While some celebrities, like Mike Tyson, promoted cryptocurrency wallets as early as 2016, and boxer Manny Pacquiao launched his own PAC token in 2019 for fan engagement, these were relatively isolated incidents. The explosion of non-fungible tokens (NFTs), however, brought a new wave of celebrity interest. Prominent personalities like Paris Hilton, Snoop Dogg, Lindsay Lohan, and even figures like Jack Dorsey (selling his first tweet as an NFT) embraced the trend, often launching their own NFT collections or prominently displaying popular ones like Bored Apes.
Although this strategy of using celebrities to endorse digital assets is known to significantly boost awareness and drive interest from a broader, non-crypto-native audience, it can potentially backfire if the endorsed assets fail to live up to the hype. In fact, celebrity endorsements are often rife with examples of financial losses for investors and significant reputational and legal risks for the celebrities.
Still, the role played by celebrities in raising public awareness about NFTs or blockchain solutions cannot be understated. Aliyyah Koloc, a prominent motorsports racing driver and an ambassador for the cryptocurrency project Raphael Coin, believes getting celebrities to help with the fairly effort to get blockchain widely used is a no-brainer for a technology still seen as new.
“Blockchain is still a relatively new topic, so many people don’t really know what digital assets are, how they can get access to them, or why,” Koloc argued. Besides drawing attention to the subject, celebrities can explain their understanding of the technology based on their experience. For Koloc, the objective is only to speak or associate with blockchain projects she is familiar with and those she “genuinely believes in.”
Nevertheless, Koloc, the current GT4 champion in the European 24h Series, argues that if her involvement makes this “complex topic” more accessible and democratic, then she has no problems associating with it.
Some celebrities, including Shaquille O’Neal and Cristiano Ronaldo, have learned that remarks or comments relating to certain projects can lead to dire consequences. On the other hand, some countries have created regulations specifically targeting celebrities or the so-called influencers endorsing certain digital assets.
Asked how she deals with the potential of her endorsement of Raphael Coin being misconstrued as encouragement to invest in the coin, Koloc said: “With my ambassador role, I’m not here to tell anyone what to do with their money. I just want to make people curious. I believe that blockchain will become more and more common over the next couple of years.”
She goes on to draw a comparison between blockchain and banknotes when they were first introduced. While “nobody wanted them” initially, banknotes went on to be widely adopted, proving the same will likely happen to blockchain, which some people still perceive to be “not real.” Still, Koloc has some words of advice for anyone who is seeking to invest.
“Investing always carries risk, no matter if it’s traditional or digital. So if you’re interested, ask questions, look into it, and be sure to speak with someone who really knows the subject,” Koloc stated.
Meanwhile, Koloc explained to Bitcoin.com News what prompted her to consider associating with Raphael Coin despite the possible challenges this comes with.
“Being a race driver, I am fascinated by technology, and I like to learn about new topics. So I have been reading about blockchain for a while before becoming a Raphael Coin ambassador,” Koloc revealed.
She added that she has always been an art enthusiast and finds the connection between art and technology “really interesting.” Regarding her ambassadorship with Raphael Coin, Koloc said her role is not to recommend or guarantee the success of an investment. Instead, she sees it as “making people aware of the option of fractional investment in the Raphael painting.”
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