A majority of Americans surveyed think the digital art craze is more than just a fad and that NFTs are the ‘next big thing’

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  • A majority of Americans believe NFTs will be the next big thing, while a third of Britons think it is just a fad.
  • 36% of Americans and 27% of Britons think the NFT space is “just another playground for the mega-rich.”
  • Market research firm Piplsay from March 29-31 polled 30,390 people in the US and 6,050 in the UK to assess attitudes towards NFTs.
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Non-fungible tokens, or NFTs, have soared in popularity in 2021. Artwork, tweets, and news columns turned into digital art have fetched millions of dollars at auction.

In an online survey conducted in the last week of March, 59% of Americans surveyed said they believe NFTs are more than a fad, and will be “the next big thing”. Counterparts in the UK, meanwhile, were less certain, with 33% of Britons responding that its a passing fad.

18% of Americans surveyed believe the market for digital art is a bubble waiting to burst.

Still, a large percentage – 61% of Americans and 54% of Britons – view the nascent space in a positive light.

Conducted by research group Piplsay from March 29-31, the survey polled 30,390 people in the US and 6,050 in the UK to assess what people think of the latest blockchain-related digital trade.

Despite Americans believing in NFTs as potentially being here to stay, the survey revealed that 33% do not believe these are safe investment, while 41% of Britons also don’t trust in the security of NFTs.

The market for digita art secured on a blockchain first opened up in 2015, and has since gained traction. The NFT space has been boosted by support from prominent figures including Jack Dorsey, Mark Cuban, and Kings of Leon, and has moved in step with the rapidly rising popularity of cryptocurrencies.

While it is still an emerging market, that also did not prevent major brands from Taco Bell to the NBA from getting on the bandwagon.

36% of Americans and 27% of Britons surveyed think the NFT space, given its highly speculative nature, is “just another playground for the mega-rich.”

NFTs are unique digital assets secured on a blockchain. Each NFT has its own signature, which can be verified in the public ledger and cannot be duplicated.

When people buy NFTs, they gain the rights to the unique token on the blockchain, and not the artworks linked to the NFTs themselves.

The NFT market saw immense growth, with buyers vastly exceeding sellers, and has grown into a $250 million market, according to a 2020 report from L’Atelier BNP Paribas and nonfungible.com.

Read more: BANK OF AMERICA: Buy these 14 semiconductor stocks poised to benefit from Biden’s multitrillion-dollar infrastructure plan – including one set to surge 39%

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Billionaires, celebrities, and influencers from Mark Cuban to Lindsay Lohan are joining the NFT craze. Check out what they’ve auctioned.

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Elon Musk and Grimes attend the Met Gala in 2018.

  • Celebrities from Lindsay Lohan to the NFL’s Rob Gronkowski are jumping in on the NFT craze.
  • More celebrities and influencers are expected to join the space as it grows in popularity.
  • Tesla CEO Elon Musk planned to sell an NFT but later decided against it.
  • See more stories on Insider’s business page.

As the craze for crypto art continues, celebrities, billionaires, and influencers are getting in on the trend and selling some of their own.

NFL player Rob Gronkowski, rapper Ja Rule, Lindsay Lohan, and Mark Cuban, among others, have jumped on board. And Alex Atallah, the cofounder of NFT marketplace OpenSea, told Insider he expects to see even more celebrities joining the space.

NFTs, or non-fungible tokens, have allowed artists to sell their digital work for thousands and even millions of dollars. They’re gaining popularity as NFTs – which are generally digital assets that operate as a type of collector’s item and can’t be duplicated – are now a more than $1 billion market.

As for CEOs, Twitter chief Jack Dorsey sold his very first tweet from 2006 for millions and donated the proceeds to charity. And just this week Tesla CEO Elon Musk, who has been a big promoter of cryptocurrencies, said he would sell a techno song as an NFT. But he later reneged, saying it didn’t feel right. His girlfriend, Grimes, has made millions selling crypto art.

Billionaire and “Shark Tank” star Mark Cuban sold an NFT of a motivational quote, that read, “Nobody ever changed the world by doing what everyone else was doing – Mark Cuban.”

