Ethereum is the second-largest cryptocurrency in the world with nearly twice the market capitalization of the next biggest token, USDT. Even though its price is at its lowest point since January of 2021, it’s still becoming more popular. The number of Ethereum wallets is still increasing steadily and just managed to break 200 million. This number doesn’t even include the many investors holding Ethereum on centralized exchanges like Coinbase Global Inc. (NASDAQ: COIN) or Binance.
A large portion of this widening adoption is attributable to celebrities purchasing and discussing Ethereum publicly. Some of the most influential have been Snoop Dogg, Paris Hilton, Jay-Z, Elon Musk, Mark Cuban and Reese Witherspoon.
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Calvin Broadus Jr. (AKA Snoop Dogg) is an iconic rapper famous for his near-constant cannabis smoking and gangster rap classics such as “Drop It Like It’s Hot” and his feature on Dr. Dre’s hit, “The Next Episode.” He is also a prolific entrepreneur, investor and businessman with a venture capital fund focused on Cannabis called Casa Verde.
Snoop was one of the first celebrities and first rappers in the NFT space. He released a couple of small NFT collections on the Crypto.com NFT platform last summer. He still seems dedicated to NFTs and has dropped multiple smaller NFT collections since then. These lead up to the launch of his 10k collection of generative Snoop Dogg NFTs ready for the metaverse, The Doggies. We don’t know much about his portfolio composition other than he has Ethereum and a bunch of NFTs.
Snoop may also have a hand in one of the largest Twitter influencer accounts in NFTs, Cozomo de’ Medici. He claimed that the account was his in a Tweet late last year, but recent evidence has put this in doubt. Medici tweeted a picture of him and Jason Derulo with their CryptoPunk NFTs covering their faces a few weeks before Snoop’s announcement. Not only does Medici appear to be much shorter than Snoop, but he also looks like a white man.
Snoop may not be Medici, but he has still had a resounding impact on the entire crypto ecosystem. He has brought in tons of new eyes by just discussing what he was doing on his Twitter to his millions of followers. He is excited about the future of the industry too and said “I am excited about it, ya dig?” to Vanity Fair when asked about the NFT market’s prospects.
Paris Hilton is an American media personality, flashy socialite, businesswoman, model and actress. She is the great-granddaughter of the founder of the massive Hilton Hotels Corp. (NYSE: HLT) chain, which was sold by the family for $26 billion in 2007. Paris Hilton didn’t get much out of the deal though because her grandfather gave almost his entire fortune to charity.
Hilton had no reason to worry about her financial situation, however, because her perfume line became the second largest in the world by a celebrity. She has since turned to a possibly more lucrative scene, cryptos and specifically NFTs. Hilton has been an unabashed fan of crypto, NFTs and the metaverse for longer than almost any other celebrity.
Hilton’s ability to get in early and turn a profit is clear in her crypto and NFT endeavors. She let slip that she bought Bitcoin and Ethereum all the way back in 2016 when BTC was worth about $1,000 and ETH was barely trading for $10. It is not known who much she owns or if she owns any other altcoins, but she is probably deep in the green.
She also got into NFTs extremely early. She released her first NFT on April 17, 2021, a week before Bored Ape Yacht Club came out. The 1/1 piece sold for an insane (at that time) $1.1 million. Continuing the pattern of early adoption, she launched her own metaverse called Paris World in the popular Roblox Corp. (NYSE: RBLX) game in October last year.
Hilton said in a recent interview that “NFTs have literally taken over my entire mind and soul” and “I’ve never been so excited about something in my life because I really see this as the future.” This interview was about her soon-to-be incredibly successful NFT mint ($600,000+ in revenue) though so take her praise with a (large) grain of salt. Hilton is almost certainly profiting heavily off of her connection to crypto, but her support has been invaluable.
Shawn Carter (AKA Jay-Z) is a legendary 21-Grammy-winning rapper, record executive, investor and media proprietor. His long and storied career has influenced hip hop and rap more than almost anyone. Jay-Z has amassed a massive fortune, second only to Kanye West’s. One of the common themes he raps about is teaching financial literacy to battle inequality. While he has talked about multiple different paths to financial freedom in the past, his recent focus has been cryptocurrencies and NFTs. It hasn’t been published how much money he has in cryptos or even which ones he owns, except for Bitcoin and Ethereum.
