Paris Hilton Pitches Bitcoin & NFTs

Paris Hilton tweeted earlier this month that she is excited to about NFTs, even though she’d already released an NFT last year. In August 2020, she auctioned a drawing of her cat on NFT platform Cryptograph and donated the proceeds of the 40 ETH sale (then worth $17,000) to charity.

Anyways, In a blog post titled “I’m Excited About NFTs—You Should Be Too,” Hilton shares learning everything she can about the subject by immersing herself in the NFT community on social media and “working with NFT collectors like WhaleShark, Illustrator, internet entrepreneur Kim Dotcom and the founders of Origin.”

Paris Hilton has a following of 16.9 million and operates 19 different product lines, with her perfume line alone generating more than $2.5 billion to date. She wrote: “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.”

Hilton notes, “I started realizing how impactful NFTs can and will be in virtual worlds. Digital art, fashion or branding can all be displayed on someone’s avatar or in a virtual environment, or traded for other goods [...] You can already buy virtual real estate using NFTs. In the virtual pet universe Axie Infinity, someone paid $1.5 million worth of crypto for nine plots! You can also buy virtual cars.”

Hilton postulates NFTs could also empower the fashion industry to showcase their designs and products digitally, with the pandemic currently making it difficult to host fashion shows. She uses the example of tokenizing authentic baseball cards as a way to explain the basic concept of NFTs to her millions of fans. She said that “as the owner of the card, you can create a token on the blockchain representing the authenticity of that baseball card. You can now trade or sell it for other valuable goods on the blockchain.”

Hilton says “NFTs are democratizing art,” as artists can utilize NFT platforms to directly connect with large audiences and buyers while cutting out middlemen such as galleries, distributors and agents. Moreover, remuneration is fairer, as the artist gets to set their price and keep a majority of it. In addition, potential applications for the technology are so wide-ranging that she’d only just started figuring it out.

“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?” – Paris Hilton