Singer Eminem has provided voiceover work for a recent commercial for the well-known crypto exchange Crypto.com. The musician shared a fresh Crypto.com promo on X, suggesting that the ad will play at the NBA playoffs. With Eminem taking over the spokesperson role for a crypto firm, it is safe to say that celebrities are back to promoting crypto brands- a trend that took a hit after the FTX collapse.
With singer Eminem on board, Crypto.com announced in a statement that the advertisement “will premiere Saturday during the Lakers NBA Playoff game held at the Crypto.com Arena.” The Bitcoin exchange seems to have other plans to promote its services at other athletic events, such as the forthcoming UFC event and the Formula 1 Miami Grand Prix.
The collapse of FTX saw a long list of Hollywood celebrities and famous personalities getting in trouble for previously endorsing crypto brands. The struggle of a slump in market credibility had kept advertisements pressured for a long time. But the situation seems to be taking a turn now.
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Over the past year, the fervor for cryptocurrency among elite athletes and Hollywood celebrities has intensified. They marketed virtual currency as a world with its own trendy culture and philosophy on social media, in interviews, and even in music videos. A good reason for this could be the acceptance of cryptocurrencies in mainstream financial sectors. This can be seen with the approval of Bitcoin ETFs as well.
Apart from a rise in Hollywood celebrities jumping on endorsing crypto firms, the sponsorship of many sports brands by these firms has also risen.
The cycle is quite simple. A celebrity endorses cryptocurrency exchanges and brands which in return sponsor sports teams. This leads to an increased viewership for matches and an ascending trend in marketing-based returns.
A good example of this was when Chelsea, a football team, decided to accept BingX’s sponsorship offer for their uniform. The agreement resulted in the new jersey sporting a BingX logo on its sleeve for the duration of the season. Football, which is referred to as soccer in many areas, is not the only sport following this trend; American Superball, the NBA, Formula 1, and many more follow suit.
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