Read more: Influencers are rushing to make money on NFTs using virtual avatars, digital collectibles, and one-off art

As for the music industry, Shawn Mendes teamed up with Genies, which makes 2D avatars, to make virtual versions of his guitar and gold ring and sell them as NFTs, Rolling Stone reported.

Hoping to get rid of bad vibes from his Fyre Festival days, rapper Ja Rule auctioned an oil painting that once hung in Fyre Media’s office as an NFT on a new platform Flipkick, and he offered to sign it for the purchaser.

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Flipkick is selling this Fyre Festival painting as an NFT

Other musicians have joined the trend, as well. The Kings of Leon was the first band to sell an entirely new album, titled “When You See Yourself,” as an NFT, Rolling Stone Reported. And in a tweet, DJ Steve Aoki announced his first-ever NFT collection.

In the sports world, Tampa Bay Buccaneer Rob Gronkowski, aka the Gronk, announced on Twitter he’d be launching an NFT collection of his very own. Four pieces of art commemorate his championship wins and one is a career highlight of him, according to his website. Kansas City Chiefs’ quarterback Patrick Mahomes sold millions of dollars worth of NFTs in just minutes, actionnetwork reported.

As for influencers, Paris Hilton sold a cat painting for $17,000, Decrypt reported. And Lyndsay Lohan sold her “Lightning” NFT for $50,000 and promised to donate the funds to charities that accept cryptocurrency, according to Decrypt.

With a lot of money to be made in NFTs, internet influencers are likely to continue joining the space. So far, YouTube stars like Logan Paul and Zach “ZHC” Hsiehn have already begun experimenting with the trend.

Do you know of more celebrities and influencers who are selling or planning to sell an NFT? Email the reporter of this story at ndailey@insider.com.

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Elon Musk posted a rare family photo with Grimes and their baby, X Æ A-Xii, and it was taken in the new city he hopes to create in Texas

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Tesla and SpaceX CEO Elon Musk, left, and singer and producer Grimes.

  • Tesla and SpaceX CEO Elon Musk shared a rare family photo on Twitter.
  • Musk is seated with his girlfriend, Grimes, while holding their 10-month-old son, X Æ A-Xii.
  • The photo is captioned “Starbase, Texas,” the city Musk hopes to create around SpaceX’s facilities.
  • Visit the Business section of Insider for more stories.

Elon Musk just gave us a rare glimpse of his family hanging out in Texas. 

In a photo posted to Twitter Monday morning, Musk is shown holding his son, X Æ A-Xii, alongside his girlfriend, Grimes. The photo is captioned “Starbase, Texas.” 

Musk’s son, who he and Grimes appear to call “X” for short, was born in May 2020. Musk and Grimes have been dating since around May 2018, when they made their public debut as a couple at the annual Met Gala.

Musk also has five other sons with his first wife, Justine. 

The Tesla and SpaceX CEO announced last year that he was moving to Texas after he publicly sparred with California regulators during the early months of the pandemic. Musk has since listed or sold several of his mansions in Los Angeles and quietly moved his charitable foundation to Texas, and both Musk and Grimes have since been spotted hanging out in Austin.

Grimes also confirmed on Twitter that she now lives in Austin. 

Musk appears to split time between Austin, where Tesla is planning to build a new, $1 billion factory to manufacture the Cybertruck, and South Texas, where SpaceX is developing its Starship rocket.

He announced on Twitter earlier this month that he’s trying to form a new city at SpaceX’s launch facilities called Starbase, the name he referenced in his tweet. The company’s facilities have been located in an unincorporated town called Boca Chica Village since 2014, but Musk said on Twitter that Starbase would cover a much larger area than just the village. 

The judge’s office in Cameron County, where Boca Chica is located, told Insider’s Morgan McFall-Johnsen and Aria Bendix that SpaceX approached its office to discuss incorporating the city of Starbase, but that “if SpaceX and Elon Musk would like to pursue down this path, they must abide by all state incorporation statutes.” 

Read the original article on Business Insider