- Shiba Inu’s figurehead Shytoshi Kusama acknowledges Paris Hilton’s NFT venture, showcasing a fusion of mainstream celebrity with blockchain ethos.
- The endorsement comes amidst a substantial market retraction, underlining a significant depreciation in NFT values across the board.
In the realm where the flamboyance of mainstream celebrity meets the pioneering ethos of blockchain, a noteworthy endorsement emerges. Shiba Inu’s leading persona, Shytoshi Kusama, recently turned the spotlight towards a novel Non-Fungible Token (NFT) venture involving the well-known personality, Paris Hilton. The expressed acknowledgment unveils a broader narrative of the juxtaposition between individual creative ventures and a larger market sentiment veering towards skepticism.
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Here's the link to mint your 'MareBears: https://t.co/d60h6uIM8R
— ParisHilton (@ParisHilton) September 28, 2023
Bridging Mainstream Flair with Blockchain Authenticity
In an illuminating social media exchange, Kusama reacted to a post by Marcie Jastrow, SHIB’s metaverse advisor, showcasing a SHiB-themed NFT from the new collection termed “MareBears.” This endeavor, manifesting as a collaborative brainchild of Paris Hilton, Ubisoft, and Charli Cohen, aims to bring to life interactive digital companions priced at 0.077 ETH each, with a collective issuance of 15,000 units. Hilton’s enthusiasm resonated through her social media channels as she unveiled a distinctive “MareBear” imbued with unique Paris traits.
— Marcie Jastrow (@marciejastrow) September 29, 2023
While this newly minted venture carves its niche, it’s imperative to gaze upon the broader horizon where a contrasting narrative unfolds. A recently conducted study by dappGambl delineates a stark depreciation engulfing the NFT market, with a s95% of NFT collections now relegated to a status deemed worthless. This disheartening narrative marks a vehement retreat from a previously buoyant market scenario that witnessed a remarkable trading volume totalling $17 billion during the bullish stride of 2021.
The crux of this downturn, as elucidated by the study, hinges upon an over-zealous issuance of NFTs met with a lacklustre demand, particularly spotlighting collections devoid of clear use cases or genuine artistic merit. A mere 21% of NFT collections now stand with the hallmark of full ownership. Yet, amidst this bleak exposition, there lies a potential evolution where NFTs could morph to encapsulate specific functional use cases, hinting at a possible resurgence or re-evaluation of value propositions within this digital asset class.
This unfolding scenario, punctuated by Shytoshi Kusama’s endorsement, perhaps signifies a moment of reflection within the blockchain community, inviting a discerning evaluation of creative ventures against a backdrop of market skepticism.