Paris Hilton has invested in crypto since 2016 — here’s why she’s betting big on NFTs and the metaverse

Superstar, Paris Hilton, is a firm believer that everything will go digital.

That is why the 40-year-old hotel heiress is betting big on cryptocurrencies, non-fungible tokens (NFTs), and now the metaverse.

“I just really believe in them,” says Hilton, a lifelong socialite and media icon whose passion stems from six years of crypto investment.

Hilton would not specify how much she has invested in cryptocurrency, but she did indicate she began investing in bitcoin and ether in 2016. According to Coin Metrics statistics, one bitcoin was worth roughly $1,000 at the time, while one ether was worth around $10. They are now valued about $38,000 and $2,640, respectively.

In November, Hilton told The Guardian that she became “friends” with the founders of ethereum, the decentralized computing platform that creates ether, the currency in which the bulk of NFTs are exchanged. Even in the midst of a recent cryptocurrency market selloff, in which both bitcoin and ether lost over half of their market value from their all-time highs in November, Hilton remains positive.

“I see digital currencies definitely rising [again],” Hilton says. “Right now, what I did, which is what people say, is buy the dip.”

“Buy the dip” refers to the act of purchasing an asset after its price has declined in the hope that it will rise again in the future. Investing experts advise that you only put money into cryptocurrency that you are willing to lose: Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, D.C., told CNBC on Monday that jumping in because the price has decreased should not be your only motivation.

Better reasons, according to Johnson, include employing crypto assets as a store of value and capitalizing on rising global crypto usage rates.

In 2019, Hilton developed her first NFT in 2019 and sold it for charity in March 2020, receiving “Best Charity NFT” at that year’s NFT awards event. She debuted her own NFT line in April 2021, selling one named the “Iconic Crypto Queen” for $1.1 million in ether. She buys them as well: Hilton revealed to The Guardian that she has more than 150 NFTs.

Recently, the socialite joined NFT platform Origin Protocol as an investor and strategic advisor to assist individuals in minting their own NFTS and selling them on the platform.

Hilton claims that making art, such as NFTs, has been therapeutic and restorative for her. “I see NFTs as the future of art,” she adds, noting that artists seldom earn secondary sales in the traditional art industry, as they can with NFTs. “I love that it gives power back to the creators.”

She believes her next NFT collection will be about her life, with all of its well-known highs and lows. Hilton has been vocal in recent years about the alleged abuse she suffered as a teen at a Utah boarding school, and how it has affected her life ever since.

NFTs also go hand in hand with the metaverse, a network of 3D virtual worlds where people may work, play, and explore — and where many are excited to show off their NFT collections. Hilton claims she has been interested in the concept for many years, long before Facebook relaunched as Meta and ignited the corporate world with metaverse excitement.

“I was already developing, like, this whole ‘Paris World,’ where people could watch me DJ and come hang out,” she explains, referring to her 2017 endeavor.

Paris World eventually became an outpost on the Roblox platform, which debuted in October. Hilton had her first metaverse party this past New Year’s Eve in Paris World. According to her, the virtual gathering was double the size of the throng in New York City’s Times Square that night. (Roblox did not immediately react to CNBC Make It’s confirmation request.)

“I thought that was amazing, and that was just the beta opening of it,” Hilton adds. “The possibilities are truly endless.”