Daniel Ricciardo and Scotty James Navigate Crypto as Ambassadors

The Risks of Brand Ambassadorship

When you’re a celebrity, your brand is everything, and this is especially true for Formula 1 driver Daniel Ricciardo and Olympic snowboarder Scotty James. As official ambassadors for a crypto exchange, they are acutely aware of the minefield that is the current crypto landscape. The chaos that ensued following the collapse of FTX is a reminder that the stakes are high and the fallout can be steep.

Lessons from the FTX Fallout

Let’s face it, nobody wants to be the poster child for a disaster. When FTX plummeted, it wasn’t just the money that took a hit; reputations were scorched too. Larry David and Tom Brady faced backlash, while even Matt Damon, who previously encouraged the masses to dive into crypto, found himself on the receiving end of ridicule. If you’re a brand ambassador, that is not the kind of association you want to sport—like showing up to a black-tie event in a Hawaiian shirt.

Trust in Turbulent Times

Ricciardo, one of the sport’s fan favorites, mused about the importance of doing his homework before jumping into the crypto space. He said, “I’ve been in the sport a long time. You learn when to say ‘no, that’s not right for me.’” With a fractured hand keeping him out of the Singapore Grand Prix, he has ample time to contemplate the risks involved in any promotional gig—especially now.

Building Relationships for Better Understanding

Haider Rafique, OKX’s Chief Marketing Officer, makes the case for building personal relationships when it comes to endorsements. “It wasn’t a transactional relationship, it was a personal relationship,” Rafique noted regarding Ricciardo. The CMO proposed that educating ambassadors was essential to fostering trust. And given the volatile nature of cryptocurrency, it’s a lesson well learned.

The Future of Crypto and Sports

While Ricciardo and James joke about releasing NFTs, the reality is that the market needs to stabilize before that can happen. James pointed out, “Crypto is too due to its decentralization,” and he hopes that the younger generation will reshape the investing narrative. So while they continue their partnerships cautiously, time will tell if cryptocurrencies will indeed find a stable footing.