On July 1st 2022, the uber-famous singer Chris Brown launched a set of 10,000 NFTs. After a week, only 297 pieces were sold out of 10,000. What went wrong that Chris Brown, who holds cult celebrity status among the younger music fans and a massive social media following, could not sell even 3% of his NFT project?

The answer is simple: Celebrity NFT projects fail to understand their consumers. Most celebrities think of NFTs as a way to make a few million dollars without putting in much effort and then get off the project. One notable example was when Lil Uzi pumped Eternal Beings by tweeting about it and deleted his Twitter promotional posts after the launch. 

Web2 followers do not translate to Web3 sales! Most celebrities do not have any real conviction for the NFT project they are promoting and most of the time, do not even interact with their NFT holders. Unfortunately, just putting out a few tweets by a celebrity does not translate to a successful project in the NFT space! Celebrities must convey conviction and authenticity for the project they are shilling. 

The second mistake most celebrity NFT projects make is overpricing their NFTs. For example, a collection named Roborovski was launched by celebrities Dev Patel and Tilda Cobham-Hervey in February 2022. Although these two never showed up to any AMAs or interacted with the project, it was still launched for an extremely high price of 0.165 ETH (or $450 at that time). As expected, the project could not mint their 10,000 supply and had to cut it to 7,777. Due to a lack of demand, Roborovski’s price took a tumble on the secondary market and proved to be a major flop.

However, it must be remembered that there are always exceptions to every rule, and the NFT space is no exception! GaryVee and Snoop Dogg are the most notable aspiring celebrities in the NFT space, and other stars should learn from these examples. These celebrities are not only passionate about NFTs, but they also understand the Web3 culture and values. People listen and even follow their opinions if they decide to shill a specific project!

All in all, success in Web2 does not guarantee success in Web3. Web3 is a different market with different consumer values and ethos, and celebrity projects must respect those values and tailor their messages accordingly. Otherwise, we will continue to see failed celebrity NFT projects in the future, which is not very healthy for the NFT world.