From crypto industry giants to celebrity endorsements, “mainstream crypto” is more relevant than ever as outsiders join the decentralization movement.
The usefulness of cryptocurrencies and blockchain-based solutions is no longer a perimeter for those interested in the intersection of technology and finance.
This technology has been applied to the daily life of a growing population. According to market analysis The entire crypto market soared in value last year on MorningStar. It has grown from $965 billion to nearly $2.6 trillion, with a total market cap of around $2.1 trillion.
These numbers represent one thing. That’s mass adoption. Or at least the trend towards mass adoption. Certainly another indication of this is crypto, which is making headlines in global pop culture news. Now, major celebrities and iconic brands have some type of blockchain integration with digital assets, metaverse personas or products.
But increasing visibility into the space is no longer outside the industry giants. Even brands that started in the crypto space itself have entered the mainstream. Some of them have become pseudonyms.
But as the crypto space hypes up, does the mainstream move create positive interactions with the industry or create more skepticism? Here are a few examples of mainstream crypto that has caused major hype and lawsuits:
Mainstream Cryptocurrencies and Crypto.com
November 2021 There is some great news that shook the sports world. The legacy sports venue has been renamed Staples Center in downtown Los Angeles. Crypto.com has acquired the naming rights agreement. 700 million dollars for over 20 years. This switch made people feel good.
The Staples Center was a heritage institution for the Los Angeles urban culture. Names refer not only to places, but also to the thousands of moments that make up contemporary local history.
Big news about cryptocurrency
There is no denying that this has been, in many ways, a huge deal for the crypto world.
One example is simple. Now, the word “cryptocurrency” appears to millions of people every day on the streets and highways of Los Angeles. In giant, shiny letters, cryptocurrencies are seen every day, so their existence cannot be denied.
But it’s not just physical visibility. This move has provided visibility to the industry in an additional way. Crypto.com is now the pseudonym of many devout fans of the sports world.
Prior to the arena, Crypto.com had contracts with the UFC and NHL. Many people like Crypto.com Matt Damon Ad From October 2021. Within months of earning the name, Crypto.com became the official sponsor of the 2022 FIFA World Cup in Qatar.
When cryptocurrencies are spread across industries, we encourage sports teams and fans to pay attention. From NFT collectibles, tickets and VIP packages to esports and more, the sports cryptocurrency scene is on fire.
Mainstream Cryptocurrency and Fan Skepticism
There are always two sides to this big change. Many fans expressed their dissatisfaction with the name change on Twitter. 1 user called It’s “shameful” on the other hand Tweet“Doesn’t cryptocurrency deceive people?”
Unfortunately, less than two months after Crypto.com acquired the stadium, the hotwallet was hacked. The company did not record significant losses, but this has certainly opened the eyes of new users. A few weeks before the hack, a UK financial watchdog group removed Crypto.com ads for misleading information.
Crypto.com despite hiccups Exceeded 50 million users As of this May.
Kim Kardashian is a woman with a polarized reputation. Her fans love every word and fashion moment, but haters ridicule the woman for “lack of talent.” Her influence has barely touched the realm of pop culture, and now cryptocurrencies are no exception.
EthereumMax’s Kim K.
In June 2021, the Kardashian sisters posted a story supporting EthereumMax on their Instagram. She asked millions of her followers if they like cryptocurrencies, and she mentioned the token burn within the EMax community.
She revealed that it wasn’t financial advice and that she had included advertising hashtags, but it didn’t end there. Ethereum Max investors, who made a financial decision with the encouragement of advertising, decided to bring the matter to court and sue Kim again in January.
Along with Kim, famous boxer Floyd Mayweather and YouTuber-turned-boxer Logan Paul are also suing cryptocurrency promotions. With celebrities making money on the hype without proper industry knowledge, the credibility of the space is definitely at stake.
In the current bear market, there are Twitter crypto skeptics asking why celebrities who once promoted “valueless” cryptocurrencies are now silent.
However, there is one public figure who is never silent on the topic of cryptocurrency. Whether his influence is positive or negative, Elon Musk always has his own opinion.
The most striking example of his influential influence is the burgeoning popularity of memecoin DOGE. However, comments on the coin recently rose 10% on social media.
A further example is the case of McDonald’s and Elon Musk. brought life Another memecoin.
GrimaceCoin is based on the original McDonald’s character. It exists as a result of a simple exchange between Musk and McDonald’s accepting DOGE, and McDonald’s responded with GrimaceCoin as a joke.
The GrimaceCoin community now has nearly 17,000 members on Twitter.
weight of experts
These examples are just a few of the rising celebrities, public figures and companies bringing the cryptocurrency mainstream hype. As NFTs find use cases in sports, music, fashion, and the arts, new responsibilities are placed on creators in a variety of industries. When incorporating blockchain technology into public-facing images, they are now de facto cryptocurrency ambassadors, for better or worse.
What do experts say about this untamed influence? is[In]encryption I spoke with Joah Santos, award-winning brand strategist and current CMO. Aldrinon the subject.
In the spirit of “All media is good journalism,” Santos says, the influence of key figures is good and important. “It’s great. Thanks to NFT, we’ve gone from kids in mom’s basement to cool kids. [Celebrity and public figure endorsement] It is a bridge for early adopters because we are in the innovation phase.”
influence without education
However, Santos highlighted the shortcomings of such warranties. “The negative side of the cryptocurrency industry as a whole is the ‘get rich quick’ mindset that influencers can spread. People get hooked on NFTs thinking it’s about art, but now a lot of people are trying to make quick money. A lot of people are jumping into the project without knowing much about it yet.”
He commented on the impact these individuals had, but often had no training in the technology or utility behind the product. “I don’t think influencers do much other than transfer wealth from one protocol to another,” he says. “There are no mainstream influencers or celebrities who provide in-depth information and training on Crypto and DeFi products and innovations. But some are paying more general attention to cryptocurrencies and NFTs.”
Santos believes it will never reach “full interest in the mainstream” because not everyone is interested in controlling “the direction of financial assets.” However, he also pointed out that investment risk disclosure is different from diversified assets and therefore requires corresponding regulation.
“Not all assets are stocks and bonds, and there is no such regulation in art. There are some weird investments like whiskey barrels and they’re doing well. We must stop comparing NFTs to traditional finance. Because they are not the same. But we still need regulations to ensure that there is no exploitation.”
Mainstream Crypto: Recipe for mass adoption
While celebrities and mega-crypto companies pay various forms of attention to the space, the road to mass adoption is still paved. Clearly, recipes for mass adoption require a mix of ingredients: celebrity, sustainability, innovation and utility.
The real question is how much space there is, and whether you can succeed without such a name and recognition. Should cryptocurrency be a flashy brand that people can trust and ride? Is quality over quantity in terms of the main guarantee?
This is just the infancy stage of distributed development. This space does not yet know whose influence lasts.
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