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Mark Cuban, Paris Hilton’s firm invest in NFT-enabled apps

Mark Cuban, Paris Hilton’s firm invest in NFT-enabled apps
Written by Arindam
Mark Cuban, Paris Hilton’s firm invest in NFT-enabled apps

Animation app immi has been launched in the App Store of iPhone maker Apple. The app is invested by 11:11 Media, the firm of billionaire Mark Cuban, actress Paris Hilton and singer Pitbull. Celebrity investments in metaverse and non-fungible token (NFT) firms have increased in recent months.

This app creates animations that can be used on social media or in the metaverse. This will give select owners of the popular NFT collection Bored Ape Yacht Club and My Pet Hooligan the opportunity to animate these characters. An immi spokesperson said that the app has been valued at around $50 million in this round of funding. Other investors in this round include Tony Robbins, Zoom founder Eric Yuan and musician Steve Aoki. Venture capital investment in NFT-linked startups has grown exponentially in the last one year. According to data provider Pitchbook, more than $2 billion has been invested in 331 such firms during this period.

Celebrities who have invested in this segment also include Paris Hilton. Apart from creating and buying NFTs, he has also invested in some crypto firms. Hilton posted a video of an NFT character from Bored Ape on his Twitter account last week. immi plans to launch NFTs of characters that it has created. Apart from this, animations of other NFTs will also be made.

The popularity of NFTs has increased in recent months. Sports clubs, automobile companies and pop stars are also getting into this business. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. There has also been an increase in the cases of scams related to them. In some such cases, NFT buyers have suffered huge losses. Recently, at least 54 BAYC NFTs were stolen by hacking Bored Ape Yacht Club’s Instagram account and Discord server. It has caused a loss of about $ 137 million. Yuga Labs, the owner of BAYC, and Instagram have started an investigation.

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Arindam

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