Gwyneth Paltrow Joins the BAYC

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Key Takeaways:

  • NFTs (non-fungible tokens) are all the rage among celebrities and the wealthy right now. 
  • Gwyneth Paltrow has jumped on board the NFT train.
  • With her latest NFT purchase, Gwyneth Paltrow has become the latest celebrity to join the BAYC.

Scarcity, speculation, and buzz attract celebrities. The buyer’s (or artist’s) profile could operate as a feedback loop, increasing the NFT’s attractiveness.

Non-fungible tokens (NFTs) are the craze among celebrities and the wealthy at the moment. With her latest NFT purchase, Gwyneth Paltrow has become the newest celebrity to join the BAYC.

On Thursday, the Goop founder and former Marvel Cinematic Universe actress joined the Bored Ape club by posting the NFTs to her Twitter account.

Since the announcement, many people have expressed their displeasure with Paltrow’s latest acquisition. Many have attacked her, claiming that her new Bored ape tarnishes her reputation.

Gwyneth Paltrow has invested in Terawulf’s bitcoin mining company, according to Terawulf CEO Paul Prager. “We’re overjoyed that Gwyneth Paltrow, among others, has invested in Terawulf and endorsed our team of energy entrepreneurs’ new paradigm for best-in-class [crypto mining] that uses 100% zero-carbon energy,” said Prager. Paltrow and Moj Mahdara, the Iranian-American CEO of Beautycon Media, are among the investors who “made a large, 8-digit equity investment in Terawulf,” according to sources.

NFTs seen as valuable has become a status symbol, similar to any other lauded commodity. A Beeple NFT sold for $69 million at Christie’s, putting the artist “among the top three most valuable living artists,” according to The Verge. Mike Winkelmann, a.k.a. Beeple, has a number of reasons to be well-known. However, his sale of a collection of 5,000 days’ artworks appears to grant the buyer the right to flex.

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Chetna Prakash
Chetna Prakash

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