Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Non-fungible tokens have become insanely popular in the last couple of years. Wealthy individuals and crypto enthusiasts are spending millions of dollars on NFTs representing digital art, tweets, and more. That’s despite the fact that anyone could easily copy, download or use those images, videos, and audio files.
The charm of experiential NFTs
Celebrities like Paris Hilton, Lindsay Lohan, Grimes, and Ellen DeGeneres have joined the crypto art wave. These stars have mostly been selling photos, videos, and music. But the crypto wave also enables celebrities to turn experiences into NFTs to monetize something unique that their fans would cherish.
Many stars from the worlds of football, food, motorcycling, racing, and modelling have made their crypto debut to engage with their fans and monetize the celebrity-fan engagement.
MotoGP star Jorge Martín, motorcycling icon Toni Bou, and 5-star Michelin chef Eneko Atxa are among the dozens of celebrities who have joined Olyseum, a blockchain-powered social ecosystem that rewards celebrity-fan engagement.
Stars and their fans interact through skills challenges, experiences, and content creation activities on Olyseum. The fact that they are rewarded for their engagement gives both sides a strong incentive to make their crypto debut. Innovations like virtual reality would enable new forms of experiential engagement between fans and stars.
Olyseum itself was founded by a group of former FC Barcelona players Carles Puyol, Andrés Iniesta and Iván de la Peña along with the accomplished computer scientist Carlos Grenoir and cybersecurity consultant Kevin Mitnick.
A win-win experience for stars and fans
Social media has given fans greater visibility over their favorite stars’ activities. But most fans never get to meet or interact with stars. Experiential NFTs look promising because they incentivize celebrities to interact with the fan base.
Even before Olyseum launched its xNFT platform in June this year, at least 40 celebrities had jumped onboard to engage with their fans in novel ways.
Most celebrities and influencers want to interact with their fans as much as fans yearn for personalized experiences with them. They are eager to explore opportunities for meaningful, gamified, and authentic interactions.
Stars on Olyseum are incentivized through sponsorships, ad revenues, as well as the sale of experiential NFTs (xNFTs).
Fans get the opportunity to build their own collection of xNFTs, rise up the rankings, and earn further exclusive VIP experiences with the stars. They can also trade and rent xNFTs.
Marketplaces like Olyseum provide a reliable environment for stars to make their crypto debut, strengthen their brand, and monetize their star power.
Wrapping it up
Celebrities and influencers have been paying attention to non-fungible tokens and how they could use NFTs to their benefit. Experiential NFTs have opened the doors for them to engage with their fans and generate revenue from the experience.
For decades, fans never had the opportunity to meet or interact with their favorite stars. The xNFT marketplaces like Olyseum are giving them the opportunity to collect meaningful experiences with the stars.