As one of the most famous socialites of the early 21st Century, Paris Hilton is a well-known hotel heiress to her father’s extensive hotel empire. Five years ago, she became involved in cryptocurrency and gained notoriety for investing so heavily in an emerging and volatile asset.
Since 2016, when she first started investing in Bitcoin and other digital currencies, Hilton has advocated their use. Her involvement with the crypto industry has grown over the years. Journalists often question her about her investments in the space during times of volatility.
Despite dropping sharply in this period, it experienced a spectacular resurgence, and some companies now use it as a form of payment. For instance, the emergence of cryptocurrency has begun to cause some concern in the digital casino field, as some people prefer the heightened security they provide. However, if you aren’t well-versed in cryptocurrency casinos and prefer to play a digital casino title with standard currency, you can find plenty of games on this page.
Given that the market has been so volatile within these six years, she has been the figure for any questions regarding this type of investment, given that she is one of the most high-profile names invested so early. Due to her early investment and continued support, the moniker of “Crypto Queen” follows her around.
The Rise of Cryptocurrency
Over the last few years, cryptocurrency has become a more prominent feature in society and popular culture. Billionaires like Elon Musk throwing in their opinions regularly on social media has helped to advertise the brand to millions of retail investors.
This was evident in 2021 when the cryptocurrency market accelerated to a point where it had a multi-trillion dollar market cap. One component of cryptocurrency that gained notoriety and fueled these incredible profits was the rise of NFTs (Non-fungible tokens).
What Is An NFT?
Despite NFTs exploding in price throughout 2021, plenty of investors needed help understanding what they are and how they operate. NFTs are unique digital assets that verify and highlight the physical ownership of a digital asset, usually an image or art of some sort.
However, this can stretch to a host of other digital assets, such as land in the Metaverse, collectables, and items you can use in a game.
NFTs purchases become verified and secured using blockchain technology. This means any purchase or sale is logged securely on a public record. In addition, it authenticates and secures the transaction to ensure that individual ownership is genuine.
When Did Paris Hilton Become Involved?
As an early advocate of Bitcoin and other cryptocurrencies, the natural progression to NFTs was the next natural step for Paris Hilton, given how much she has invested in the space. Her journey into the world of non-fungible tokens (NFTs) began in 2021.
But, first, she launched her own NFT platform to profit from the wealth of digital assets created at the time. Since then, Paris Hilton has become one of the most prominent celebrities endorsing digital assets.
However, other celebrities, such as Floyd Mayweather, have also become immersed in cryptocurrency. However, the latter has been heavily criticised for promoting cryptocurrency, which holds little to no value.
Celebrity endorsements regarding cryptocurrency and any posts that advocate the buying or selling an asset should ring alarm bells. It would be best if you weren’t taking any investment advice from a celebrity.
This goes without saying. However, some people have lost a lot of money from blindly investing in these projects.
Analysts have quoted blockchain technology as the future of finance. Paris Hilton and other celebrities also ascribe to this view. They can use their platform and notoriety to create unique digital collectables. Fans can then collect these art pieces as investments or just as fan ownership.
Due to the fact NFTs are verified on the blockchain uniquely and securely, they have real-world value. Fans can own a piece of a celebrity NFT range, which can go up or down in value over months or years.
Paris Hilton has taken advantage of this new technology by releasing her own NFTs. She hosted a 2021 New Year’s Eve party in the Metaverse. Despite the sharp retraction in cryptocurrency during the latter stages of 2022, she is still an advocate of its promise.
With an estimated net worth of around $300 million, Paris Hilton’s continued involvement in cryptocurrency isn’t and shouldn’t be viewed as a bad thing by investors.
She is not alone either, as other celebrities have also released their own NFTs to capitalise on the growing popularity of this new asset class.
With the help of NFTs, celebrities can now generate more revenue from their influence and engage with fans more profoundly than ever before.
This is far from the end of Paris Hilton’s NFT journey, and with 2023 beginning to look more optimistic for digital assets, we predict there’ll be a few more chapters to add to this story.
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