Celebrities that have endorsed cryptocurrency include Jamie Fox, Kim Kardashian, and Matt Damon. However, the motivations of these celebrities are not always clear. Some have embraced cryptocurrency and continue to make headlines as crypto industry gurus.
However, some critics argue that celebrity endorsements are not beneficial for the cryptocurrency industry. And even more interesting, is the possible compensation that is changing hands to make such deals and endorsements happen.
Let’s take a look at how these celebs are changing the way crypto is seen, and how they are getting compensated in the process.
Celebrities in Crypto Ads and Commercials
Celebrities have been using cryptocurrency in ads and commercials to spread the word. Some of the biggest names in crypto are David Beckham and James McAvoy. Another notable celebrity that has used cryptocurrency in ads and commercials is NBA player Kyle Lowry. However, celebrity endorsements for cryptocurrency aren’t always credible. It’s important to know what you’re getting into before you start spending your hard earned money on it.
While Matt Damon was the first celebrity to endorse cryptocurrency, others followed suit. Other celebrities, including Kim Kardashian West and Elon Musk, have used their influence to sell cryptocurrency. Kim Kardashian West, for example, posted a paid advertisement for EthereumMax in June. The ad garnered a significant amount of attention. According to a Morning Consult study conducted in September, 19 percent of respondents who were exposed to the ad were influenced by it.
Kim Kardashian
As cryptocurrency continues to gain traction in the public’s daily life, a famous person like Kim Kardashian has joined the bandwagon. She’s joined the ranks of billionaire Elon Musk and other influential celebrities who have endorsed digital coins. Her Instagram followers now total over 228 million. In June, Kardashian announced that she had endorsed EthereumMax, a cryptocurrency launched by unidentified developers in May 2021.
Kim Kardashian recently posted an ad for EthereumMax on her Instagram page, encouraging her 228 million followers to “swipe up” to learn more about the cryptocurrency. However, some fans have reacted negatively to this sponsored content. Some users have questioned whether the famous person was actually paid for the promotion or not.
Articles are now out highlighting that she is being sued for promotion of the project.
Matt Damon
Matt Damon’s recent endorsement of cryptocurrency has sparked a backlash from many who are skeptical of the industry. The actor has long been the target of ridicule on the Internet for his comments and images about diversity. His recent ad compares cryptocurrency investment to space exploration, and he is no different.
Matt Damon isn’t the only actor to get behind cryptocurrency. Hollywood star Brad Pitt is another big proponent of the concept. Investing in cryptocurrency is a great way to make a fortune. However, you must be careful not to overextend yourself. If you’re not sure about the technology, it’s best to consult with a professional. Cryptocurrencies can be confusing, but there are a few basics you need to know before getting started.
Jamie Fox
Recently, the famous faces of the Hollywood world have started endorsing cryptocurrency. These include Tom Brady, Elon Musk, Jamie Foxx, and Paris Hilton. However, these celebrity endorsements are a mixed bag. It has been suggested that these endorsers may be scammers, and there is a risk that they will fall victim to the ire of critics. Others claim that the cryptocurrency industry is a Ponzi scheme or bubble.
The rising number of celebrity endorsements for cryptocurrency trading is causing some investors to raise their eyebrows. For instance, actor and singer Jamie Foxx has been promoting the Cobinhood ICO, a free cryptocurrency exchange. Other high profile celebrity endorsers include Floyd Mayweather and Paris Hilton. Although these celebrity endorsements are welcome news for cryptocurrency users, some critics have said that they are a sign of a bubble in the industry.
Celebrity Crypto Endorsements Summary
The cryptocurrency market has recently gotten a lot of press from celebrities. From actors to musicians, they have shown a deep interest in the space. Unlike stocks and bonds, however, cryptocurrencies are not regulated by a central government or regulatory body. The issuance of coins and the processing of transactions are handled on a blockchain network, which is free of government intervention. This allows the movement of money in a fast and efficient manner.
But if celebrities are lending their names to cryptocurrency exchanges and NFTs, they may be taking risks. Even worse, they are sending a false message to consumers about the gray market economy and cryptocurrencies. Besides, scams are common in the crypto world. According to one recent report, the losses from DeFi, a type of cryptocurrency, were as high as $681 million in the first seven months of 2018.