Tom Brady to Matt Damon: Here’s how losses for celebrity-endorsed digital assets stack up

Matt Damon made headlines and drew criticism a year ago when he appeared in an advert for cryptocurrency exchange Since then, the prices of many cryptocurrencies have fallen significantly. Crypto market capitalization has fallen below $1 trillion from his $3 trillion peak in November 2021.

But Damon wasn’t the only high-profile cryptocurrency endorsement last year. Last week, Kim Kardashian $1.26 million fine For promoting crypto on her Instagram last year without disclosing payment from the issuer.

look: Kim Kardashian fined by SEC, law professor says ‘convincing people to buy cryptocurrencies is easy’

Other stars have launched non-fungible token art collections, partnered with major cryptocurrency companies such as FTX and Gemini, and purchased NFT art from popular collections. Let’s take a look at how celebrity-backed cryptocurrencies and NFT projects have performed over time.

Matt Damon: Matt Damon first appeared in a ad in October 2021. Bitcoin BTCUSD price,
It dropped significantly from around $60,000 in October 2021 to just under $20,000 in October 2022, down more than 60%.At that time support of the demon, the market cap of Bitcoin was $1.14 trillion. Currently, it’s $382 billion.

Representatives for and Matt Damon did not respond to requests for comment.

Reese Witherspoon: Reese Witherspoon tweeted Her World of Women non-fungible token in March 2022. As of Witherspoon’s tweet, lowest price The highest WoW NFT was 12.8 ETH, or approximately $17,135. A floor price is the lowest price at which an NFT can be purchased from a particular collection. The lowest price for the collection at the time this was reported was 2.35 ETH or around $3000, a drop of over 80%.

Hello Sunshine did not respond to a request for comment.

Gwyneth Paltrow: Gwyneth Paltrow announced at the end of January that he will be joining the Bored Ape Yacht Club, a collection of irreplaceable token art.of lowest price It was 88 ETH or about $118,000. The lowest price for the collection he peaked at the end of April at 144.9 ETH, or $195,000. Currently, the lowest price is 76 ETH or $100,000, reduced by 18%.

Requests for comments left on Paltrow’s Goop did not receive an immediate response. My friend.

Charlie D’Amelio: The TikTok star, once the platform’s most followed, collaborated with cryptocurrency exchange Gemini in May 2021 to mention Bitcoin on his family’s Instagram page. At that time, the average closing price of Bitcoin was $46,620, compared to $20,000 today. , a drop of more than 55%.

A representative for D’Amelio did not respond to a request for comment.

Kim Kardashian: Kardashian was fined by the SEC in June 2021 for first promoting a cryptocurrency token called EthereumMAX on his Instagram page, which had 210 million followers at the time. His EthereumMAX price, which has nothing to do with Ethereum, was 0.00000023 on June 12th. At the time of reporting, the price was 0.000000005973, a drop of over 95%.

Kardashian’s attorney did not respond to a request for comment.

Tom Brady: Tom Brady entered into a partnership Other athletes, including Stephen Curry and Naomi Osaka, have also partnered with FTX. Bitcoin’s closing price in June 2021 is down 43% to $35,127 compared to around $20,000 today.

FTX did not immediately respond to a request for comment.

Mike Tyson: Mike Tyson is releasing an NFT collection in August 2021. His NFTs in the collection had an average price of 0.49 ETH at launch. According to OpenSea data. The collection peaked at a price of 14.11 ETH in September 2021. Currently, the average price is listed at 0.1 ETH, down 75% since the initial launch.

A representative for Mike Tyson did not respond to a request for comment.

Kevin M. Williams, president of investment advisors at Full Life Financial Planning in Pembroke, Massachusetts, said the information provided by celebrities and influencers isn’t always “poor advice or outright wrong.” I do not advise clients. rely on it.

“what [celebrities] Only a small portion of your overall portfolio is likely to be invested. As a Boston sports fan, I know how much Tom Brady hates to lose something, but he can afford to take a big hit if he makes a bad bet on Ethereum. Can the average investor? ” He said.

Crypto-based projects are even less reliable because the situation is “changing by the hour,” Williams said.

Katherine Valega, a wealth consultant at Green Bee Advisory in Boston, says the best place to look for financial advice on the Internet is to look for credentials such as Certified Financial Analyst and Certified Alternative Investments Analyst.

They don’t know your personal financial situation, so this won’t always provide good financial advice. Working there gives me some comfort,” Varega said.

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