Eminem Joins Ranks of Celebs Endorsing Crypto.com Amid Mixed Reactions
Summary:
Renowned rapper Eminem has joined the list of celebrity endorsers for the cryptocurrency exchange Crypto.com. This comes amidst skepticism due to the turbulent state of the cryptocurrency market in the U.S., as well as mixed reactions for such endorsements as highlighted by Matt Damon's experience. Eminem, who is also a member of the Bored Ape Yacht Club and owner of a $462,000 NFT, released a commercial spliced with scenes of boxing training and crypto terminologies. Reactions to the ad have varied on social media and appear not to have influenced the price of the exchange's native token, Cronos (CRO).
Marshall Mathers, who is more widely known by his stage name Eminem, is the recent high-profile personality promoting cryptocurrency trading platform, Crypto.com. On April 26th, the acclaimed rapper premiered a commercial featuring snippets of boxing training sequences, cleverly linked with cryptocurrency terminology such as proof-of-work, alongside Crypto.com's notable catchphrase, "fortune favors the brave." Eminem is one of the early A-list stars endorsing the crypto trading platform since fellow influencer, actor Matt Damon, released his commercial in October of 2021.
Conditions of Eminem's endorsement deal are still undisclosed especially given the state of the cryptocurrency market in the U.S following its sharp decline in 2022, the highly publicized bankruptcy of FTX and its CEO, Sam Bankman-Fried coupled with increased regulatory measures by the U.S Securities and Exchange Commission. Eminem, who is a part of the Bored Ape Yacht club, also bought a unique digital asset, NFT, for $462,000 last year.
In the ad featuring Matt Damon, the actor was pictured among notable historical figures digitally remastered. The platform at the time was one of the most rapidly growing entities in the cryptosphere, with several unique promotional endorsements including the renaming of Los Angeles' Staples Center to Crypto.com Arena which served as the backdrop for Eminem's commercial.
Celebrities often face scrutiny for endorsing cryptocurrency firms, having to evaluate their participation. Damon, for example, revealed a year after his appearance in the advertisement that his only intention was to fundraise for a clean water initiative, Water.org. Comedian Larry David publicly regretted his participation in a Super Bowl ad for the now insolvent FTX in 2022, labeling himself "an idiot”.
Eminem's foray into cryptocurrency promotions have triggered diverse reactions on the internet. From parodies of his popular song lyrics to match the cryptocurrency niche, to doubts about the outcome of his endorsement given Damon's experience. The unveiling of Eminem's advertisement did not result in any noticeable increase of Crypto.com's native token, Cronos (CRO).
Published At
4/26/2024 7:37:05 PM
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