Mainstream Crypto: the Impact of Celebrities and Mega Companies
Categories: Crypto News US
From crypto industry giants to celebrity endorsements, “mainstream crypto” is more relevant than ever as outsiders join the decentralized movement. Crypto and the utility of blockchain-based solutions are no longer a fringe for those interested in the intersection of tech and finance. This technology made its way into everyday life for a growing portion of the population. According to a market analysis from MorningStar, last year the value of the entire crypto market skyrocketed. It went from $965 billion to nearly $2.6 trillion, with a total market capitalization around $2.1 trillion.Such numbers indicate one thing: mass adoption. Or at least a trend in the direction of mass adoption. Certainly another indication of this is crypto making headlines in global pop culture news. Now major celebrities and iconic brands have digital assets, metaverse personas, or some type of blockchain integration with products. Mainstream crypto and Crypto.com Huge news rocked the sports world in November of 2021: the renaming of the legacy sports arena the Staples Center in downtown Los Angeles. Crypto.com bought out the naming-rights agreement, worth $700 million over a 20 year period. This switch had people in their feels.Staples Center was a legacy institution in Los Angeles urban culture. The name represented not only a place but thousands of moments which make up contemporary local history. Big news for crypto There was no denying that this was a huge deal for the crypto world in many ways.One example is simply, now the word “crypto” is visible to millions of people on a daily basis on the streets and freeways of Los Angeles. In giant, illuminated letters no one can deny the existence of crypto because it’s right there to see everyday.However, it’s not only physical visibility. The move brought visibility to the industry in additional ways. Crypto.com is now a household name for many devout fans in the sports world.Prior to the arena, Crypto.com snagged deals with UFC and the NHL. Many even recognized Crypto.com from a Matt Damon commercial from October 2021. In months since the name acquisition, Crypto.com became an official sponsor for the 2022 Fifa World Cup in Qatar. Keeping up with crypto Kim Kardashian is a woman with a polarized reputation. Fans adore every word and fashion moment, while haters ridicule the woman for a “lack of talent”. Her influence hardly leaves any pop-culture sphere untouched, and now crypto is no exception. The Musk Effect However, there is one public figure who is never quiet on the topic of crypto. No matter if his influence is positive or negative, Elon Musk always voices his opinion. The most prominent example of his influential sway is through the skyrocketing popularity of the memecoin DOGE. Yet again, a recent social media comment about the coin had it up 10%.An additional example is when McDonalds and Elon Musk brought to life another memecoin.The GrimaceCoin is based off of an character from the cast of original McDonald’s personalities. It exists as the result of a simple exchange between Musk and McDonald’s about accepting DOGE, to which McDonald’s jokingly responded with the GrimaceCoin.