From crypto industry giants to celebrities, “mainstream cryptocurrency” is more relevant than ever as outsiders join this decentralized ecosystem.
Cryptocurrencies and the usefulness of solutions based on blockchain are no longer just for those interested at the intersection of technology and finance.
This technology has entered the life of a growing part of the population. According to market analysis by MorningStar, in 2021 the value of the overall market cryptocurrencies grew from $965 billion to nearly $2.6 trillion, with a total capitalization of around $2.1 trillion.
These numbers indicate one thing: mass adoption. Or at least a trend towards mass adoption. Cryptocurrency-related headlines in global pop culture news are certainly another indication of this. Big celebrities and iconic brands now own and invest in digital assets, metaverse avatars, or some kind of blockchain integration with products.
Same major brands and companies in this sector have become known to the general public, becoming familiar to most people in the world. However, as this industry generates excitement, do major changes create positive interactions with the industry or create more skepticism?
Below, some examples of the main cryptos which caused great excitement and even legal action.
Crypto popularization and Crypto.com
Big news rocked the sports world in November 2021: the renaming of the Staples Center sports arena in downtown Los Angeles. Crypto.com acquired the naming rights to the site and paid $700 million over a 20-year period.
The Staples Center was one of the most iconic places of urban culture in Los Angeles. The arena represented not just a place, but thousands of moments that make up the contemporary history of the city.
Good news for the world of cryptocurrencies
There was no denying that this was a big deal for the crypto sphere in many ways. An example is simple, now the word “crypto” is visible to millions of people daily on the streets and highways of Los Angeles. In giant luminous letters, no one can deny the existence of this term because it is visible there every day.
However, it’s not just the physical visibility that deserves to be highlighted. The change brought visibility to the cryptocurrency industry in other ways. Crypto.com is now a household name for many dedicated fans of the NBA franchise and the sports world.
Before the arena, the exchange had already reached agreements with the UFC and the NHL. Many have even acknowledged Crypto.com from an October 2021 Matt Damon ad. Months after acquiring the naming rights, the company became an official sponsor of the 2022 World Cup in Qatar.
When cryptocurrencies are ubiquitous in an industry, it encourages sports teams and their fans to take an interest in it. The world of ESports has kicked off with NFT collectibles, ESports tickets and VIP packages, and more.
Of course, when there is a big change, there is always behind the scenes to take into account. Many fans took to Twitter to express their frustration with the name change to Crypto.com Arena. One user called it ” shame “ while another has tweeted “Aren’t cryptocurrencies fooling people? »
Unfortunately for the exchange, less than two months after taking over the arena, its platform was hacked. Although the company did not register significant losses, it certainly generated doubts and fears among new users.
Weeks before the attack, UK financial watchdogs removed Crypto.com adverts for misleading information. Despite these setbacks, Crypto.com surpassed 50 million users in May this year with continued growth.
Kardashian and the crypto space
Kim Kardashian is a woman with a polarized reputation. Fans love every word and moment of the celebrity, while haters mock the woman for “lack of talent”. His influence leaves virtually no sphere of pop culture untouched.and now the crypto market is no exception.
Kim Kardashian and Ethereum Max
In June 2021, Kim Kardashian posted a story on her Instagram promoting EthereumMax. She asked her millions of followers if they love crypto and referenced a token burn by the EMax community.
Although she claims her recommendation was not financial advice and included an advertising hashtag, it didn’t stop there. EthereumMax investors who made financial decisions due to hype decided to take the matter to court and sue Kim in January this year.
With Kim, famed boxer Floyd Mayweather and YouTuber-turned-boxer Logan Paul also have lawsuits related to advertising actions related to the crypto industry. In situations where celebrities take advantage of the hype without proper industry knowledge, the credibility of the crypto space is certainly at stake.
On Twitter, several users are wondering why these celebrities who once promoted “worthless” cryptocurrencies are now silent during the bear market cycle.
The Elon Musk effect
However, there is one public figure who never remains silent when it comes to cryptocurrencies. Whether its influence is positive or negative, Elon Musk always voices his opinion in this space.
The most striking example of its influence is the dizzying popularity enjoyed by the cryptocurrency Dogecoin itself. Once again, a recent comment on DOGE on social media increased the asset by 10%. Another example is when McDonalds and Elon Musk were responsible for creating another crypto meme.
GraymaceCoin is based on a character from the cast of McDonald’s personalities. It exists as a result of a simple conversation between Musk and the fast food company about accepting DOGE, to which McDonald’s jokingly responded about a possible GrimaceCoin.
Now, the profile of this cryptocurrency meme, which was not created by McDonald’s, has nearly 17,000 followers on Twitter.
These examples are just a few of the growing number of celebrities, public figures, and businesses advertising cryptocurrencies. As NFTs Find Use Cases in Sports, Music, Fashion and Art, Creators Across Various Industries Have a New Responsibility.
By incorporating blockchain technology into their public image, they are now the de facto ambassadors of the crypto space, for better or for worse.
What do the experts say about this influence? Be[In]Crypto spoke to Joah Santos, brand strategist and current CMO of Aldrin, about it.
In the spirit of “all press is good press,” Santos says the influence of big names is good and important. “Its very important. We went from being kids in our mother’s basement to being genius kids thanks to NFTs. [Le parrainage de célébrités et de personnalités publiques] becomes a bridge for early adopters as we stay in the innovation stage.
Influence without education
However, Santos pointed out the downside of such endorsements. “The downside to the cryptocurrency industry as a whole is this get-rich-quick mentality” that influencers can spread.
People get into NFTs thinking it’s artbut right now there are a lot of people trying to make a quick buck. There are still many people who get involved in projects without knowing much about it.
He commented on the influence of those people who have no often not the necessary education on the technology or utility behind the product. “I think influencers don’t do much more than transfer wealth from one protocol to another,” he says.
“There are no major influencers or celebrities providing in-depth information and education on crypto and DeFi products and innovation. But some are bringing more mainstream attention to cryptocurrencies and NFTs.
Santos thinks the crypto space won’t achieve “full mainstream attention” because not everyone is interested in controlling the “direction of their financial assets”. However, he also pointed out that investment risk disclosure will be different with decentralized assets and therefore requires regulation.
“Not all assets are stocks and bonds, and art doesn’t have that kind of regulation. There are weird investments, like barrels of whiskey, and they’re doing well. We need to stop comparing NFTs to traditional finance, because they are not the same thing. However, there still needs to be regulation to ensure there is no exploitation.
Crypto in the Mainstream: The Recipe for Massive Adoption
Whereas celebrities and cryptocurrency mega-corporations are attracting various forms of attention to the crypto spacethe path to mass adoption is still open. The recipe for this certainly requires a mix of ingredients: fame, sustainability, innovation and utility.
The real question is knowing the limits and if the crypto sphere can succeed without high recognition names. Should cryptocurrencies be an eye-catching brand that people can trust and stick with? Is it a question of quality rather than quantity in terms of big sponsorships?
These are just the first steps in decentralized development. The crypto space has yet to see what impact will be lasting.
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