Actor Johnny Depp’s NFT Collection’s price is soaring after he won a defamation trial against his ex-wife. The NFT collection ‘Never Fear Truth’ witnessed all-time high numbers on NFT platforms and marketplaces.
We would understand the exact numbers and surge in the demand for the actor’s NFT collection.
About Johnny Depp NFT Collection
The collection which was listed by Johnny Depp in January involves his personal artwork. Titled ‘Never Fear Truth’, the collection features portraits of Depp’s close friends and the actor’s heroes and inspirations.
Portraits of figures such as Marlon Brando, Elizabeth Taylor, Hunter S Thompson, Heath Ledger, Lily-Rose Depp, Tim Burton, the actor himself and his late dog Mooh, plus a fictional character called Bunnyman, which was created by his son are included in the collection.
The collection was developed from artwork by Johnny Depp, and animated into 11,111 NFTs more. 25% of the proceeds from the sales was decided to be donated to charities either supported by Johnny Depp himself or the ones supported by the celebrities figured in the artwork.
In a statement, at the time of the launch, Johnny Dep stated “I’ve always used art to express my feelings and to reflect on those who matter most to me, like my family, friends and people I admire. My paintings surround my life, but I kept them to myself and limited myself. No one should ever limit themselves.”
“In turn, we decided to release a series of portraits, but in a way that could also give something back. Having the opportunity to salute my supporters and support the charities that have been so important to my family is an incredible gift. I hope we can create a new community of friends around these NFTs. My involvement in the NFT space has just begun”, he added.
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The Numbers and The Surge
As of writing this, the 3,850 “Never Fear Truth” NFTs have a floor price of 0.52 ETH or $944. Interestingly, before the onset of the televised defamation trial involving actors Johnny Depp and Amber Heard, the collection hadn’t seen much traction on the NFT marketplaces.
Its floor price peaked at 1.64 ETH on 11th March. The collection, when first launched in January, was listed at 0.70 ETH.
The prices fell to 0.55 ETH the following week. As of the date of writing this article, the floor price for the ‘Never Fear Truth’ collection stands at 0.34 ETH (ETH is at $1,795 at the time of writing) and a 90-day average floor price of 0.6364 ETH, with a 90-day volume of 588.6831.
Reason Behind The Surge of Johnny Depp NFTs
The reason behind the sudden surge in the demand for Depp’s Never Fear Truth collection was the seven-week-long defamation trial which commenced after Johnny Depp sued the actor, and his ex-wife, Amber Heard.
He sued him over an op-ed in The Washington Post which was authored by Amber Heard which mentioned Depp causing ‘domestic abuse’ to her during their 15-month long marriage. On June 2, 2022, the Jury found both, Depp and Heard liable for damages on the grounds of defamation.
Although, a significantly higher amount of damages awarded to Johnny Depp made it a technical win for the actor.
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NFTs and Celebrities: How Does Controversy Play a Role?
Non-fungible tokens already face a lot of heat on the grounds of scams, financial misdoings and their environmental impact. However, with celebrities hopping on the NFT craze, its popular appeal seems to be taking off.
What this entire situation tends to prove is that NFTs and blockchain-led technology is majorly influenced by any real-life political, cultural or economical event. The sort of impact which is usually seen by equity markets is now something that impacts the NFT market too.
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However, one thing to be noted here is how even the minutest impact in a real-life influenced NFT can have on its demand.
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