NFT

Katy Perry Is Launching Her First NFTs On The Theta Network


Popular singer Katy Perry is launching her first NFT on the Theta network that will come in Q4 this year. Those that are interested can be registered and receive email or SMS notification when it drops so let’s read more in our latest cryptocurrency news today.

Perry is no stranger to crypto as it posted the infamous “Crypto Claws” pic on Instagram in 2018 where it showed her nails painted in several project logos and was taken as a sign of the top as well. Now, Katy Perry is launching her first NFT, joining the growing list of celebrities that joined the NFT ship including Paris Hilton, Lindsey Lohan, and Snoop Dogg. Hopefully, the history won’t repeat and the crypto markets will enjoy the bullishness well after Perry’s NFT drop on Theta network. However, we cannot say the same for NFTs as the data on sales shows a huge crash.

NFTs continue to divide opinions as they were at their peak media hype around March this year when the Beeple art dubbed The First 5000 Days sold for a record-breaking $69 million. The selling price was a shock to most with the common remarks centering on a wasteful extravagance of spending the huge sums on digital art. Vignesh Sundaresan who bought the piece has no regrets in making the bold purchase and added that he was motivated to pay even more. Further justifying his decision, Sundaresan said that NFTs represent the start of a new age in digital art, and for him buying the artwork at that price, represented a shift into something new. However, Sundaresan conceded that it will take time before the wider populace recognizes and accepts this:

“Sometimes these things take some time for everyone to recognize and realize. I’m OK with that. I had the opportunity to be part of this very important shift in how art has been perceived for centuries.”

The first 5000 days were the culmination of daily efforts over the past 13 years to produce the artwork around the theme of societal contradictions in the tech age. Perry hinted that her pieces will focus on creating and memorable moments from her residency at the Resort World Casino in LAs Vegas but other than that, we will have to wait until they drop a hint of what she really means. The data from Nonfungible.com shows the sales in every NFT category have crashed and on May 3 we saw the top of $102 million worth of NFT sales made that day.

nonfungible
Source: Nonfungible.com

Today, however, the total NFT sales stood at $1.1 million which is a 99% crash in sales volume. Based on this, all but the most stubborn will say that the NFT bubble burst for now but some say that the recent BTC crash as well as the environmental concerns, didn’t help at all. However, Perry is bold to launch the range of NFTs in its post-hype period on the Theta network.

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