Using celebrities and licensing their names for crypto marketing can be a waste of money for the brands and can also cause trouble. This process of brands licensing their names often creates problems for the brands themselves, and at times, even for the celebs. We cannot let go of the high possibility of these celebs unknowingly doing or saying something which might embarrass and hamper the entire branding program.
For instance, when the price of BTC was about twice what it is today, Matt Damon's started touting crypto investing. NFTs of Mike Tyson went down by more than 90 percent since he introduced his collection.
Here's a list of five big names that ended badly for the brands and their products:
Matt Damon, the "Good Will Hunting" actor, is known for being the star of the "Fortune Favors the Brave" campaign carried out by Crypto.com – a cryptocurrency exchange platform. His campaign ad aired first on the 28th of October, 2021. Since the ad aired, Bitcoin's price dropped by more than 60%, so he has been ridiculed and criticized for making promotions for risky investments.
Tom Braddy, the seven-time Super Bowl-winning quarterback, took to the media to announce that he was allying with a crypto exchange in June 2021. He appeared in an ad asking, "I'm getting into crypto with FTX. You in?". The fans who decided to invest in BTC when this ad debuted witnessed a plunge of 35% since then.
Matt James, known for starring in "Bachelor," entered into a partnership with BlockFi, a crypto exchange company, on the 18th of May, 2021. However, the investors who invested since his ad aired have witnessed more downturns than ups. This is because of the 30% plummeting in price since the star's tout.
Mike Tyson is known for creating his own non-fungible tokens collection in August 2021. Since the debut of these tokens to the most recent sales, the investors have witnessed a dip exceeding 95% in the price of these NFTs.
Reese Witherspoon, known for acting in the "Legally Blonde," tweeted, "crypto is here to stay." This incident took place in December 2021. Hello Sunshine, her media partner, entered into a partnership to promote and collaborate with the World of Women NFT collective. Since the announcement of the partnership, the average price of the World of Women NFTs has plunged more than 75%.
Even more astounding is that despite this horrendous track record, there is not even a slight decrease in such celebrity endorsements. To add to it, there has been this surprising, somewhat overturning of events, where those who purchased BTC after the recent touts from the soccer star Cristiano Ronaldo, and Khaby Lame, the Tiktok influencer, are ahead since they first entered.