Crypto Brand Ambassadors Ricciardo and James Discuss Risks Amidst FTX Collapse
Summary:
Australian F1 driver Daniel Ricciardo and Olympic snowboarder Scotty James discuss the risks of endorsing crypto brands following the collapse of FTX and subsequent market crash. They express the importance of trust, personal relationships, and education in navigating the cryptocurrency industry. OKX, the exchange they are ambassadors for, aims to establish itself as a crypto lifestyle brand, backed by multimillion-dollar sponsorship deals. The article also mentions Matt Damon's Crypto.com endorsement deal and the potential impact on reputations during market downturns.
Australian Formula 1 driver Daniel Ricciardo and his friend, Olympic snowboarder Scotty James, understand the importance of carefully considering the risks associated with endorsing a product. This was especially true for them as brand ambassadors for cryptocurrency exchange OKX, given the recent collapse of FTX and subsequent market crash. The negative publicity and lawsuits surrounding Larry David and Tom Brady's endorsement deals with FTX, as well as Matt Damon's commercial for Crypto.com, have highlighted the potential risks involved. Ricciardo acknowledges that when he signed up with OKX in May 2022, the cryptocurrency industry had a somewhat mixed reputation, and it took him some time to feel comfortable with the concept. As one of the most popular F1 drivers, Ricciardo has a team that ensures he avoids any controversies. OKX's marketing strategy to become the "first crypto lifestyle brand" was driven by their Chief Marketing Officer, Haider Rafique, who signed high-value sponsorship deals with sports franchises such as McLaren and Manchester United. Trust is crucial for OKX, and Rafique emphasized that the exchange provides monthly reports on its reserves to build trust in the industry. Personal relationships and education played a significant role in gaining Ricciardo's trust, as he explained that Rafique did an excellent job of informing and educating him about cryptocurrency. While diligence is essential, as seen with Matt Damon's ill-timed Crypto.com deal, it is not always enough. Damon's reputation suffered even though the exchange itself was not implicated in any wrongdoing. Scott James, a friend of Ricciardo and a four-time Olympian, also had a personal connection to OKX and an interest in NFTs before joining as a brand ambassador. The collapse of FTX must have been surprising for him, but he expressed confidence in the platform's efforts to simplify and educate about cryptocurrency and trading. James believes that his generation and those younger than him will change the investment narrative, particularly when it comes to cryptocurrencies. During their appearance at Token2049, Ricciardo and James jokingly discussed the possibility of releasing NFTs, but Rafique clarified that it would not happen until market conditions improve. The focus for their NFTs would be on bringing fans closer to the athletes rather than serving as speculative assets.
Published At
9/14/2023 2:13:17 AM
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