Like it or not, celebrity endorsements entice consumers and move markets. Sophisticated investors won’t necessarily follow an actor’s or sports star’s financial recommendations, but our celebrity-obsessed culture will track their every move and these endorsements strongly influence people’s decisions – including cryptocurrency investments.
When I say “celebrities,” I’m not only talking about financial giants like JPMorgan CEO Jamie Dimon and Twitter CEO Jack Dorsey, though their participation in digital currencies is certainly important. I’m also referring to people known outside of financial circles – because let’s face it, not all retail investors follow Jamie Dimon or Jack Dorsey.
Sports stars have been especially prominent when it comes to endorsing the crypto movement. For instance, the media was buzzing when flamboyant boxing champion Floyd Mayweather, one of the richest athletes in the world, literally dubbed himself Floyd Crypto Mayweather on social media:
This is what mainstreaming looks like: millennials and other demographic segments look up to sports stars, and this could influence their investing decisions. To give you another example, world-famous tennis champion Serena Williams recently announced that her investment company, Serena Ventures, has made a sizable capital investment in cryptocurrency exchange Coinbase.
Basketball star Dennis Rodman is yet another example of a sports celebrity who has linked his name to the crypto movement. In fact, the cryptocurrency endorsed by Rodman jumped more than 90% in a single day after he was spotted wearing a T-shirt with the crypto’s logo.
But that’s the power of celebrity endorsement – and it’s the future of crypto, as popular adoption will be a key driver of higher asset prices in the coming months and years. It’s all about branding: bringing consumers into the market and getting them involved through brand-name recognition.
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The simplest and most direct way would be to look at ICOx Innovations Inc. (TSX.V: ICOX, OTCQB: ICOX), a company that excels in creating branded digital currencies and the blockchains to support them.
They just announced the launch of sBetOne Inc. to develop opportunities for celebrity-endorsed branded digital currencies in golf betting and esports betting. This is a massively high-growth market, as research firm Deloitte has predicted that the American online gambling market will expand from $4.9 billion to $287 billion in the next five years.
sBetOne will leverage the ICOx platform for celebrity-sponsored, branded digital currencies in the very lucrative golf betting and esports betting market. By providing lower-cost transactions and new brand-wide, data-driven loyalty and rewards models, sBetOne and ICOx are combining star power and blockchain power to mainstream digital tokenization.
sBetOne and ICOx will develop both digital tokens and wallets for celebrities and brands, all within a fully compliant and regulated environment. sBetOne will also provide peer-to-peer (P2P) and freemium (free-to-play) games, thereby making sports betting more socially entertaining for fans and the celebrities/brands they follow.
sBetOne’s advisory board features a who’s-who of internationally renowned experts in the regulated online gaming space, including former City of Dreams Casino and Hotel Macau Property President Gabriel Hunterton, former VeraJohn.com CEO David Flynn, and Ashley Sandyford Sykes, the former Executive Vice President of Digital Games for Scientific Games.
I truly believe that this intersection of blockchain technology, esports betting, and celebrity endorsement power will be the next step in the evolution of crypto.
Research Partner, PortfolioWealthGlobal.com
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Disclaimer ICOx Innovations Inc. (the “Company”) for Forward-Looking Statements
This article contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the author believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this article include statements regarding: the likelihood of celebrity endorsements of cryptocurrencies having the effect of boosting cryptocurrency adoption and influencing people’s investment decisions in cryptocurrencies; the likelihood of persons tracking the every move of actors and sports stars; the ability of sports stars to influence the investing decisions of millennials and other demographic segments; whether celebrity endorsement will be a key driver of asset prices in the cryptocurrency space in the coming months and years; the expansion of the American online gambling market from $4.9 billion to $287 billion over the next five years; the ability sBetOne to leverage the Company’s platform for celebrity-sponsored digital branded currency in the golf betting and esports betting markets; the ability of sBetOne and the Company to provide lower cost transactions and new loyalty and rewards models; the ability of the Company and sBetOne to develop digital tokens and wallets for celebrities and brands within a fully compliant and regulated environment; the ability of sBetOne to provide peer-to-peer and freemium games to make sports betting more socially entertaining for fans, and celebrities and brands they follow; and the likelihood that the intersection of blockchain technology, esports betting and celebrity endorsement power becoming the next step in the evolution of cryptocurrency. The forward-looking statements reflect the author’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the author believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include: changes in growth and size of cryptocurrency and blockchain technology market; attitude of corporations toward cryptocurrency and blockchain; the continued impact of celebrity endorsements on the general population’s consumption and investment decisions; the continued growth and success of the esports and online gambling markets; the extent to which cryptocurrency and blockchain technologies are adopted in the esports and online gambling markets; the extent to which blockchain technology will be internationally implemented; potential changes for retail transactions involving cryptocurrency; changes in market conditions and other factors beyond the control of the Company.
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.
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