Since the unraveling of FTX , promoting crypto for a generous paycheck has fallen out of vogue.But in what may be the first sign of a crypto sponsorship renaissance, Eminem is lending his voice to a spot for Crypto.com .
“You know what it’s always been,” the rapper wrote in a post on X , sharing the commercial that features his narration over a video of a fighter preparing for a match.The ad, according to The Block , was set to premiere Saturday during the Lakers-Nuggets playoff game at Crypto.com Arena in Los Angeles, and it will be seen during upcoming sporting events including the Formula 1 Miami Grand Prix and a UFC fight.
You know what it’s always been.#FFTB #Ad @cryptocom pic.twitter.com/XZ3Qf7TkkR
— Marshall Mathers (@Eminem) April 26, 2024
The rapper’s post added “#FFTB,” which stands for “fortune favors the brave,” the motto of the crypto exchange.Crypto.com is known for attracting A-list partnerships.Actor Matt Damon previously appeared in a Crypto.com ad with the same slogan, affording its own episode-long joke on South Park following the 2022 collapse of FTX.The exchange also collaborated with soccer club Paris Saint-Germain and bought the naming rights to the Staples Center, now known as the Crypto.com Arena, in a 20-year agreement valued at $700 million .
“Crypto.com has become one of the most recognized global brands by partnering with iconic people, places, and events,” and the latest commercial “reiterates our deep conviction for our industry and the community building it responsibly,” CMO Steven Kalifowitz said in a statement.
With over 80 million users, the Singapore-based platform offers retail investors a trading exchange, noncustodial wallet, NFT marketplace, and direct payment service for cryptocurrencies.But amid the market meltdown of 2022, Crypto.com was publicly burned, and slashed the scope of its sports sponsorships, including with Los Angeles’ Angel City Football Club, the 2022 FIFA World Cup in Qatar, and e-sports tournament host Twitch Rivals, Ad Age reported .
In addition, it cut 40% of its staff in 2022 and another 20% in 2023.
Some X users have voiced disapproval over Eminem’s latest partnership.“L for promoting crypto again,” one person tweeted .
“Not selling out for crypto and the nfl.You don’t know how sick you make me,” another added .
Story continues That’s because promoting cryptocurrencies and related products had largely fallen out of favor since former FTX CEO Sam Bankman-Fried defrauded customers out of billions of dollars and the exchange filed for bankruptcy, with claimants still awaiting repayment .
In November 2022, a group of FTX investors filed a class-action lawsuit against a handful of celebrities, including Larry David, Tom Brady , Shaquille O’Neal, the Golden State Warriors, and Naomi Osaka, who endorsed the crypto exchange, accusing them of civil conspiracy, misleading advertising, and endorsing unregistered securities.
This story was originally featured on Fortune.com
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