Superstar Endorsements in Cryptocurrency Have Backfired in 2022
- Bloomberg studies that almost all superstar crypto endorsements have backfired.
- Celebrities face large losses and costly lawsuits.
- A number of sportspersons have jumped on the crypto bandwagon.
In line with a Bloomberg story, the collapse of cryptocurrency has affected not simply retail merchants however quite a few superstar endorsers. The report stated that almost all endorsers had skilled monetary losses or expensive lawsuits.
Matt Damon was one of many first widely known figures to help cryptocurrency publicly. His efforts on behalf of the Crypto.com trade transpired when the bull cycle was at its peak. Because the advertisements started airing, the worth of cryptocurrencies has dropped by greater than 70%.
In March, Paris Hilton did a star DJ set on The Sandbox metaverse platform. Since then, each the platform’s reputation and the worth of its SAND coin have plunged. In the meantime, Kim Kardashian was sued in January for allegedly selling the cryptocurrency fraud EthereumMax on her Instagram account.
Actress and “Legally Blonde” star Reese Witherspoon’s December 2021 assertion that “crypto was right here to remain” is one other instance of a star endorsement that backfired. The Hi there Sunshine media agency she based additionally partnered with the World of Girls NFT group in February. Costs for NFTs have dropped by about 75% since then.
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