Token 2049 | Celebrity Endorsements of Cryptocurrencies Drive Frenzy, Market Marketing is One of the Scam Tactics

Founder of Web3 marketing agency Serotonin, Amanda Cassatt, stated at the Token2049 conference that while cryptocurrency adoption has increased significantly, anyone looking to invest in the crypto space must do their homework. She cautioned against blindly believing what others say or any marketing tactics. Cassatt emphasized that marketing can be a form of deception, and one must remain skeptical of everything and focus on their own research. Source

Whether Novice or Veteran, Maintaining Skepticism is Key

Cassatt explains that in the field of cryptocurrencies, whether you are a novice or an experienced investor, it is crucial to "maintain skepticism" about everything, understand what products you are using or investing in, and have your own opinions. She adds that in recent years, due to governments raising the due diligence standards for public relations companies, these PR firms have become more cautious to ensure they are collaborating with legitimate crypto projects. When evaluating crypto projects, these PR companies consult with fund managers and angel investors to ensure the feasibility of the projects and thoroughly assess their financial conditions.

Celebrity Endorsements in Crypto Projects Bring Attention and Risks

Cassatt also discussed the use of "celebrity endorsements" in the crypto space, noting a significant contrast between celebrities and crypto products. She gave an example of rapper Iggy Azalea launching the token $Mother for Solana, which created such contrast. Iggy Azalea is not someone immediately associated with technology, technicalities, or cryptocurrencies, and this contrast makes it intriguing, attracting attention and sparking discussions.

Lastly, she mentioned the impact of crypto project failures, affecting not only company directors, employees, and outsourcing partners but also collaborative partners like marketing companies. For instance, the collapse of FTX had a ripple effect, leading to a lawsuit of nearly $1 billion against several American YouTuber influencers for alleged crypto fraud promotion..

Investors should maintain a skeptical attitude towards any cryptocurrency and NFT projects. Even if a product is endorsed by a celebrity, it does not guarantee safety or reliability. It is essential to conduct thorough research, understand the project's technology and risks, and avoid losing rationality due to celebrity endorsements. Stay cautious and avoid blind following.