Celebrity Endorsements and Their Fallout
2022 was a year filled with drama for celebrities who took a leap into the cryptocurrency world. Some of them found themselves papering their walls with colorful lawsuit notifications rather than stock certificates. From lawsuits to memes, many stars quickly realized that not every shiny coin comes without a hefty price tag. This article dives headfirst into the turbulence faced by various A-listers and how they navigated—or stumbled—through the crypto craze.
Star-Studded Lawsuits
Let’s kick things off with an unfortunate group of trendsetters who jumped into the crypto pool, only to discover it was more of a sinkhole. Comedian Larry David quickly became the butt of the joke with his involvement in a Super Bowl ad for the now-defunct crypto exchange FTX. His ad tagline to not miss out on the “next big thing” now has a bitter aftertaste.
David is reportedly facing a class-action lawsuit for allegedly promoting the exchange to everyday folks while failing to conduct due diligence. Who knew comedy could turn into legal comedy-drama?
Hollywood’s Crypto Crunch
Next up is Matt Damon, the man famous for rescuing Jason Bourne from boredom, who aligned himself with Crypto.com in a $100 million promotional stunt. Spoiler alert: if you invested based on his slogan—“Fortune favors the brave!”—your brave move would’ve turned into a tragic comedy, with $1,000 now worth a sad $375. Even animated satirical shows are getting in on the roasting!
Sport Stars and Their Slippery Deals
The sports arena wasn’t safe either, with athletes like Naomi Osaka and Shaquille O’Neal plunging into endorsement deals with FTX. On top of that, each found themselves included in the class-action lawsuit dish served cold. Also in the ring was Floyd Mayweather, who wrestled with an EthereumMax promotion lawsuit that, fortunately for him, was dismissed by a judge. Talk about dodging a knockout punch!
Musicians Play the Field
In the world of beats and rhymes, Snoop Dogg found himself tangled in a class-action lawsuit related to Bored Ape Yacht Club NFTs, alongside the likes of Madonna and Justin Bieber. With so many names on the list, it’s like the crypto world turned into one big jam session—only this time, nobody could find the beat!
The Bright Side: Who Managed to Shine?
Despite the legal whirlwind, not all celebrity endorsements faced backlash. Some, like TikTok sensation Khaby Lame, have cultivated positive visibility for crypto, jumping on board with Binance. It seems like he steered clear of the crypto criticism while helping to raise awareness.
In the music scene, DJ Steve Aoki teamed up with DraftKings for NFTs, and Eminem cranked up the volume by performing his NFT collaboration with Snoop at the VMAs. Meanwhile, sports superstar David Beckham launched his NFT range as a global ambassador for DigitalBits, somehow managing to escape the drama that surrounded the brand.
Even soccer icons like Lionel Messi and Cristiano Ronaldo haven’t seen their reputations dimmed. These guys rounded up some lucrative partnerships while enticing fans with exciting NFT collections.
Conclusion: A High-Stakes Game of Risk
In the unpredictable world of cryptocurrency endorsements, fame doesn’t always equal fortune. Many celebrities who walked the line have had their fall from grace, while a select few have danced through the chaos practically unscathed. At the end of the day, the crypto landscape continues to evolve, and so too should our celebrities—because you never really know when the next big thing might just become the next big regret!
