As the crypto market rallies again so do celebrity endorsements.
Key details
Kansas City Chiefs quarterback Patrick Mahomes is endorsing (non-fungible token) NFT firm Dapper Labs Inc., making him one of the first major celebrities to support a crypto company after the industry suffered a big crash.
The Super Bowl champion will be the 2022 season’s face of Dapper’s “NFL ALL DAY,” a digital-video-highlight platform for NFts, going live on Thursday. The company hopes Mahomes will drive fan engagement with in-product features and events, among other things, reports Bloomberg.
“I’m excited for fans to own their favorite Moments from the players and teams that they love, being able to connect directly with players—bridging that gap through ALL DAY is awesome,” Mahomes said.
Why it’s news
The terms of the deal have not yet been disclosed by the company, but it has been gaining some other big celebrity endorsements including Michael Jordan and Kevin Durant. One of soccer’s biggest stars, Cristiano Ronaldo, recently signed a deal with crypto exchange Binance, while Lionel Messi signed with fan token specialist Socios, says Bloomberg.
Celebrities entering back into the crypto space is a good sign after Bitcoin and other cryptos have suffered a dramatic slide in recent months causing celebrity support to slow down considerably. Support from celebrities shows that cryptos are back on the rise.
Backing up a bit
June and July were brutal months for cryptocurrencies. Bitcoin dropped 37.3% in June alone, giving it the largest fall since 2011. The sell-off was triggered by inflation fears and investors trying to liquidate. The major sell-off caused job cuts in many crypto companies and even forced some lenders to pause withdrawals.
As the cryptocurrency market slumped this year celebrities kept mostly quiet, but as prices rally once again celebrity endorsement follows right behind.
