The current digital marketing industry is very receptive to celebrities. The brands are aware of this fact and use celebrities to disrupt the markets and capture the attention of their target customers. The cryptocurrency industry has not being left behind with millions being pumped into the industry by renowned celebrities including musicians and actors.
Some of the celebrated people who have invested bulk amounts of cultural capital in terms of goodwill, interest, and public respect are Steven Seagal, Floyd Mayweather Jr., Lionel Messi and the list continues. They are mostly used to capture the attention of the public when a cryptocurrency company as an initial coin offering or introduces new digital currencies.
Celebrities Impact the Cryptocurrency Industry Positively
The celebrity endorsement is quickly becoming the norm in the industry with millions of dollars being paid to the celebrities as fees. The endorsements help the companies to garner traction and win over more customers through social media ads and influencer marketing.
There is another segment of celebrities who are aware of the potent power of cryptocurrencies and blockchain technology. They have invested millions of dollars into a select group of digital currencies and blockchain technologies. Their impact in the industry cannot be ignored since they not only help market the crypto brands when they comment about it on their social media platforms, but also use their savings to buy cryptocurrencies.
For example, Serena Williams and Ashton Kutcher have both invested in cryptocurrency related startups and cryptocurrencies. Instead of just allowing their names to be associated with a particular cryptocurrency, they provide even stronger support of crypto by investing.
However, experts argue that celebrity investments and endorsement deals will not cut it when it comes to fuelling global adoption of cryptocurrencies. Notably, the instances where a celebrity actually uses his or her liquid cash to purchase digital currencies are rare. The companies and industry at large need to focus more on the fundamentals that influence the industry such as creating blockchain platforms that are in line with the needs and interests of businesses and target audience.
The impact that Serena Williams and Ashton Kutcher have on the industry when they not only announce they invested in a particular crypto company cannot be ignored. The other group of celebrities who promote growth of the cryptocurrency industry through endorsement deals and ads are also helpful as they increase the rate at which digital currencies are embraced.
More needs to be done to ensure that the services and products offered by the cryptocurrency companies are in line with the needs and expectations of the target audience. If not, the companies will continue to struggle to get customers due to disconnect on what they are offering and the needs of the end users.
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