- Famous boxer Floyd Mayweather is promoting a social app marketplace.
- Mayweather previously promoted EthereumMAX before his fight with Logan Paul.
Floyd Mayeather is always looking for new opportunities to make money. Influencers with a large following are the ideal marketing tool for companies and brands, especially in the crypto space. According to a new Tweet posted by Mayweather, the boxer is promoting another cryptocurrency platform.
Mayweather Gets Tokenized
Mayweather tweeted that his followers can “can invest in $floydmayweather”, his own token, for the first time. The tweet, however, is promoting Diamond and offering users $25 for signing up. Some of his followers are skeptical, claiming the platform is another scam.
The platform itself is a social token platform built on the DeSo, a decentralized social blockchain. The platform features personalities such as Pamela Anderson and Justin Sun, and allows creators to create their own social token as an NFT and interact with their followers.
Diamond is a mixture of DeFi and social networking platforms. The platform’s headline indicates that users can “invest in creators like never before.” Additionally, creators use a referral system to earn a percentage each time their token is bought and gain royalties from each NFT.
Social tokens are not a novelty as they attempt to disrupt an unmonetized market, valuing the social influence of creators through tokenization.
On The Flipside
- Mayweather was investigated in 2018 for failing to disclose that he was paid to promote a cryptocurrency project.
Too Good to Be True.
Influencers can change perceptions and actions through their social influence. Cryptocurrencies are very susceptible to every social action from established individuals such as Floyd Mayweather.
Influencers promoting crypto is a “moral disaster” because it takes advantage of their followers’ naivety. Consequently influencers have been called out for promoting scam coins before, with some even being investigated by the SEC.
The hype over EtheruemMAX reached new highs after the likes of Kim Kardashian and Floyd Mayweather promoted the coin while stating, “this is not financial advice.” Moreover, EthereumMAX was advertised during the 2021 boxing match between Mayweather and Logan Paul.
Why You Should Care?
Influencers might promote anything if they are paid the correct sum, regardless of whether the product will cause financial harm to their followers.