Critics warn celebs and NFTs are an alliance made in hell

TL;DR Breakdown

  • Critics warn that celebrities who embrace and support NFTs may downplay the risks.
  • NFT celebrity support compared to FOMO.

Critics are concerned that women who admire Internet celebrities and stars may be trapped. According to research by The Washington Post , fans of famous actresses such as Gwyneth Paltrow and Mila Kunis may be deceived into investing in digital currencies due to the market reality of such investments.

Celebrities focus on gender equality in the NFT space

In January, during a Zoom call, both female celebrities encouraged the over 5,000 women in attendance to get involved in the male-dominated cryptocurrency business, according to a documented report.

“We’ve seen a lot of these brothers get together and make a lot of money,” said Paltrow, dressed in a black turtleneck with a tanned blush and a disarming smile. “We just as much deserve to be in this space.

Celebrity endorsements—whether for a product, a brand, a concept, or even a hairstyle—have been known for centuries. However, in recent years they have been on the rise as stars have created their platforms for direct social media advertising.

There is something troubling about celebrities encouraging their followers to invest in NFTs without informing them of the risks. With the NFT, the world may have unwittingly come to the logical conclusion of celebrity endorsements.

Many celebrities have been involved in supporting the NFT, and the results have been disastrous. One such example is Laurent Correira, a famous French influencer and reality TV star who led the $960k NFT carpet raffle (according to Cryptopolitan).

Celebrities are no longer limited to simple NFT ads; they started building their own NFT platforms. Mila Kunis entered the digital asset business by creating an animated series with her husband Ashton Kutcher. The animation program uses NFT digital art as content.

Mila Kunis stated that women had long been taught to avoid risk and she was willing to take risks to see what would happen. Women have long restricted access to technological wealth, and now a similar pattern is repeating itself in the crypto world.

According to a Washington Post report, according to a 2021 CNBC survey, men are investing in crypto assets at a rate of almost 2:1 compared to women. Another Quinnipiac University survey released in March found that while 43% of women had heard of NFTs, 61% of men had.

These celebrities are not the only ones who benefit from the gender-diverse crypto community. Gender-diverse NFT projects, some of which generate a portion of their profits, have won social media followers, Hollywood deals, corporate sponsors and celebrity fans through their efforts.

For example, Boss Beauties, NFT’s collection of “beautifully different, empowered women,” has deals with Barbie and Neiman Marcus. Eva Longoria also bought two NFTs from the CryptoChicks collection, dedicated to the unique and diverse female beauty around the world.

Could NFT celebrity endorsement confuse investors?

Critics, however, see a resurgence of the boss girl archetype in specific NFT projects. The platform had startup founders who saw their ability to infiltrate the Boys’ Club as progress for the good of society.

These NFT companies, like the girl boss, mix the culture of hustle and bustle with the language of social justice, blurring the distinction between community and business; powerful women use empowerment as a customer acquisition strategy.

Despite encouraging words from celebrity investors, some critics argue that financial inclusion initiatives replicate the same power structures that prevented previous generations of female entrepreneurs from earning real wealth.

Adrienne Young, a social media strategist who helps women of color get involved in the crypto sector, says women entrepreneurs are now filling the same power gaps that kept women out of the crypto business.

“These projects are very clearly focused mostly on white women or mostly on women who already have a lot of privilege,” said Adrienne Young. “People felt like they were buzzwords, so they felt good supporting a project led by women.”

Critics say attempts to get women interested in investing in crypto assets overemphasize the financial potential while downplaying the danger . Faith Love, an artist and community manager at MetaMask, said that pandering to women in cryptocurrency was a “lure” that the project’s creators used to gain money and economic power.

Gender inclusion is a more subtle publicity stunt than celebrity TV ads and sponsored posts. However, these women-focused projects are based on the same mindset that drives the rest of the cryptocurrency market: FOMO, or fear of missing out.

Skeptics argue that these efforts exaggerate the financial benefits by glossing over the risks, maintaining an overheated market rife with scams and hacking. Meanwhile, crypto enthusiasts are outraged at how high-profile projects have ignored previous diversity initiatives and allegedly stolen ideas from young women of color without being cited.

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