Eminem’s voice features in a new Crypto.com commercial for the NBA playoffs, marking a resurgence of celebrity endorsements in crypto after the FTX collapse.
Voiceover artist Eminem recently contributed to an advertisement for the renowned cryptocurrency exchange Crypto.com. The musician uploaded a new Crypto.com advertisement to X, which implied the spot would air during the NBA playoffs.
With Eminem assuming the role of spokesperson for a cryptocurrency company, it is fair to say that celebrities have resumed endorsing cryptocurrency brands, a practice that declined in popularity following the FTX collapse.
Crypto.com issued a statement confirming the participation of Eminem and stating that the advertisement “will make its debut on Saturday at the Crypto.com Arena during the Lakers NBA Playoff game.” It appears that the Bitcoin exchange has alternative strategies in place to advertise its services at various sporting events, including the upcoming UFC event and the Formula 1 Miami Grand Prix.
A lengthy list of Hollywood celebrities and well-known individuals got into trouble during the FTX collapse for having previously endorsed cryptocurrency brands. The persistent challenge posed by a decline in market credibility had prolonged the pressure on advertising. However, the situation appears to be changing at this time.
The enthusiasm for cryptocurrencies among high-profile athletes and celebrities from Hollywood has grown substantially in the last year. Utilizing social media, interviews, and music videos, they promoted virtual currency as a universe with its own fashionable ethos and culture. This may be due to the increasing adoption of cryptocurrencies within traditional financial sectors. This is also evident in the acceptance of Bitcoin ETFs.
In addition to an increase in the number of Hollywood personalities endorsing cryptocurrency firms, these companies have also increased their sponsorship of numerous sports brands.
The cycle is not complicated. In exchange for sponsoring sports teams, cryptocurrency exchanges and brands are endorsed by celebrities. As a consequence, there is a rise in match attendance and a consistent pattern of gains in marketing-driven returns.
This was the case when the football team Chelsea accepted BingX’s offer of sponsorship for their uniform. As per the terms of the agreement, the BingX logo was affixed to the sleeve of the new garment throughout the entire season. In addition to football, which is commonly known as soccer in various regions, numerous other sports, including American Superball, the NBA, and Formula 1, have adopted this pattern.
