Celebrities promote cryptocurrencies. After the stock market crash, they will be hated

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Top celebrities understand that promoting cryptocurrencies is not the same as appearing in face creams or car ads. Revered actors and actresses around the world have faced criticism. How come? Cryptocurrency advertising and exchanges where you can trade cryptocurrencies and where millions of people around the world have lost a lot of money in the last few weeks.

Stars and cryptocurrencies: easy income and high risk

While there is a lot of space in the media for cryptocurrencies and related phenomena such as NFT or Metaverse, there is still a large group of critics of all of these creations. That crypto-skeptics were right has long been clearer, and the stars who chose to promote them are now putting their heads in the sand.

Using a famous face in an advertising campaign is a practice that brands in almost every industry, from cosmetics to finance, have been actively adopting for many years. Not surprisingly, cryptocurrency creators have followed suit and used the most generous names in show business to promote their products.

Cryptocurrencies have been promoted by many big names, including Gwyneth Paltrow, Reese Witherspoon, Matt Damon, Paris Hilton, TV host Ellen DeGeneres, tennis player Naomi Osaka, actress Mila Kunis, and even musicians like Snoop Dogg and bassist of the Red Hot Chili Peppers Flea. Some of them have been involved in advertising for cryptocurrency exchanges or applications that help them rotate, others have probably talked about it positively on their social networks at a reasonable price.

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This is a smart move by the creators of the cryptocurrency market tools. It was about attracting not only those investors who could easily afford the purchase of virtual assets, but also those who had a less rich portfolio.

It is not known exactly which celebrity salaries were discussed, but it can be assumed that the investment in advertising was insignificant. That is, a one-minute commercial starring Matt Damon appears on American television in prime time, which is the Super Bowl game. Advertisers have to pay up to $ 5 million for a 30-second video during a game break.

What is the difference between cryptocurrencies and shampoos?

Noticeable cracks have appeared in the cryptocurrency market, which has been growing for several years. In June 2022, investors saw a sharp drop in the price of the cryptocurrency, which led to huge losses.

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Many people believed so much in the miraculous power of these extremely volatile virtual assets that they invested most of their savings in them. Often these were people who had no experience in investment markets, let alone cryptocurrencies. Unfortunately, the price to pay for this celebrity-fueled belief has been enormous. Some investors lost their panties within days.

Effect? Celebrities who advertised cryptocurrencies have been criticized online. He has spent decades building a positive image and trust from fans around the world and will haunt you. Now the celebrities shut up and their managers have a new mystery: how they successfully coped with the crisis of their clients’ image.

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