When it comes to high-profile celebrities, athletes are some of the most popular endorsers around. So when a few big names in sports started throwing their weight behind cryptocurrency, it was big news. The big concern here is that many of these celebrities have a lot of Instagram followers and huge audience numbers across social media, which can lead to them earning a lot of money for promoting something that many people aren’t that sure about.
For example, one of the most famous boxers in the world, Floyd Mayweather is no stranger to making headlines. So it should come as no surprise that he was one of the first celebrities to get involved with cryptocurrency. He even went so far as to promote an Initial Coin Offering (ICO) on social media. While the ICO turned out to be a bit of a flop, it didn’t seem to deter Mayweather from his love of crypto.
Let’s now take a look at some of the other big names on social media pushing crypto to their audiences.
Celebrity Athletes Pushing Crypto Technology
In an effort to boost cryptocurrency adoption, a number of celebrities have jumped on the bandwagon. From Paris Hilton to Snoop Dog, Matt Damon to Eminem, the influx of celebrities has led to increased interest in the crypto space. These celebrity endorsement deals typically come with a large salary and many are willing to take the risk for the big reward. However, despite the success of some of the celebrities’ crypto investments, others have lost a significant amount of money due to unmonitored crypto markets.
It’s unclear whether celebrities really have their fans’ best interests at heart when pushing cryptocurrencies. One recent tweet from Reese Witherspoon on crypto seemed irresponsible and skewed towards a more commercial motive than a message of social concern. The cryptocurrency market’s instability highlights the fundamental fallacy of celebrity marketing. Just because a celebrity endorses a crypto service or product does not mean it is valuable or worth trying.
Lionel Messi Crypto
With his success in football and the rise of cryptocurrencies, Messi has decided to launch his own collection of non-fungible tokens. He has partnered with the Ethernity Chain, a blockchain platform that mints authenticated NFTs. The collection includes four digital artworks that are themed around Greek mythology, chess, and science fiction. The NFTs are designed by BossLogic, a digital designer with a track record working with Disney and Marvel Studios. The new coins will be available to anyone on the Ethernity platform on Aug. 20 at 5 PM EDT.
The success of Messi’s crypto venture reveals that there’s plenty of interest in the emerging currency. Moreover, it’s a sign of increasing interest in blockchain technology in general, and cryptocurrency in particular. Many people are already investing in cryptocurrencies, like Bitcoin and Ethereum. While some people are looking to make a profit, others are looking to save and earn interest with cryptocurrencies.
Floyd Mayweather Crypto
Floyd Mayweather is one of the most famous boxing champions in the world. Recently, the boxer announced a new cryptocurrency project called Mayweverse. The project will feature virtual worlds populated with his likeness. In addition, the coins in Mayweverse will give users utilities and prizes, depending on their rarity. The project will also feature a boxing gym. Approximately 5,000 NFTs will be released for the public to invest in. Each card will have a different utility and rarity. The roadmap for the project will be revealed soon.
While many people are skeptical about Mayweather’s new project, he’s a successful marketer and a billionaire. This latest scheme is a great way for him to cash in on his brand as a rich guy. While his other recent endeavors have been shady, the recent cryptocurrency promotion by Floyd Mayweather is not surprising.
Richard Sherman Crypto
Richard Sherman is an NFL star who has invested in cryptocurrencies like Bitcoin and Litecoin. The former defensive lineman has a number of million-dollar assets from his time in the NFL. He even purchased a Dodge Challenger while playing for the Seattle Seahawks. However, Sherman has never made any money from these investments. Despite this, Sherman has stated that he is planning to become an expert in the crypto world.
Sherman has been active in the crypto space over the past year. He endorsed Coinhood, which offers zero transaction fees. However, he is not yet ready to recommend that everyday investors mess around with cryptocurrency.
Celebrity Athlete Crypto Endorsements
Cryptocurrency is a hot topic, but do famous and popular celebrities on social media have the best interests of their fans in mind? Recently, actress Reese Witherspoon made an inflammatory tweet regarding cryptocurrency. Regardless of the underlying message, it seems irresponsible and possibly misleading.
One high profile athlete who has been paid in crypto is UFC heavyweight star Daniel Cormier. Before his UFC 270 fight against Ciryl Gane, Cormier revealed that he had requested to be paid in Bitcoin. In November, he signed a multi-million dollar deal with cryptocurrency exchange FXT Trading. In return for his endorsement, he will receive an equity stake in the company, as well as a cryptocurrency-based salary.
Using a celebrity as a crypto endorser can help push the crypto space forward. Many basketball players, for example, have been known to trade Moments in NBA TopShot and promote Moments in the NBA. Although celebrities are often thought of as shills for crypto projects, it is important to remember that any market has a risk. However, the rewards can be huge.
