Hollywood Star Gwyneth Paltrow has Joined the BoredApeYC

NFTs (non-fungible tokens) are all the rage among celebrities and the wealthy right now. With her latest NFT purchase, Gwyneth Paltrow has become the latest celebrity to join the BoredApeYC. After Paris Hilton and Jimmy Fallon’s attempt to sell NFTs on Monday night’s broadcast of The Tonight Show, you’d think celebrities would stay away from the crypto debate for a bit. Gwyneth Paltrow has jumped on board the NFT train. The Goop creator and former Marvel Cinematic Universe actress joined the Bored Ape club on Thursday by posting the NFTs on her Twitter account.

Many people have expressed their displeasure with Paltrow’s latest acquisition since the announcement. Many have attacked her, claiming that her new Bored ape tarnishes her reputation. Critics have stated unequivocally that NFTs are a fraud or pyramid scheme that a well-known actress should not be endorsing or purchasing. Why Do Celebrities Purchase NFTs? Scarcity, speculation, and buzz attract celebrities. The buyer’s (or artist’s) profile could operate as a feedback loop, increasing the NFT’s attractiveness. The price hikes that follow can be substantial.

NFTs that are seen as valuable have become a status symbol, similar to any other lauded commodity. A Beeple NFT sold for $69 million at Christie’s, putting the artist among the top three most valuable living artists. Mike Winkelmann, a.k.a. Beeple, has a number of reasons to be well-known.

His sale of a collection of 5,000 day artworks, on the other hand, appears to provide the buyer the right to flex. Some NFT collectors feel that these items, like valuable tangible art, will appreciate in value over time. So far, they’ve been proven correct for a few NFTs. On an episode of Folding Ideas, Dan Olson remarked that in order to make money, you need someone in the chain of customers to be the bigger idiot, someone prepared to spend increasingly large sums.

Some have made strong claims that NFTs are nothing more than a high-end pyramid scheme. The price tag influences the item’s worth as a status symbol or a flex if you’re purchasing as a collector.

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