Risky Business: Paris Hilton is Betting Big on Crypto

Heiress of a billion-dollar hotel fortune Paris Hilton is betting big on crypto, more specifically in non-fungible tokens (NFTs) and the Metaverse.

Paris Hilton believes that everything is going virtual. She began investing in both Bitcoin and Ether in 2016.

According to CoinMarketCap data, one Bitcoin was valued at roughly $1,000 USD and one ether was priced at about $10 USD. They’re worth more than $38,000 and $2,500 today.

Longtime socialite and media personality, Paris Hilton tells CNBC Make It:

I just really believe in them.

In November of last year, she told The Guardian that she started investing in cryptocurrencies after becoming friends with Vitalik Buterin, the creator of Ethereum, which supports ERC-721, the standard where most of the NFTs are traded.

Paris Hilton is Betting Big on Crypto

Despite a recent selloff in the cryptocurrency market, which resulted in the loss of about 50% of its market value from its all-time highs in November, Hilton is still bullish.

“I see digital currencies definitely rising [again],” Hilton tells CNBC.

“Right now, what I did, which is what people say, is buy the dip.”

In the crypto community, “buy the dip” is when you buy a virtual asset after it has dropped in price and hope it will rise again in the future. Many experts have argued that people should avoid trading in cryptocurrency if they do not understand how to mitigate risks.

When it comes to charitable actions using NFTs, Hilton has displayed initiative by winning “Best Charity NFT” at the NFT awards ceremony in 2020, less than a year after she created her first one.

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In April 2021, she launched her own NFT collection and sold it for over one million dollars in ether. As an active supporter of virtual art and crypto platforms, Hilton told The Guardian that she owned more than 150 NFTs, respectively.

Just recently, the socialite joined NFT Platform Origin Protocol as an investor and strategic advisor to help people mine their own NFTs and sell them on the platform’s website.

I see NFTs as the future of art.

Hilton believes that artists rarely get secondary sales like they do with NFTs.

What’s Next for Paris Hilton?

NFTs are also very relatable with the metaverse. The metaverse is a network of 3D virtual worlds where people can work, play and explore, as well as a place where many are looking to showcase their NFT collections.

Canon MREAL X1 Mixed Reality Device

With new metaverse devices like the announcement of Canon’s MREAL X1 and developments with Meta’s Project Cambria, Hilton claims that she has been interested in the virtual world concept for years, stating:

I was already developing, like, this whole ‘Paris World’ where people could watch me DJ and come hang out.

She wants to bring NFTs into Paris World, build a new line of digital watches, and create a digital fashion brand.