Renowned American rapper Marshall Mathers, widely known as Eminem, has recently joined the list of celebrities endorsing the cryptocurrency exchange Crypto.com. On April 26, Eminem released an advertisement featuring a montage of boxing training intertwined with crypto terminology such as “proof-of-work” and the now famous catchphrase of Crypto.com, “fortune favors the brave.” This move by the rapper follows actor Matt Damon’s advertisement for the exchange in October 2021. The terms of Eminem’s agreement with Crypto.com remain undisclosed, and his endorsement comes at a time when the US cryptocurrency market has experienced a significant downturn in 2022, highlighted by the collapse of FTX and its former CEO Sam Bankman-Fried, as well as increased enforcement actions by the US Securities and Exchange Commission against digital asset firms.
It is worth noting that Eminem was previously associated with the Bored Ape Yacht Club and in 2021, he purchased a non-fungible token (NFT) for $462,000. Damon’s advertisement for Crypto.com featured him alongside historical figures in a digital landscape, including the Wright brothers and Sir Edmund Hillary. During that period, Crypto.com was one of the fastest-growing companies in the cryptocurrency industry, securing numerous sponsorship deals, such as the renaming of Los Angeles’ Staples Center as the Crypto.com Arena, which serves as the backdrop for Eminem’s ad.
Prominent Hollywood celebrities and sports stars have often participated in high-profile advertisements for crypto firms, only to later reevaluate their involvement. Damon, over a year after his ad aired, revealed that he did it solely to raise funds for Water.org, a clean water initiative. Similarly, comedian Larry David, who appeared in a Super Bowl ad for the now-bankrupt crypto exchange FTX in 2022, later expressed regret and referred to himself as “an idiot” for doing so. Thus, the response to Eminem’s crypto endorsement has been mixed on social media, with some users creating parody lyrics adapting the rapper’s song titles to fit the crypto industry. Others have raised questions about whether Eminem’s sponsorship will play out differently than Damon’s.
Interestingly, the release of Eminem’s advertisement did not noticeably impact the price of Crypto.com’s native token, Cronos (CRO).
We all know Eminem is a lyrical genius, and now he’s diving into the crypto world! Can’t wait to see what he comes up with next. 🎶💎🌟
Just what we need, more celebrity endorsements adding fuel to the cryptocurrency hype. This industry needs more regulation, not more famous faces.
Just when you thought the cryptocurrency hype couldn’t get any worse, Eminem joins the party. Can we please move on to something more substantial?
Eminem should stick to what he’s good at instead of getting involved in the volatile world of cryptocurrency. This won’t end well.
Eminem’s ad with the boxing theme perfectly captures the spirit of “fortune favors the brave.” Way to go! 🥊💰💪
Eminem should stick to making music instead of promoting cryptocurrency. This feels like a desperate cash grab.
Another celebrity, another crypto endorsement. I’m so tired of seeing these empty promotional campaigns. When will it end?
It’s interesting that Crypto.com’s token price didn’t change much after Eminem’s ad. Still, it’s a big deal!