Katy Perry To Launch Her First NFTs On The Theta Network

Pop singer Katy Perry has announced the launch of her first-ever NFTs on the Theta Network, coming Q4 this year. Those who are interested can register to receive email or SMS notifications when they drop.

Excited & 👀curious👀 to be launching my FIRST ever #NFTs later this year w/ @Theta_Network. Look out for memorable & creative moments from my 🍄 residency 🍄 that’s both a digital collectible AND an IRL experience 😱TANGIBLE😱 Pre-register for more info! https://t.co/kiEwPLZH4T pic.twitter.com/uYNhpDW8oy

— KATY PERRY (@katyperry) June 30, 2021

Perry is no stranger to cryptocurrency, having posted the infamous “Crypto Claws” pic on Instagram in early 2018. It showed her nails painted in several project logos and was, in retrospect, taken as a sign of the top.

She now joins the growing list of celebrities who have jumped on the NFT “hype train,” including Snoop Dogg, Paris Hilton, and Lindsay Lohan.

Let’s hope history doesn’t repeat and crypto markets enjoy bullishness well after Perry’s NFT drop. However, the same cannot be said for NFTs, as data on sales shows a massive slump.

NFTs Hype Has Quietened Down

NFTs continue to divide opinions. They were at peak media hype around March this year, when Beeple’s The FIrst 5,000 Days sold for a recording breaking $69 million.

The selling price was a shock to most, with common remarks centering on the wasteful extravagance of spending such large sums on digital art.

Nonetheless, Vignesh Sundaresan, who bought the piece, said he has no regrets in making the purchase. Adding that, he was motivated to pay even more if need be.

In further justifying his decision, Sundaresan said NFTs represent the beginning of a new age in digital art. For him, buying The First 5,000 Days, and at that price, represented the shift into this new phase.

However, Sundaresan conceded that it would 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 5,000 Days was the culmination of daily effort over 13 years to produce artwork around the theme of societal contradictions in the technology age.

Perry hinted that her pieces would focus on “creative and memorable moments” from her residency at Resorts World Casino, Las Vegas. But other than that, we’ll have to wait until they drop to get a better sense of what she means.

NFT Sales Have Dried Up

Data from NonFungible.com shows sales in every NFT category have plummeted. May 3 marks the top, with $102 million worth of NFT sales made that day.

But today, June 30, total NFT sales stood at just $1.1 million – that’s a 99% collapse in sales volume.

Source: nonfungible.com

Based on this, all but the most stubborn would concede that the NFT bubble has burst, for now at least.

Some say the recent Bitcoin crash, as well as environmental concerns, haven’t helped. However, Perry is bold to want to launch her range of NFTs in a post-hype period.