Blockchain-based projects are getting more creative day-by-day, and as a huge sum of money is flowing into the nascent economy, many blockchain firms are approaching celebrities to tap their huge fan bases.
Global Crypto Offering Exchange (GCOX) has signed the internationally acclaimed former boxing champion Manny Pacquiao.
Unlike other blockchain firms which sign celebrities to endorse their services or initial coin offerings (ICO), GCOX’s primary business revolves around celebrities. The blockchain-based exchange platform is working to offer tokens created and backed by celebrities, called Celebrity Tokens. Fans can use these so-called Celebrity Tokens to buy exclusive merchandise and services of their favorite celebrity.
The value of the token will reflect the popularity of the celebrity backing it, and the fans by holding any particular celebrity’s token will hold a part of his/her fame.
The Filipino boxer, Pacquiao, will launch his personal Celebrity Tokens, called PAC Coin, on GCOX, which his fans can use to gain access to exclusive live streams by Pacquiao, Team Pacquiao merchandise etc.
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Moreover, Manny Pacquiao is associated with GCOX from the beginning. He is one of the private investors of the exchange platform, and so him being the first celebrity on the platform to launch a token is not a surprise.
Celebrities and Crypto
Pacquiao is not the first athlete involved with a blockchain firm. Last year, the American boxer Floyd Mayweather endorsed ICO of the blockchain firm Stox to his then 16 million Instagram followers. The stunt was a huge success as the firm raised $33 million in mere 34 hours.
The trend of the celebrity endorsements even forced the US Securities and Exchange Commission (SEC) to release an official statement ordering the involved celebrities to disclose the nature, scope, and amount of compensation received in exchange for the promotion.