affinity for other art forms.
Depp was a guitarist before becoming an actor, appearing on songs by Oasis, Iggy Pop, Aerosmith, Marilyn Manson, and many more. In addition, Depp has contributed to the soundtracks of his films, appeared in music videos, and established a band with Alice Cooper and Joe Perry.
Arguably, his painting side hustle may prove to be more valuable than the music, though, as he’s been up to something pretty significant in recent times, and it’s not long until the project comes to complete fruition.
Now, you may or may not have heard of NFTs; however, the fact that you’re here suggests you’re probably familiar with the concept, but just in case, we’ll clarify the situation for you.
What Is An NFT?
NFTs, or non-fungible tokens, have become an internet sensation over the last year. They involve taking unique (non-fungible) physical or digital entities and making them available as tradable items.
Most NFTs are digital artworks but can also be audio, video game items, and even real estate.
Most NFTs are fundamentally part of the Ethereum blockchain. Ethereum, like bitcoin, is a cryptocurrency, but its blockchain also enables these NFTs, which hold additional data that allows them to function differently from an ETH coin.
What Are Johnny Depp’s NFTs?
Johnny Depp has been a busy man, working on his collection of NFTs called ‘Never Fear Truth,’ which comprises 11,111 unique images featuring portraits of his close friends and idols, representing their personalities and how they have influenced him.
He’s also included a photo of himself, his dog, and a figure based on his kid’s dream.
Possessing any Johnny Depp NFTs will give you access to a like-minded community where you may collaborate on creative projects similar to the one in question.
Ownership of the tangible artwork, printed on Somerset 410gsm Satin paper with professional acrylic inks, is an added benefit of owning one of Johnny Depp’s NFTs, which will feature the engravement of your NFT number.
With a 500mmX500mm picture, the NFT will be 600mmX600mm. These holders will also have preferential access to rare Johnny Depp NFTs in the future.
How Much Are Jonny Depp’s NFTs Worth?
In recent years, NFTs have sold for a significant amount of money. We’re talking about a sum that’s just shy of eight digits.
While we don’t anticipate Johnny Depp’s NFTs to gross anywhere near the $91 million that PAK’s “The Merge” earned, it’s hard to predict how much money will be made in such a competitive industry.
Given Depp’s popularity, the high quality of his artwork, and how the market operates, it wouldn’t be surprising to see sales in the millions of dollars. Still, we’re much more likely to see a steady stream of sales in the four-figure range from the 10,000 artworks that have been made publicly available.
The value of these artworks will undoubtedly grow with each new round of sales that occurs as people race to purchase them before they sell out ultimately.
Over the previous 30 days, the most expensive NFT from Johnny Depp’s “Never Fear Truth” collection has sold for $15,000; nonetheless, most transactions have been between $2 and $3 thousand.
With 10,000 pieces expected to be sold, you can only imagine the type of revenue this will generate for Johnny and his team.
How Will Johnny Depp’s NFTs Be Sold?
Depp and his team will issue NFTs via a transparent raffle. Before the unsold NFTs are put up for public sale, a maximum of three raffles will be held. The chosen participants will get a randomly drawn artwork shown only after the closing auction.
Exactly 10,000 NFTs will be offered during the May auction, even though there are 11,111 available. The Never Fear Truth team will be given 1,111 pieces.
These 1,111 pieces will be held for three months after their launch, with 25% released each month after that, which will allow the team to operate neutrally.
NFTs will be accessible on the secondary market after the raffle sales via the NFT platform Rarible. It usually is when the price of NFTs skyrockets due to a combination of limited supply, strong demand, and popular alternative assets, resulting in an enticing valuation.
How To Buy A Johnny Depp NFT
Because of the great demand for the Never Fear Truth NFTs, as previously stated, they will be distributed via a fair random allocation process.
It will be necessary to repeat the random allocation method up to three times before any NFTs that have not been redeemed may be made available for public sale.
Following the conclusion of the final auction, a random draw will be conducted to disclose all of the artworks.
Anyone interested in participating will need to have some spare cash on hand and an account with the MetaMask cryptocurrency wallet, which will be used to connect with the Never Fear Truth website.
Source:
https://www.knowyourmobile.com/user-guides/johnny-depp-nfts-what-why-and-how-much/
https://bitcoinist.com/johnny-depp-nfts-are-trending-here-is-why/
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