{"id":6361,"date":"2017-10-17T10:51:21","date_gmt":"2017-10-17T10:51:21","guid":{"rendered":"http:\/\/cryptoslate.com\/?p=6361"},"modified":"2017-10-23T11:16:46","modified_gmt":"2017-10-23T11:16:46","slug":"celebrities-getting-involved-icos","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/celebrities-getting-involved-icos\/","title":{"rendered":"Why are Celebrities Getting Involved in ICO\u2019s?"},"content":{"rendered":"

Put a celebrity's name on something, sell loads of it: Job done. The simplest marketing strategy ever invented. Michael Jordan sells the sneaker and George Foreman sells the grill. So how do we tell the uneducated masses about cryptocurrencies? See the formula above.<\/p>\n

Celebrity-backed Initial Coin Offerings entwine the latest media buzz in the cryptocurrency space. Various superstars have thrown their names into the ring via social media, backing their chosen coins and startups.<\/p>\n

There is no doubt that the likes of Paris Hilton, Floyd Mayweather and Jamie Foxx putting their names to the cryptosphere pushes it out in front of the public, but it sure does raise a lot of questions.<\/p>\n

What is an ICO?<\/h2>\n
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Initial coin offerings have raised nearly $2 billion dollars in 2017.<\/figcaption><\/figure>\n

ICO literally stands for Initial Coin Offering which is very similar to the more traditional Initial Public Offering (IPO). Instead of buying shares in a company investors exchange cryptocurrencies, usually Bitcoin or Ether, for crypto tokens (new currency) in the new company or technology.<\/p>\n

Effectively, you are buying cryptocurrency that could be lucrative in the future with cryptocurrency that has immediate liquidity value. They tend to be incredibly speculative investments with hopes of fast, beefy returns.<\/p>\n

It is a quick way for companies to raise large funds, although this new way of investing is incredibly risky and, like standard currency, littered with scammers looking to get rich quick. The minimal amount of regulation surrounding ICO\u2019s have left many likening it to the Wild West.<\/p>\n

If you\u2019re going to join the ICO bandwagon you might want to do a little more reading than what you see on Instagram.<\/p>\n

What business have celebrities got promoting ICO\u2019s?<\/h2>\n

Better question: \u00a0What does Floyd \u2018Money\u2019 Mayweather love?<\/p>\n

Answer: \u00a0Money.<\/p>\n

You might have seen him refer to himself as Floyd \u2018Crypto\u2019 Mayweather in recent months. Thanks to his little play date with Conor Mcgregor, the boxer is one of the highest profile men on the planet in 2017. \u00a0His rejuvenated profile is one case of a celebrity-backed ICO, as he has repeatedly posted on social media about the Hubii ICO.<\/p>\n

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#AIRMAYWEATHER<\/a><\/p>\n

A post shared by Floyd Mayweather<\/a> (@floydmayweather) on