Although the crypto space has apparently gone beyond the endorsement given by many smaller celebrities to token projects during the initial 2018 coin-off boom, its growing popularity and acceptance now has professional sports players, Hollywood elites, and politicians taking to the big Support companies that work with digital assets.
In June 2021, Kim Kardashian promoted EthereumMax (EMAX) via an Instagram story featuring. was shared her more than 200 million followers. The token, which was used as a means of payment for online ticket purchases for some pay-per-view events, gained 116,000% in just a week after the celebrity’s activities before falling more than 99% and leaving many investors in the red.
Kim Kardashian promotes EthereumMax in Instagram Stories, June 2021. Source: Instagram
While EthereumMax is kind of a cautionary sign to crypto newbies looking to get involved in this area, it also marks one of the select times when a major international figure outside of finance and politics was not just talking about digital assets, but active a specific project for a. sponsored fee – the story was flagged as an advertisement. Recognized by many as an A-celebrity, Kardashian became largely famous outside of Hollywood circles, so her apparent stamp of approval for a symbolic project came as a surprise to many.
Others in film and television first entered the crypto room in 2021 after spending months mostly indoors during the worst waves of the COVID-19 pandemic. Mila Kunis, an actress best known for her roles in That ’70s Show and Family Guy, launched an animated Nonfungible Token (NFT) project based on cats who drink alcohol and smoke marijuana. However, arguably the greatest support for a crypto company in the last year came from movie star Matt Damon, who appeared in a global commercial for Crypto.com.
Sports franchises have also branched out into crypto, either through official partnerships with exchanges or with individual players promoting specific campaigns or companies. Tom Brady, Tampa Bay Buccaneers quarterback and seven-time Super Bowl champion, participated in the FTX crypto exchange and is currently serving as an ambassador for the company following an endorsement deal in June. His wife, the Brazilian supermodel Gisele Bündchen, took on a role as a consultant for environmental and social initiatives at the stock exchange.
“This particular opportunity showed us the importance of educating people about the power of crypto while giving back to our communities and our planet,” Brady said at the time.
Cash App, a digital payment app developed by Block (formerly known as Square), has also partnered with NFL players allowing them to receive their salaries in Bitcoin (BTC) in the millions. Los Angeles Rams wide receiver Odell Beckham Jr. announced in November that he would be take his $ 4.25 million crypto salary. The professional athlete currently has a CryptoPunk style picture as his Twitter profile picture. Cash app offered a similar offer to Green Bay Packers quarterback Aaron Rodgers who later found a spot in the national spotlight after deceiving the public about his COVID-19 vaccination status.
With the exception of Kardashian, the celebrities jumping into space in 2021 seem to be partnering with more established companies and projects that have enough exposure to shake off any potential “scam” label compared to those who followed the 2017 bull run. It’s unclear whether this is because the space is seemingly gaining acceptance around the world or because companies are growing to the point where they have the financial resources and leverage to hire more prominent public figures.
NFTs have seen their share of celebrities over the past year as well. In March, the Canadian musician Grimes – sometimes in association with Tesla CEO and Dogecoin (DOGE) Advocate Elon Musk – sold NFTs valued at approximately $ 6 million with works of art and audiovisual animations. In December, NBA star Kevin Durant and sports manager Rich Kleiman announced that their venture capital firm Thirty Five Ventures Partnership with the crypto exchange Coinbase to create NFT drops. Music artists like Katy Perry, Kings of Leon, Snoop Dogg, Eminem, Jay-Z, Shakira and others have also launched similar initiatives in the NFT space over the past year.
However, the trend for celebrities to endorse crypto is not without its critics. Ben McKenzie, best known for his roles on television shows such as Gotham and The OC, in collaboration with New Republic Staff Writer Jacob Silverman Encourage actors and influencers to promote the “illusory” rewards of cryptocurrencies. The couple have criticized Kardashian and others for appearing to refer to crypto projects as “a path to sustainable wealth” without informing fans of the potential risks.
Thanks very much @CNN to tell this story. There is a tremendous amount of fraud in the crypto markets. Jacob and I will write about this at length. Please be smart people, only play with what you can afford to lose. https://t.co/Q6muDzT4LS
– Ben McKenzie (@ben_mckenzie) November 30, 2021
“Whether Lindsay Lohan sells five-digit NFTs, laser-eyed Tom Brady endorsing the FTX exchange, or Akon pledging to build a $ 6 billion crypto-inspired city in Senegal, there is a lot of capital in this industry, and for many reasons.” out of concern “, said McKenzie and Silverman in November. “Celebrities encourage their fans to bet on speculative, unproven investments that could soon lead to massive regulatory crackdowns, if not a complete implosion of the market.”
Whether the attention of celebrities Help on the path to mass adoption remains to be seen. Right now, associations between well-respected public figures and established crypto firms are showing many promising signs, from increasingly positive social media chatter to some correlations with price movements, often an indication of big buys and sales.
