Not too long ago, Floyd Mayweather openly endorsed a cryptocurrency ICO. The Stox project went on to raise over $30m in the process. Whether or not that had anything to do with the endorsement, remains to be seen. However, Mayweather is back with yet another ICO endorsement. It appears he is looking forward to the Hubii network project. This concept brings smart contracts to the sports industry, by the look of things. People will do everything for money these days, it seems.
A celebrity endorsement means absolutely nothing, especially in the world of cryptocurrency ICOs. While it is certainly possible the Hubii Network team will deliver on their promise, there is still no guarantee. Getting Floyd Mayweather to post about these projects as an ad is nothing more than a publicity stunt. It is still possible people will get ripped off in the end, despite this celebrity backing it. People always need to do their own research before making investments. Anyone can shill a project for the right price, including Floyd Mayweather.
Another ICO Endorsement by Floyd Mayweather
In fact, one could argue these endorsements only make these ICOs look less genuine. If they have to go through such efforts just to get the name out, things aren’t looking good. Until a week or so ago, no one even knew what the Hubii Network was about, so to speak. Getting this apron to give a shout out one day before the ICO begins is a marketing trick. A good one, granted, but also one that can easily backfire on all parties involved. After all, committing your name to an unproven and untested money-raising project is always a big risk.
So far, it seems most of the Instagram commenters don’t even care about the ICO Everyone is focused on Mayweather’s fight with McGregor this weekend. For all intents and purposes, that is also why these ICO teams contact the boxer right now. He is in the spotlight as we speak and everyone wants to ride the coattails. First, there was the Stox ICO and now it’s Hubii Network. Depending on whether or not he wins, we may see some more endorsements in the coming days and weeks.
While no one will deny the talent of Floyd Mayweather, his choice of endorsement deals may need some tweaking. Cryptocurrency ICOs are a contested area right now. The SEC is looking to clamp down on all of these offerings moving forward. Exchanges will need to be very careful when it comes to adding new tokens to their platform. Now is not the best time for big names to get caught up in the cryptocurrency ICO hype. All of this publicity is great for Mayweather and he will be making bank for every shoutout as well. However, if he loses on Saturday, it will also hurt the chances of success for any project he endorses. A very tough balancing act, but not one that is done for any other reason but to make money.
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