{"id":34011,"date":"2018-02-28T09:00:47","date_gmt":"2018-02-28T17:00:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=34011"},"modified":"2018-02-28T09:00:47","modified_gmt":"2018-02-28T17:00:47","slug":"crypto-blockchain-get-celebrity-sized-boost","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-blockchain-get-celebrity-sized-boost\/","title":{"rendered":"Crypto and Blockchain Get a Celebrity-Sized Boost"},"content":{"rendered":"

Blockchain technology and celebrities have always had a unique relationship. Some, like 50 Cent<\/a>, let fans buy their music using bitcoin as far back as 2014, only to forget about it later. In 50\u2019s case, the fortune had grown from about $462,000 to $8 million by January 2018.<\/p>\n

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Katy Perry's crypto nails caused quite a stir on Instagram.<\/figcaption><\/figure>\n

Others like Katy Perry have endorsed crypto in a more artistic way. In a recent Instagram post<\/a>, Perry showed her nails painted with the logos for several prominent cryptocurrencies, including Bitcoin and Ethereum. About five months earlier, Floyd Mayweather referred to himself as \u201cFloyd Crypto Mayweather\u201d on Instagram<\/a> after endorsing several ICOs like Stox.com and the Hubii Network.<\/p>\n

While fans and crypto enthusiasts may enjoy these promotions, the U.S. Securities and Exchange Commission does not. In November 2017, they released a statement<\/a> urging investors to be wary of celebrity-endorsed ICOs and blockchain projects. The SEC reminded investors that<\/p>\n

\u201c[Public endorsements] may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement.\u201d<\/p><\/blockquote>\n

The SEC also warned:<\/p>\n

\u201cInvestment decisions should not be based solely on an endorsement by a promoter or other individual\u2026 If you are relying on a particular endorsement or recommendation, learn more regarding the relationship between the promoter and the company and consider whether the recommendation is truly independent or a paid promotion.\u201d<\/p><\/blockquote>\n

Yet despite the SEC\u2019s stern admonishment, not all crypto-celebrity partnerships are bad. In fact, some involve participation in a blockchain platform\u2019s development, rather than an outright endorsement like \u201cEveryone should buy this cryptocurrency.\u201d Canadian speed skater Ted-Jan Bloeman, for example, became the first athlete to be paid in digital money after striking a one-year sponsorship agreement<\/a> with ONG Social and CEEK VR.<\/p>\n

Bloeman will share his incredible Olympic journey on the ONG Social Network, a rapidly growing crypto community. He will also be the focal point of a 360-degree virtual reality experience on CEEK<\/a>\u2019s blockchain-powered platform. Mary Spio, the VR company\u2019s founder and CEO, said in a statement,<\/p>\n

“We believe Virtual Reality isn't just great for our audience, but will ultimately be used for training and maximizing player performance and potential.\u201d<\/p><\/blockquote>\n

The 10,000-meter long-track gold medalist is also very excited about the deal, noting in a recent Tweet:<\/p>\n

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I\u2019m very excited to be the first ever #Crypto<\/a> Sponsored Athlete. Thanks @CEEK<\/a> #VirtualReality<\/a> and @Ong_Social<\/a> for being at the forefront of technology and this great achievement. Looking forward to a great relationship and the exciting times ahead. pic.twitter.com\/mCHbNzkKW8<\/a><\/p>\n

— Ted-Jan Bloemen (@TedJan) January 31, 2018<\/a><\/p><\/blockquote>\n