NFT status symbols were manufactured through celebrity endorsement rather than organic adoption

Evidence

NFTs hit the mainstream in mid-2021 as Bored Ape Yacht Club profile pics were snapped up as status symbols. A founder of the avatar project Pudgy Penguins admitted, “The way I describe it to my family members and friends is like, people buy Supreme clothes, or they buy a Rolex.” BAYC’s creators Yuga Labs worked with Madonna’s agent to build the brand through celebrity endorsements. Steph Curry paid 180,000 for Bored Ape #7990, and Justin Bieber owned one worth 1.3 million. The phenomenon spread globally to consumer goods, spawning BAYC-themed products like Ape Water and branding a coconut distributor in Thailand. — W. David Marx, Blank Space, 732

Categorization

• CANDY: Justin Bieber owning a $1.3 million ape JPEG and Universal Music signing a virtual band of three Bored Apes are absurd, tweetable details.