FTX reportedly approached Taylor Swift for endorsement, sponsorship deal worth over $100 million!
In addition to famous athletes such as Shohei Ohtani and Stephen Curry, now-bankrupt FTX exchange was reported to have offered a lucrative contract to invite popular American singer Taylor Swift for endorsement. However, Taylor Swift seemed uninterested in the collaboration, and the deal eventually fell through.
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SBF is also a fan of Taylor Swift
According to a report by the Financial Times, FTX, a cryptocurrency exchange that has signed partnership deals with several celebrities, reached out to Taylor Swift, the six-time winner at this year's American Music Awards, with a sponsorship deal exceeding $100 million in hopes of collaborating.
Insiders revealed that the collaboration would involve NFT ticket arrangements, and SBF, a Taylor Swift fan, and Claire Watanabe, senior business development executive, both supported the deal.
However, the proposed collaboration did not sit well with FTX's marketing team, as the price was deemed too high, questioning whether previous celebrity sponsorships had yielded the desired results.
"No one really liked this deal; it was too expensive from the start, the price was at the level of advertising on the front of a football team's jersey," said an insider.
Meanwhile, FTX US General Manager Brett Harrison and legal counsel Ryne Miller urged SBF to drop the deal.
Taylor Swift Shows No Interest in Collaboration
Although some at FTX were hoping to leverage Taylor Swift's fame to attract more users to the exchange.
However, according to insiders, Taylor Swift never considered endorsing a cryptocurrency exchange, and negotiations failed a month before FTX's bankruptcy.
"Taylor won't and does not agree to an endorsement deal. The discussions revolved around a potential tour sponsorship, but it never materialized," said an insider.
As previously reported, FTX had up to 10 brand ambassadors, facing potential collective lawsuits post-bankruptcy. Taylor Swift's decision to not collaborate with FTX can be considered a wise choice.