Although in its infancy, the non-fungible tokens (NFT) market exceeded $40 billion in 2021, according to estimates from the blockchain analytics firm Chainalysis, Inc.  

NFTs are digital tokens that signify ownership of unique pieces of art or collectible items. To fully grasp the rapid growth of the market, the global art market was valued at $50.1 billion in 2020, according to UBS and Art Basel figures. 

The limited number of avatars for popular projects such as the Bored Ape Yacht Club and CryptoPunks helped create a sense of FOMO (fear of missing out) among investors, traders, and collectors. Businesses and celebrities have since jumped on the trend and launched their own NFTs as marketing and revenue-generating vehicles. The following is a look at four celebrities and how they have used NFTs. 

1. Justin Beiber 

Justin Beiber has millions of followers on social media, so it's no surprise he has taken advantage of this fact by promoting his own line of NFTs. The inBetweeners is a minted collection of 10,777 unique and colorful bear characters with randomized attributes that exists on the Ethereum blockchain. Artist Gianpiero designed each of the characters, while other celebrities, like Snoop Dogg and Tom Holland, have promoted the NFT set on social media. 

Ownership of an inBetweener NFT grants you access to restricted Discord channels and invites to real-life field trips. Public sale of inBetweeners began on December 22, 2021, for 0.45 ETH. At that time, 1 ETH was valued at 4,018.70 USD. 

2. Steph Curry 

December 2021 was a big month for celebrity NFT drops. Steph Curry, one of the most popular basketball players in the world with nearly 40 million followers on Instagram, released The 2947 Collection on December 17. The set features 2,974 NFTs of digital replicas of his Genesis Curry Flows shoe line. Owners can use these replica shoes in virtual games and metaverses. Curry launched the project to raise funds for the Eat.Learn.Play. Foundation, which he established with his wife, chef Ayesha Curry. 

3. Shawn Mendes  

Similar to Curry, musician Shawn Mendes' NFT collection features digital items that can be worn in various metaverses and virtual games. He launched the NFT, based on his album Wonder, on OpenSea in collaboration with Genies. Akash Nigam, CEO of Genies, later revealed that Mendes made close to $1 million in sales in 10 minutes. 

4. Emily Ratajkowski 

Emily Ratajkowski took a somewhat different approach with her NFT release. The supermodel purchased artist Richard Prince’s painting of an appropriated Instagram post of hers for $81,000. Then, she took a photo of herself standing in front of the canvas and sold the digital image file as an NFT for $140,000. She titled the NFT Buying Myself Back: A Model for Redistribution.