Do crypto-influencers catapult the market into the mainstream?

From crypto industry giants to celebrity advocates, “mainstream crypto” is more relevant than ever. Even outsiders are now joining the decentralized movement.

Cryptos and the use of blockchain-based solutions are no longer just a side issue for those interested in the intersection of technology and finance.

Technology has found its way into the everyday lives of a growing part of the population. According to a MorningStar market analysis, the value of the entire crypto market has grown from $ 965 billion to nearly $ 2.6 trillion in the past year. The market value amounts to about 2.1 billion US dollars.

Such figures speak for one thing: mass adoption. Or at least a tendency towards mass adoption. Another indication of this is that cryptocurrencies are making headlines in global pop culture news. Celebrities and iconic brands today have digital assets, metaverse personas or somehow integrate blockchains into their products.

However, it is no longer just the industrial giants from the outside that drive the visibility of space. Even brands originating from the crypto area are now becoming part of the mainstream.

But is the growing hype surrounding cryptocurrencies leading to positive interactions with industry or even more skepticism? Here are a few examples of mainstream cryptocurrencies that have garnered both great hype and lawsuits.

Mainstream Crypto and Crypto.com

In November, big news turned the sports world upside down: the renaming of the historic Staples Center sports arena in downtown Los Angeles. Crypto.com bought out the $ 700 million naming rights deal for a 20-year period. This change imprisoned people.

The Staples Center was an old fixture in Los Angeles’ urban culture. The name stood not only for a place, but also for thousands of moments that make up contemporary local history.

An image from BeInCrypto.com

Great news for crypto

There is no denying that this was a big deal for the crypto world in many ways.

An example of this is that the word “crypto” is now visible to millions of people on the streets and highways of Los Angeles every day. And in capital letters. Now no one can deny the existence of crypto because it is seen every day.

However, the whole thing is not just physically visible. The move brought increased visibility to the industry in other ways. Crypto.com is now well known to many fans in the sports world.

Ahead of the arena, Crypto.com has already signed deals with the UFC and NHL. Many also know Crypto.com from an ad with Matt Damon in October 2021. In the months following its name, Crypto.com has become the official sponsor of the 2022 World Cup in Qatar.

When crypto is ubiquitous in an industry, it encourages sports teams and their fans to take an interest in it. The sports crypto scene is in full swing, from NFT trading cards, tickets and VIP packages to e-sports and more.

Mainstream crypto and fan skepticism

But where there is such a big change, there are always two sides to the story. Many fans expressed their frustration over the name change on Twitter. A user designated it as a “shame”. Another askedabout “crypto is not a scam”.

Unfortunately for Crypto.com, less than two months after the takeover, the arena’s hot wallet was hacked. The company did not record significant losses, but the hack caused a stir among users. A few weeks before the hack, UK financial regulators had removed Crypto.com’s ads for misleading information.

Despite the difficulties, Crypto.com exceeded 50 million users in May this year.

Keeps up with crypto

Kim Kardashian is a woman with a polarizing reputation. Their influence leaves a small sphere of pop culture untouched, and now the crypto world is no exception.

Kim K. for EthereumMax

In June 2021, the Kardashian sister posted an Instagram story supporting EthereumMax. Kim asked his millions of followers in history if they liked cryptocurrencies, citing a symbolic burning in the EMax community.

Although she pointed out that it was not financial advice and included a promotional hashtag, it did not stop there. EthereumMax investors, who had made financial decisions based on the call from the ad, decided to take the matter to court. Investors sued Kim in January.

In addition to Kim, well-known boxer Floyd Mayweather and YouTuber Logan Paul also have pending lawsuits related to crypto ads. In situations where celebrities exploit the hype without knowing the industry, the credibility of the industry is at stake.

Musk effect

However, there is one person who never keeps quiet about the topic of cryptocurrencies. Whether his influence is positive or negative, Elon Musk always says his opinion.

The best known example of his influence is memecoin DOGE’s skyrocketing popularity. A comment on social media recently caused the price of the coin to rise again by 10%. Another example is that McDonald’s and Elon Musk launched another memecoin.

GrimaceCoin is based on a character from the original McDonald’s characters. The coin is the result of a simple exchange between Musk and McDonald’s to accept DOGE. McDonald’s responded in jest with GrimaceCoin.

Source: Twitter

The GrimaceCoin community now has nearly 17,000 members on Twitter.

How important are crypto-influencers?

These examples are just a few of the growing number of celebrities, government figures and companies that are bringing the crypto hype into the mainstream. As NFTs are used in sports, music, fashion and art, creators have newfound responsibilities across fields. When companies or celebrities incorporate blockchain technology into their public image, they are de facto ambassadors for crypto – for better or worse.

What do experts say about this unbridled influence? Be[In]Crypto spoke with Joah Santos, an award-winning market strategist and current Aldrin CMO, on the subject.

According to the motto “All press is good press”, Santos says that the influence of important people is good and important. “It’s something big. Thanks to NFTs, we went from kids in our mom’s basement to cool kids. The support of celebrities and public figures will be a bridge for early investors as we are still in the innovation phase. “

influence without education

But Santos also highlighted the disadvantages of the aid. “The downside of the crypto industry is the ‘get rich quick’ mentality, which can be spread by the influences. People think that NFTs are about the arts. At the moment, however, many people are just trying to make a quick buck on it. We have a lot of people throwing themselves into projects without knowing very much about it. “

Santos pointed out the impact these people have, but they are often unaware of the technology or the applicability of the product. “I do not think influencers do much other than transfer a fortune from one protocol to another,” the analyst said. “There are no major mainstream influencers or celebrities who provide in-depth information and education about cryptocurrencies and DeFi products and innovations. However, some draw attention to cryptocurrencies and NFTs in general.”

Santos believes we will not get “full mainstream attention” because not everyone is interested in controlling “the direction of their financial assets.” However, he also pointed out that the publication of investment risks for decentralized assets will look different and that a similar regulation is therefore necessary.

“Not all assets are stocks or bonds, and art has no form of regulation. There are crazy investments like whiskey barrels and they are actually doing well. We need to stop comparing NFTs with traditional funding. It’s just not the same. Nevertheless, there must be some regulation to ensure that there is no exploitation. “

Crypto Influencers – An Image of Be[In]Crypto

Mainstream Crypto: The recipe for mass adoption of crypto-influencers

Although celebrities and large crypto companies are attracting attention in various ways, the road to mass adoption is not yet paved. The recipe for mass adoption certainly requires a mix of ingredients – be it appearance, sustainability, innovation and usability.

The real question is how much is too much and can the industry thrive without such names and fame. Should cryptocurrencies be a flashy brand for people to trust and jump on the bandwagon? Is it a matter of quality and not quantity when it comes to big proponents?

We are only in the early stages of decentralized development. In this area, it remains to be seen whose influence there is truly sustainable.

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All information contained on our website has been examined to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information on our website is entirely at his own risk.

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