Paris Hilton is no stranger to cryptocurrencies…or crypto trends, rather. She jumped on the ICO bandwagon back in 2017 and was caught in trouble—as part of the infamous Lydian Coin—but is not shying away from making her mark on the non-fungible token (NFT) market.
— Paris Hilton (@ParisHilton) April 7, 2021
The 40-year-old is the heiress to the global hospitality giant Hilton Hotels & Resorts, a chain present in thousands of locations via its various brands.
In a blog post yesterday, Hilton said she was ‘so excited’ about the growth of the NFT market and all the potential benefits that it bought to small-time artists and creators. She did, however, have some lofty ambitions about where the space could reach.
“I 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,” wrote Hilton in the blog post.
“Some of these applications might even change the way we live. What if we could use NFTs as collateral for physical items? Or as a way to trade for them?”
NFTs, the latest trend in the crypto and art market, are blockchain-based representations of tangible or non-tangible objects. They prove the ownership of their holder with whatever assets they represent and can be used to digitally, immutably represent digital art, crypto-collectibles, in-game assets, or even real estate.
This is a good read! I love that @ParisHilton is getting actively involved with #NFTs! #NGL, I never cared to be in her “target audience/demographic,” but her involvement is definitely grabbing my #attention. Don’t get me started about her recent documentary, either.. #ItsGood https://t.co/cj62YiqC2l
— DeCalavera (@DeCalavera) April 8, 2021
The sector has grown from a $200 million niche in 2019 to a flourishing $25 billion behemoth today, driven partly by the resurgence of the crypto market and partly by its accessibility to the general masses.
And where’s there’s money, there’s everyone wanting to jump in. “I plan to go big with NFTs, innovating, investing and collecting. My first drop is coming soon. I can’t wait. I can’t share the details just yet, but I want to talk about why I’m so excited about NFTs,” Hilton said in the post. (She did, however, sell an NFT in August 2020.)
Benefits and female representation
NFTs, in theory, allow artists to reach audiences and potential buyers without an agent or a distributor, who would charge a fee or take a cut of a sale.
Marketplaces like OpenSea and Rarible do, however, charge a fee for their services, but a proven, peer-to-peer transfer of ownership was not entirely possible before the concept of NFTs.
“NFTs put more power in the hands of the creators, and that’s something I’m proud to be part of. I think anything that helps make all voices be heard will help make the world a better place,” Hilton said.
— Paris Hilton (@ParisHilton) April 8, 2021
For now, the heiress said she is working towards leveraging her network and platform to take NFTs mainstream and help empower and inspire creators and artists. In addition, she’s vouching for more female artists to take center stage in the growing sector.
“I want to see more women creators, collectors and investors actively participate in the NFT community and the crypto community as a whole. I plan to do everything I can to help pave the way,” Hilton ended.
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