Chinese stars flock to Web3, what are they actually playing with?

Author: Runsheng, ChainCatcher

Following Jay Chou and Yi Nengjing, Web3 welcomes a new star entrant—Stephen Chow. On October 18, Stephen Chow opened a social media account on Instagram and issued a Web3 talent recruitment notice, stating, "Looking for outstanding Web3 talents in the dark to help me build a creative future," and mentioned that he would personally select candidates. The news quickly became a hot topic within the industry.

There were early signs of Stephen Chow's entry; six months ago, during an AMA event with the Hong Kong creative studio FWENCLUB, he expressed his views on NFTs, blockchain, and the metaverse, saying, "The movies and plays I create are, to some extent, also concepts of the metaverse. The current metaverse will combine technologies like NFTs and blockchain, and I believe this will become a new model."

However, compared to other earlier entrants in the celebrity circle, Stephen Chow is still a bit late. Among Chinese celebrities, Jay Chou, Yi Nengjing, JJ Lin, Yu Wenle, Feng Delun, and Xu Jinglei have already showcased their NFT collections on social media, most of which are quite valuable. For example, Xu Jinglei's OpenSea account shows that she entered the space as early as July 2021 and currently owns 1,000 NFTs, including 5 from the Bored Ape Yacht Club (BAYC) series, valued at 186.1 ETH.

When did celebrities start flocking into Web3? ChainCatcher has compiled public information and found that sports stars were the first to enter the NFT space. As early as 2019, the NBA Players Association, in collaboration with Dapper Labs, launched the NBA Top Shot project, turning highlight moments of NBA players into NFT products for sale. Since then, entertainment stars have followed suit, purchasing well-known NFT projects or launching their own endorsed NFT series.

So, how do celebrities typically enter Web3? ChainCatcher's analysis reveals that NFTs are the preferred way for stars to enter the Web3 arena. Previously, OKLink tracked the wallets of 18 celebrities, including Jay Chou, JJ Lin, and Lu Han, and published an industry report titled "Celebrities Flock to NFTs: Who Are the Real Gold Diggers?" The report categorized the ways celebrities engage with NFTs into four stages: "Novice Stage: Simply promoting new projects," "Investment Budding: Buying/obtaining well-known NFTs," "Getting Somewhere: Issuing and purchasing simultaneously," and "Advanced Player: Mastering NFTs." The celebrity representatives for these four NFT entry methods are Jay Chou, Chen Bolin, Justin Bieber, and JJ Lin, respectively.

Additionally, the metaverse is also a primary choice for celebrities entering the Web3 space. For instance, JJ Lin announced shortly after investing in NFTs that he purchased three virtual lands on the Decentraland platform, officially stepping into the metaverse world, with an estimated expenditure of over $120,000.

The involvement of numerous Chinese celebrities in the Web3 space indicates that the value and development potential of Web3 are gradually being recognized. Coupled with the protection of copyrights by NFTs and their intrinsic connection to the art field, driven by marketing and investment incentives, celebrities are increasingly changing their social media avatars to new NFT images and promoting NFT series.

ChainCatcher has compiled the activities of Jay Chou, Huang Licheng, Yu Wenle, and others in the Web3 field as case studies for observing Chinese celebrity entrants. A comparison reveals that celebrities participate in Web3 in various ways. While Web3 is still in its early development stage and carries inherent policy and public opinion risks, despite the backing of fan traffic, most celebrities, due to various concerns, only engage superficially, while a few have a deep understanding of the commercial pathways and are committed to transforming interpersonal relationships and fan engagement into commercial value.

1. Jay Chou (Wallet Address)

As early as October 2021, Jay Chou collaborated with Vincent Fang to launch a limited edition "Punk Cat Shiting" (Blue and White Porcelain version) figurine, which included an NFT anti-counterfeiting certification. This was early information regarding Jay Chou's engagement with the NFT space. In January of this year, Jay Chou's brand PHANTACi jointly released its first NFT project "Phanta Bear," and Jay Chou immediately changed his Instagram avatar to a Phanta Bear NFT series work, stating, "Changing my avatar for a few months to feel the metaverse vibe."

