{"id":245145,"date":"2022-06-24T22:00:29","date_gmt":"2022-06-24T21:00:29","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=245145"},"modified":"2022-06-24T21:51:21","modified_gmt":"2022-06-24T20:51:21","slug":"a-list-celebs-remove-nft-avatars-amid-crypto-winter","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/a-list-celebs-remove-nft-avatars-amid-crypto-winter\/","title":{"rendered":"A-list celebs remove NFT avatars amid crypto winter"},"content":{"rendered":"<p>Most celebrities who bought and displayed NFTs as social media avatars are now <a href=\"https:\/\/news.artnet.com\/market\/as-a-crypto-winter-descends-on-the-nft-world-celebrities-ditch-their-bored-ape-twitter-profile-pictures-2134783\">removing<\/a> them amid the harsh crypto winter, which has led to a downturn in NFTs as well.<\/p>\n<p>The fast-paced nature of the crypto market attracted celebrities who want to invest their fortunes. Some of the <a href=\"https:\/\/cryptoslate.com\/more-than-60-celebs-invest-87m-in-moonpay-including-justin-bieber-ashton-kutcher\/\">biggest names<\/a> in Hollywood\u00a0including Justin Bieber, Ashton Kutcher, and Bruce Willis <a href=\"https:\/\/cryptoslate.com\/celebrities-getting-involved-icos\/\">participated<\/a> in various projects. Many also purchased NFTs, especially from the <a href=\"https:\/\/cryptoslate.com\/whats-going-on-with-bored-ape-yacht-club-nfts\/\">Bored Ape Yacht Club (BAYC)<\/a> collection during 2021.<\/p>\n<h2>Is the\u00a0 NFT hype dead?<\/h2>\n<p>Most celebrities who proudly displayed their BAYCs as a Twitter avatar have recently changed them, including Serena Williams, Reese Witherspoon, Lil Durk, Travis Barker, and Shonda Rhimes.<\/p>\n<h3>Jimmy Fallon<\/h3>\n<p>Jimmy Fallon was especially proud of his ape. He showed a copy of it during his show featuring Paris Hilton and said they were &#8220;a part of the same community.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Jimmy & <a href=\"https:\/\/twitter.com\/ParisHilton?ref_src=twsrc%5Etfw\">@ParisHilton<\/a> compare <a href=\"https:\/\/twitter.com\/hashtag\/BoredApeYC?src=hash&ref_src=twsrc%5Etfw\">#BoredApeYC<\/a> NFTs. <a href=\"https:\/\/twitter.com\/hashtag\/FallonTonight?src=hash&ref_src=twsrc%5Etfw\">#FallonTonight<\/a> <a href=\"https:\/\/t.co\/RoOlhteLnN\">pic.twitter.com\/RoOlhteLnN<\/a><\/p>\n<p>&mdash; The Tonight Show (@FallonTonight) <a href=\"https:\/\/twitter.com\/FallonTonight\/status\/1485843736345161737?ref_src=twsrc%5Etfw\">January 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite his then excitement, Fallon <a href=\"https:\/\/twitter.com\/jimmyfallon\/status\/1534607276857778176?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1534607276857778176%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Fquery%3Dhttps3A2F2Ftwitter.com2Fjimmyfallon2Fstatus2F1534607276857778176widget%3DTweet\">changed<\/a> his avatar to a selfie on June 8, 2022. However, he kept the .eth extension near his name, indicating that he's still a part of the community.<\/p>\n<h2>Why did they buy in the first place?<\/h2>\n<p>Not many of the stars came forward to explain why they purchased NFTs. In the case of Jimmy Fallon, he purchased an Ape because he felt like it was a good idea after talking to Hilton about it. Buying one because everyone else is doing could be a reason for billionaire celebs to purchase NFTs.<\/p>\n<p>Studies <a href=\"https:\/\/cryptoslate.com\/survey-reveals-most-people-buy-nfts-to-make-money\/\">show<\/a> that the real reason behind the NFT hype is the high return on investments. While 64% of the participants said they purchased NFTs to make money, only 14.7% of them said they bought them because they wanted to be included in a community. Even though the study is not specifically about Hollywood stars, it wouldn't be surprising for the A-list celebrities to pursue high returns on investment.<\/p>\n<p>Paris Hilton was the only one who publicly explained why she was excited about NFTs. She wrote a blog post to stress that NFTs bring great benefits to small artists and creators. She wrote:<\/p>\n<blockquote><p>\u201cI see NFTs, or non-fungible tokens, as the future of the creator economy. They use blockchain technology to help creators increase the value of their work and share it with fans in real-time,\u201d<\/p><\/blockquote>\n<p>It seems like Hilton was genuine in her post, given that she is still keeping her NFT avatar and the .NFT extension in her Twitter <a href=\"https:\/\/twitter.com\/ParisHilton\">account<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most celebrities who bought and displayed NFTs as social media avatars are now removing them amid the harsh crypto winter, which has led to a downturn in NFTs as well. The fast-paced nature of the crypto market attracted celebrities who want to invest their fortunes. Some of the biggest names in Hollywood\u00a0including Justin Bieber, Ashton [&hellip;]<\/p>\n","protected":false},"author":1262,"featured_media":245235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,76232,29],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A-list celebs remove NFT avatars amid crypto winter<\/title>\n<meta name=\"description\" content=\"Many celebrities who displayed their NFTs as avatars are removing them from their social media due to the depressing sentiment of the market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/a-list-celebs-remove-nft-avatars-amid-crypto-winter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A-list celebs remove NFT avatars amid crypto winter\" \/>\n<meta property=\"og:description\" content=\"Many celebrities who displayed their NFTs as avatars are removing them from their social media due to the depressing sentiment of the market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/a-list-celebs-remove-nft-avatars-amid-crypto-winter\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-24T21:00:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-24T20:51:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/image_2022-06-24_195905837.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Zeynep Geylan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zeynep Geylan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/a-list-celebs-remove-nft-avatars-amid-crypto-winter\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/a-list-celebs-remove-nft-avatars-amid-crypto-winter\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#person\",\"name\":\"Zeynep Geylan\",\"url\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"caption\":\"Zeynep Geylan\"},\"jobTitle\":\"Journalist\",\"description\":\"Zeynep is an academic who turned to crypto in 2018. 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