LeBron James Teams With Crypto.com to Bring Digital Education to Students

Basketball player LeBron James is the latest celebrity to join Crypto.com‘s high-profile marketing campaign, which already includes actor Matt Damon and the naming rights to a Los Angeles sports facility. The LeBron James Family Foundation (LJF) and Crypto.com announced a multi-year agreement on Friday to support Web3-related ‘educational and professional development initiatives’ that help students and families create a ‘solid foundation in Web3 and…blockchain-based decentralized applications.’ Web3 (or Web 3.0) refers to what some see as a more egalitarian and fair internet. Its proponents argue that it is decentralized, providing consumers more control. The relationship with James is part of Crypto.com’s huge marketing push in recent months, which has enlisted the help of Hollywood luminaries and cost the company more than $1 billion. The Singapore and Hong Kong-based exchange secured a $700 million contract in November to have its name emblazoned on the former Staples Center, which is now home to the NBA’s Los Angeles Lakers (James’ franchise) and Clippers. The company earns a share of crowd transactions at the venue as part of the arena naming rights contract, and even more if the transactions are conducted using Crypto.com’s app. In October, Crypto.com debuted television advertising showing Damon, a corporate investor who has since become the brand’s face. The Damon-led series of ads, which will also include NBA player Carmelo Anthony, mixed martial artist Ronda Rousey, and South Korean rapper Lee Chae-rin, nicknamed CL, cost $100 million to develop. Crypto.com declined to comment on whether James would feature in a commercial as part of the new collaboration. According to Bloomberg, the corporation has also invested another $400 million in other sports sponsorship deals, including with the Ultimate Fighting Championship (UFC), Formula 1 motor racing, and elite ice hockey, football, and soccer clubs. In December, Crypto.com CEO Kris Marszalek told Fortune that the platform’s goal is to become the next ‘killer app…like Instagram, but for the crypto world.’ He indicated at the time that the company was profitable on $500 million in revenue during the April to June 2021 quarter. Crypto.com had 10 million users a year ago, but according to a representative, that figure has increased dramatically since then. Hackers stole almost $30 million in cryptocurrency from 483 Crypto.com customer accounts earlier this month; the business later refunded those users. Celebrities are increasingly being used by crypto firms, metaverse platforms, and digital asset efforts, such as non-fungible token (NFT) projects, to generate attention. NBA player Steph Curry, for example, just debuted a digital shoe NFT collection and owns an NFT from the Bored Ape Yacht Club, a popular NFT collection featuring bored-looking digital apes in various colors and clothes. Meanwhile, Paris Hilton, a reality TV celebrity, and DJ Steve Aoki just performed in the metaverse. In the Sandbox, one of the most popular metaverse platforms, Warner Music is constructing a concert-themed theme park. Celebrities promoting cryptocurrency and other hot internet-based enterprises, on the other hand, have been chastised. Investors filed a complaint in early January, saying that celebrity marketers of the crypto asset EthereumMax misled them through fraudulent and deceptive social media posts. The complaint names reality celebrity and influencer Kim Kardashian as well as boxer Floyd Mayweather. Skeptics also worry about a coming ‘crypto winter,’ which refers to a significant decrease in cryptocurrency prices followed by months of decline. Bitcoin and Ethereum, the two most prominent cryptocurrencies, have lost over 40 percent of their value since November.

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