Kim Kardashian, Matt Damon, Tom Brady and other celebrity-backed digital assets have performed poorly over time.
Matt Damon made headlines and drew criticism when he starred in an ad for cryptocurrency exchange Crypto.com a year ago. Since then, the prices of many cryptocurrencies have dropped significantly. The market capitalization of crypto assets has dropped below $1 trillion from a November 2021 peak of $3 trillion.
But Damon’s isn’t the only one celebrity crypto endorsement that made headlines this past year. Last week, Kim Kardashian drew attention for getting a $1.26 million fine for touting crypto on her Instagram last year without disclosing a payment from the issuer. Other stars launched non-fungible token art collections, partnered with large crypto companies like FTX and Gemini, or purchased NFT art from a popular collection. Here’s a look at how celebrity-endorsed cryptocurrencies and NFT projects have performed over time.
“What [celebrities] are investing is, likely, a very small portion of their total portfolio. Being a Boston sports fan, I know how much Tom Brady hates to lose anything, but he can afford to take a major hit if he makes a bad bet on Ethereum. Can the average investor?” he said.
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