Phanta Bear NFT series endorsed by Jay Chou

Subsequently, singer Huang Licheng announced that he gifted Jay Chou BAYC#3738, and Edison Chen announced a collaboration with Jay Chou to release a joint NFT project by the end of the year. Jay Chou's esports brand Mo Jie also applied to register a metaverse trademark. In June, Jay Chou collaborated with the French football giant Paris Saint-Germain to launch the NFT project "Tiger Champs." In September, Jay Chou released a mysterious work from 18 years ago, "New York Subway," along with four classic music pieces: "Sunny Day," "Blue and White Porcelain," "Stranded," and "Love Before the Era," all placed on the blockchain.

The continuous NFT collaboration invitations and explorations reflect Jay Chou's traffic value as a superstar and his strong interest in Web3. For the Phanta Bear NFT series, although limited to 10,000 pieces with a sale price of 0.26 ETH each, they sold out in just 40 minutes, generating a total revenue of 62 million RMB.

However, as classified in the OKLink report, Jay Chou seems to still be in the novice stage, currently only promoting new projects. OKLink's analysis of Jay Chou's wallet indicates that he did not directly mint Phanta Bear but obtained it through transfers, showing that his understanding of NFTs is evidently insufficient.

ChainCatcher previously reported that on April Fool's Day this year, Jay Chou announced on social media that his NFT numbered BAYC#3738 was stolen by a phishing website, just three months after he acquired it. Jay Chou's wallet information shows that the wallet was created in January 2022, and the most important assets in the wallet, including BAYC#3738, Phanta Bear#10000, and ALIENEGRA X EDC No.13, have all been stolen.

Additionally, NFTGO data shows that the floor price of the Phanta Bear NFT series, which Jay Chou personally promoted, peaked at 5.2 ETH on January 8, 2022, but has since continued to decline, now standing at only 0.28 ETH, a drop of over 90%.

2. Huang Licheng (Wallet Address)

Among the Chinese celebrities entering the space, Huang Licheng is the most seasoned. In 2003, Huang Licheng debuted with the hip-hop group Machi and actively expanded his business empire after gaining fame. Starting in 2017, Huang Licheng found opportunities in the cryptocurrency ICO boom and began transitioning to the crypto industry, encountering NFT information in 2018.

In a media interview, Huang Licheng stated that during the mint phase at the launch of BAYC in May 2021, he minted 120 BAYC NFTs and subsequently purchased 91 more. As of now, Huang Licheng holds 53 BAYC NFTs. On-chain data shows that he bought BAYC #2087 for 42 ETH and sold it three months later for 769 ETH, making a 17-fold profit.

According to ChainCatcher's incomplete statistics, the entry of Ke Zhendong, Chen Bolin, JJ Lin, Jay Chou, and Xu Jinglei into BAYC is related to him. The BAYC that JJ Lin publicly announced he held was gifted by Huang Licheng, and Xu Jinglei's BAYC was also a gift from him. As mentioned earlier, in January of this year, Huang Licheng gifted Jay Chou the NFT numbered BAYC#3738, which was stolen three months later.

In August of this year, Huang Licheng published multiple tweets criticizing the community governance of ApeCoin and gradually sold off his holdings of BAYC, MAYC, and APE Tokens. In September, Huang Licheng completely liquidated his 800,000 APE holdings.

It can be said that Huang Licheng entered the industry early, understands marketing, and is familiar with on-chain operations such as NFT issuance, airdrops, minting, and trading, making him a high-end player in the celebrity circle, and he has received corresponding substantial returns.

3. Yu Wenle (Wallet Address)

On September 2021, on the occasion of his 40th birthday, Yu Wenle's selected collection was auctioned by Christie's, which included not only traditional physical collectibles but also some NFTs from his collection, such as CryptoPunk #9997, BAYC #8746, and Meebit #6337. It is reported that CryptoPunk #9997 was sold for 33.85 million HKD, a 24.6-fold increase from its historical price of 99.99 ETH. On January 14 of this year, he posted an image of Frankenstein on Twitter, stating, "NFT coming soon."

NFTGO data shows that Yu Wenle currently holds NFTs valued at 745.37 ETH (approximately $1 million), with 262 NFTs in total, having initiated 432 transactions, with a total purchase value of 794.84 ETH and a total sale value of 1110 ETH, yielding approximately 963.56 ETH (around $1.32 million).

