Celebrities continue to support the cryptocurrency sector in large numbers despite the protracted bear market and the obvious decline in price of cryptocurrencies.
Over the years, the inclusive crypto community has attracted a large number of A-list celebrities, largely as a result of the 2021 hype surrounding nonfungible tokens (NFT). Celebrities continue to promote the bitcoin sector despite the protracted bear market and a clear decline in price.
Celebrities have recently begun investigating sub-ecosystems outside of NFTs in an effort to diversify their footprint across trading, gaming, and other investment possibilities. In light of this, here is a summary of some of the most significant public figures to have invested in cryptocurrency over the past year and how ready they are for the next bull run.
Connor McGregor collaborate with Tiger.Trade
One of the highest-paid athletes, UFC superstar Connor McGregor, has recently teamed up with Tiger. Trade is an app for trading cryptocurrencies. Part of the deal is that McGregor will be in an in-house game that users can play to win special prizes.
Before becoming an ambassador for Tiger.Trade, McGregor’s only real connection to crypto was through the UFC’s partnerships with Crypto.com, which paid bonuses to fighters in crypto.
Despite receiving positive reviews from players for its graphics and prizes, the most recent game launch also faced criticism for its lack of a narrative. McGregor has not associated his name with now-defunct NFT initiatives, in contrast to the bulk of other top UFC athletes, and he is still keeping his cryptocurrency investment decisions a secret.
Bored Ape NFT is purchased by Eminem for $460,000
One of the few famous people who makes news for investing in NFT rather than trying to sell their collections is Marshall Mathers, better known as Eminem. The Bored Ape Yacht Club (BAYC) EminApe NFT, which features a gold chain necklace and khaki army headgear that Eminem wears in real life, was purchased by the fifteen-time Grammy winner for $460,000.
Eminem first became involved with cryptocurrencies in 2018 when he made a reference to Bitcoin (BTC) in his then-recently-released album Kamikaze. The subsequent NFT acquisition, however, confirmed his interest in cryptocurrency ventures. Rap icon and fellow crypto phile Snoop Dogg appeared in a music video by Eminem with a BAYC NFT theme that was published in June 2022.
Although Eminem hasn’t officially expressed a preference for any single cryptocurrency asset for investments, the musician still works with BAYC to perform live.
Strategic investor Maria Sharapova joined Moonpay
Tennis legend Maria Sharapova, along with other A-list celebrities such as Gal Gadot, Bruce Willis and Justin Beiber, invested in crypto payment solution MoonPay. The company revealed that more than 60 public figures and celebrities in the music, sports, media and entertainment industries joined hands to invest $87 million in a Series A funding from November 2021.
Sharapova entered the realm of cryptocurrencies with this investment. The superstar hasn’t officially disclosed her plans for investing in cryptocurrency, though.
Snoop Dogg: The face of Web3 and NFTs
Since Snoop Dogg has been actively involved in the cryptocurrency industry for many years, his status as an OG is well-deserved. Snoop’s first public message to the cryptocurrency world was a warning about bogus tokens and NFTs bearing the Snoop Dogg trademark being sold by impostors.
After educating himself on the subject, the rapper partnered with a wide variety of crypto initiatives, including as cryptocurrency exchanges, Web3 games, and NFTs, to help accelerate the widespread acceptance of the technology.
Most recently, Snoop Dogg announced the opening of Bored and Hungry, a new restaurant in Los Angeles with BAYC NFTs as inspiration. The hoopla surrounding NFTs has waned, but the smoke king still professes his love for the ecosystem.
A crypto comeback is made by Floyd Mayweather
Floyd Mayweather, a renowned boxing champion, made his debut in the cryptosphere in 2018 by endorsing Centra Tech, a notorious cryptocurrency scam. Mayweather and co-promoter DJ Khaled were forced to pay $600,000 and $150,000 in fines for the legal ramifications of supporting unreviewed cryptocurrency projects, respectively.
After reflecting on his past errors, Mayweather started a new NFT project called Mayweverse, which consists of 5,000 NFTs. Because of the boxer’s history of working on ventures that fleeced investors, opinions regarding the new cryptocurrency initiative are divided among his supporters and the wider public.
Matt Damon chooses to help people by giving crypto donations
The cryptocurrency exchange Crypto.com donated $1 million to the clean water initiative Water.org, which was founded in 2009 by Matt Damon and Gary White. Damon is a Hollywood superstar. As a condition of the agreement, Crypto.com suggested that its user base donate to the cause.
Despite not disclosing his cryptocurrency holdings, Damon’s involvement in a Cypto.com advertisement drew ire from the majority of the crypto community. Since the bear market caused enormous losses in the sector as a whole, investors responded against Damon’s advice that “Fortune favors the brave.”
Consumer advocacy group Truth in Advertising (TINA.org) called out 19 celebrities for endorsing NFTs without declaring their affiliation with the projects, going against the growing trend of celebrity-backed NFT ventures.
Celebrities who encourage “deceptive” cryptocurrency investments will be the subject of an investigation, according to the nonprofit consumer advocacy group. On the webpage, it says:“The promoter often fails to disclose material connection to the endorsed NFT company.”
Justin Bieber’s legal team reacted to TINA.org’s concerns about the promotion of NFTs on their social media profiles without revealing their affiliation with the projects by denying any wrongdoing. The crew promised to update the social media messages, nevertheless.