Celebrities are all in on the NFT craze as tens of millions of dollars have poured into purchasing non-fungible tokens online.
This week, late night host Jimmy Fallon had a conversation with his guest, Paris Hilton, about the subject. The exchange can be summed up in one word: cringe.
*Trigger warning for those who suffer from Acute Second Hand Embarrassment*
What we can glean from this exchange, which doesn't at all seem forced and sounds very natural, is that socialite Paris Hilton exposed Jimmy Fallon to the world of NFTs and the late night host hasn't looked back since.
What the audience also finds out is that purchasing an NFT of a bored ape places one in a "community" with other denizens who relate to cartoon pictures of nonchalant primates.
The Bored Ape Yacht Club
Paris Hilton, Jimmy Fallon, NBA star Steph Curry and Rapper Eminem all are members of the Bored Ape Yacht Club community.
That community is just as exclusive as a real yacht club with the minimum cost to purchase ownership of one NFT in the 10,000 ape collection being 93 ether, or about $224,000.
Fallon's ape, for example, was purchased for over $200,000 on November 8.
The exclusive nature and limited supply of the BAYC could make these apes valuable investments over time. That is assuming NFTs aren't a giant digital Ponzi scheme of course.
YouTube NFTs May Be On the Way
YouTube CEO Susan Wojcicki says that the video sharing site could brand into NFTs in the future as it looks to create alternate revenue streams for creators on the platform.
"We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” Wojcicki said in a letter to YouTubers.
YouTube could be following the lead of Twitter, which recently rolled out a new way for NFT owners to use their tokens as their profile picture in a hexagonal frame, as opposed to the circular frame on non-NFT profile pics.
YouTube did not provide any further details about a timeline or how it will execute the NFT market on its platform.