NFTGO data also indicates that in the past three months, Yu Wenle has conducted 86 transactions, of which 82 were received as gifts, with only 3 actual purchases.

Among the NFTs held by Yu Wenle, there are 9 CryptoPunks, 3 MAYC, and 6 Meebits. While purchasing NFTs, he also created 8 personal NFT works. Additionally, he changed his social media avatar to CryptoPunk and others, demonstrating his recognition and admiration for the value of NFTs.

As he expressed in an interview, "It is their uniqueness that makes them so fascinating; each one is truly one of a kind."

4. Yi Nengjing (Unknown)

Yi Nengjing's entry into Web3 is largely due to her son, Harrison Yu. Optimistic about art and NFTs, Harrison Yu co-founded the Web3 brand Theirsverse with artist friends, which consists of NFTs, virtual singers, art toys, and the metaverse, focusing on the concept of gender diversity.

Theirsverse series NFTs endorsed by Yi Nengjing

In July 2022, the Theirsverse series NFTs officially launched for sale, totaling 5,500 NFTs. This NFT includes 9 series works, with each NFT composed of 8 to 10 independent layers. The project plan indicates that Theirsverse will also conduct online and offline album releases, virtual idol concerts, art exhibitions, and various other plans in the metaverse.

At the project's inception, Yi Nengjing actively endorsed it in public, promoting it in various settings. In September of this year, she personally visited a Web3-themed café in Wudaokou, Beijing, to promote her NFT project, using a classic line from her husband Qin Hao, "Want to go hiking? Web3." According to eyewitnesses, after the promotion, the price of Theirsverse NFTs skyrocketed.

However, the subsequent price drop of Theirsverse NFTs also embroiled Yi Nengjing in controversy. NFTGO data shows that its floor price fell from the initial release price of 0.31 ETH to 0.199 ETH. But exposed social media screenshots show Yi Nengjing explaining that she is merely a project ambassador and that the project, pricing, and operations are beyond her control.

Moreover, Yi Nengjing's active participation in Web3 is reflected in her attendance at Twitter Space discussions, NFT.NYC events, and offline speeches for related associations, sharing her views on empowering NFTs with celebrity IP. She once expressed her love for Web3 on the Jike app, saying, "Sailing through the winds and waves for a lifetime, traffic management, IP creation, resource integration, media promotion, and connections—when it comes to Web3, I feel that everything I've learned in my life can be dedicated to Web3."

5. JJ Lin (Wallet Address)

On March 20, 2022, singer JJ Lin showcased his accessories featuring Bored Ape BAYC#3914 on social media, captioning it, "Got a new passport to Web3." His wallet address shows that he owns a total of 90 NFTs, including 1 BAYC, 1 CryptoPunks, and 3 Azuki, with a market value exceeding 232 ETH (approximately $350,000).

In addition to purchasing NFT avatars, JJ Lin publicly announced on social media that he bought three virtual lands on Decentraland to join the metaverse, spending about $123,000. However, NFTGO data shows that the floor price of the Decentraland NFT series has plummeted from 3.4 ETH when he purchased it on March 14 to the current 0.29 ETH, a drop of over 90%.

Furthermore, JJ Lin's on-chain wallet address indicates that in the past three months, his main activities included purchasing 1 NFT and minting 10 NFTs, showing a strong interest in NFTs.

On September 28 of this year, at the largest offline Web3 event in Asia, "Singapore Token 2049," attendees captured JJ Lin participating in local Web3 activities, and the photos circulated widely in the crypto community. According to Forbes, JJ Lin is also collaborating with others to build a private community based on NFTs.

Conclusion

According to ChainCatcher's incomplete statistics, in addition to the celebrities highlighted above, there are at least Xu Jinglei, Pan Weibo, Feng Delun, Lu Han, Chen Bolin, and Wu Jianhao among Chinese celebrities participating in the space, whether by using NFTs as avatars on social media, deeply engaging in the issuance and promotion of NFT projects, or hoarding NFTs, becoming part of the early adopters.

Whether to become an early adopter is a choice that celebrities naturally have different opinions on. Media reports only cover a few individuals participating for marketing and promotional purposes. Given the anonymity of on-chain information, it is estimated that many celebrities are participating discreetly, and this can only be revealed in the future.