Hollywood star Matt Damon
Actor, screenwriter, documentary maker and producer Matt Damon highlighted the cryptocurrency market in late 2021 via an advertising campaign for the cryptocurrency exchange platform Crypto.com.
But the timing of the commercial was not optimal. In reverse. It first aired on October 28, 2021, when a bitcoin was worth $ 60,000, less than two weeks before the digital currency’s all-time high.
The star was pilloried a few months later, in early 2022, on the TV set “The late show“from acclaimed host Stephen Colbert who teased the American actor by saying” never trust groundhogs for advice, no matter how persuasive they are when they offer you cryptocurrencies with Matt Damon. “BTC is currently over 60 below. % compared to the first broadcast of the announcement. So for Crypto.com the budget had to be high to afford Matt Damon … At the wrong time. Also, the platform recently announced that it would lay off 5% of its workforce, or 260 people, to “cope with the extreme conditions of the market”.
Buccaneers quarterback Tom Brady
The seven-time American Super Bowl winner announced in 2021 that he was forming a partnership with the FTX platform, which is owned by American multi-billionaire Sam Bankman Fried.
In this commercial he also appears with his wife and model Gisele Bündchen. As with Matt Damon, the timing isn’t perfect. The announcement was aired in September 2021, less than 2 months before the start of the bear market in the cryptocurrency market from which we have not yet emerged. But the sportsman has gone even further into the cryptosphere. He launched a collection of 16,600 NFTs at $ 80 each that sold out in under 10 minutes and also co-founded the NFT platform. Autograph which raised $ 170 million. Which makes Brady one of the busiest athletes in the cryptocurrency market.
Boxing legend Mike Tyson
Iron Mike, as he is nicknamed, created his own in 2021 collection of NFT who proposes it with laser eyes in the boxing ring.
The problem is that the average NFT price has dropped more than 95% since its launch. An inglorious operation that will probably have ruined most of the 3.0 fans of the boxing legend.
Reese Witherspoon, American actress
The businesswoman which has 28 million followers on Instagram published, in December 2021, the following message on Twitter: “Crypto is here to stay”.
Crypto is here to stay. I am committed to supporting the creators who pioneered the NFT space and encouraging more women to join the conversation. https://t.co/tq9EdwAmJC
– Reese Witherspoon (@ReeseW) December 6, 2021
A post that came just as bitcoin was starting to falter at the $ 50,000 level. But that is not all. Her media company “Hello Sunshine” partnered in February 2022 to promote the “World of Women NFT” collective and collection. Since that announcement, the average price of the collection has dropped by more than 75%.
French Montana, the American-Moroccan rapper
Karim Kharbouch with his real name created, on September 10, 2021, a collection of sneakers in the form of NFT entitled “CokeBoyzSneakers”. The twist was that these NFTs included real-world versions of digital shoes. The rapper posted on Instagram “Hold on to your couple and watch the value rise.” But honestly, the underlying message of this post alone is suspicious. In fact, ensuring that an asset, whatever it may be, will appreciate in value is not a good sign.
Between the time the collection was released and the last sale, the average price of the collection dropped by 90%. There has been no success as the value of all sales of these NFTs is equivalent to less than 3 ETH.
Mark Cuban, the billionaire investor
The owner of the Dallas Mavericks basketball team, Landmark Theaters chain and Magnolia Pictures studio not only did well in the cryptocurrency ecosystem. The American had, on June 13, 2021, published in a blog entitled “The brilliance of agricultural production”His work on a cryptocurrency called“ TITAN ”which allowed, through obscure decentralized finance processes, to obtain“ an annualized return of about 206% ”. As a result of the tenders, the asset has lost 99% of its value since the start of the bear market that started in November 2021.
However, the billionaire admitted that this investment “was disastrous” but that it represented only a “small part” of his cryptocurrency portfolio. But what about the investors he hired with him? Their portfolio is perhaps more sealed than Cuban in this sector.
So, what to take away from these disastrous cryptocurrency experiments?
In fact, we can think that a good number of crypto-investors trust certain projects because a public figure announces or participates in these projects in one way or another. This gives, knowingly or not, some credibility to these cryptocurrencies or these NFTs. In other words, a kind of trust is established in the resource and it is psychologically quite natural. However, as the experiences of the aforementioned celebrities demonstrate, it becomes imperative to become contrarian in the face of these ads and above all not to blindly trust certain assets for the simple reason that they are supported by public figures. All the more so in the cryptocurrency market, which is currently very volatile, technologically complex and still not very regulated.
It should not be forgotten that some of these celebrities benefit, upstream, from numerous benefits and / or compensation in exchange for their contribution. And some are most likely asking themselves a few questions about the repercussions that these actions can have on their subscribers, admirers and investors. This is why it is very important to always do your own research, to invest only in projects that you understand and believe in. While the cryptosphere is a prime example, this intellectual approach is valid for any investment in any field.