The rapper is focusing on a new program teaching blockchain and financial literacy called Bitcoin academy. The free course will be available to residents of Brooklyn NYC’s Marcy Houses, where he grew up. He clearly cares as much about lifting people up as making money for himself.
Jay-Z, like Snoop Dogg and Paris Hilton, was one of the first celebrities to dive into NFTs. He bought a CryptoPunk NFT in April 2021 and made it his profile picture on Twitter two months later. This move was an important catalyst for the NFT market as a whole. It brought a deluge of publicity and set a precedent for other celebrities to follow bringing even more news coverage.
Elon Musk, the CEO of Tesla Inc. (NASDAQ: TSLA), SpaceX, Neuralink and the Boring Company, and the richest man in the world, is one of crypto’s biggest celebrity advocates. Musk first started talking about his favorite cryptocurrency, the silly (and essentially pointless) Dogecoin, in 2019. His obsession with memes and dumb humor fit perfectly with the Doge community. He ran with it and helped it reach roughly a $75 billion market capitalization with countless dog memes.
He is currently embroiled in a massive lawsuit that alleges he essentially ran a pyramid scheme around Dogecoin. The suit asks for a whopping $258 billion in damages (much more than his already absurdly large net worth of about $210 billion). Despite the suit, Musk said on Twitter that he will “keep supporting” DOGE and is even “buying the dip.”
Musk also signaled his support for Bitcoin and Ethereum over the past year and seems to own at least some of each. He had Tesla buy $1.5 billion worth of Bitcoin (now worth much less). Musk is well known for his dislike of abusive centralized power and censorship. It would be surprising if he didn’t invest in and actively support cryptocurrencies. Hopefully, for crypto investors, he won’t stop anytime soon.
Mark Cuban is a billionaire investor, entrepreneur and T.V. personality with more than a $4.5 billion net worth. Most of his fame (and many of his investments) came from starring on the hit investing and entrepreneurial show, Shark Tank. He also owns the Dallas Mavericks NBA team.
Next time you see that a crypto or NFT-related company secure a round of funding, check the list of investors. Chances are that Mark Cuban will be near the top. Some of his best blockchain-related investments are in OpenSea, Polygon and Arbitrum. He also has a diverse portfolio of cryptocurrencies including BTC, ETH, APE and ENS. Cuban is perhaps the most actively involved celebrity on this list because of his many investments in smaller crypto companies.
Reese Witherspoon is a world-renowned businesswoman and actress known for her performances in Legally Blonde, American Psycho, Monsters vs. Aliens and many more movies and T.V. shows. She sold her media company Hello Sunshine, which helped develop shows like The Morning Show and Big Little Lies, for an incredible $900 million last year.
Witherspoon is a relatively new addition to the pantheon of celebs promoting crypto and NFTs but still an avid one. She owns Ethereum and a few NFTs, but her crypto portfolio composition is not public. Her focus in Web3 seems to be on empowering women in crypto and bringing more women into the space. She wants to break up the toxic “boys club” culture that often hangs over the crypto space. She thinks there is a lot of money to be made with NFTs and crypto and wants women to ride the wave too. She has been helpful in both increasing adoption and improving the culture around Web3 by welcoming more women into the space.
Cryptocurrency Price Movements
The cryptocurrency market is still in the midst of a painful bear market along with every other traditional market. Massive cryptocurrency funds and platforms facing insolvency and liquidation have quickened the collapse. Unfortunately, a V-shaped recovery doesn’t seem likely this time. However, every time crypto has crashed, the market eventually recovers and reaches new all-time highs.
Will Ethereum Adoption Shrink now?
Ethereum isn’t likely going anywhere. The crypto hype cycle is yet again at its (hopefully) lowest point. The market has crashed many times before, and every time it has come back stronger. The number of wallets holding Ethereum is still growing despite the correction, and it likely won’t stop anytime soon.