American rapper Marshall Mathers, better known as Eminem, has become one of the latest celebrities to tout cryptocurrency exchange Crypto.com.
In an April 26 X post, Eminem released an ad spot showing a boxing training montage interspersed with crypto jargon, including proof-of-work and Crypto.com’s now infamous slogan “fortune favors the brave.” The rapper was one of the first major celebrities to advertise for the cryptocurrency exchange since actor Matt Damon’s ad spot in October 2021.
It’s unclear under what terms Eminem became the latest celebrity voice to push crypto in the United States following a significant market downturn in 2022, the high-profile collapse of FTX and its former CEO Sam Bankman-Fried, and the U.S. Securities and Exchange Commission stepping up enforcement actions against digital asset firms. The rapper was a member of the Bored Ape Yacht Club, purchasing a nonfungible token (NFT) for $462,000 in 2021.
In Damon’s Crypto.com ad spot, he appeared amid a digital landscape of historical figures, including the Wright brothers and Sir Edmund Hillary. At the time, the exchange was one of the fastest-growing firms in the crypto space, arranging many sponsorship deals, including renaming Los Angeles’ Staples Center to the Crypto.com Arena — the backdrop for Eminem’s video.
Related: Celebs who got burned endorsing crypto and those that got away with it
Many Hollywood celebrities and sports stars have appeared in high-profile advertisements for crypto firms only to later reassess their role. More than a year after the ad aired, Damon said he only did it to raise money for Water.org, a clean water initiative. Comedian Larry David, who in 2022 appeared in a Super Bowl ad for now-bankrupt crypto exchange FTX, later said he was “an idiot” to do it.
Reactions to Eminem touting crypto appeared to be mixed on social media. Many users created parodies of the rapper’s lyrics to better fit the crypto space — e.g., “Will the real Satoshi please stand up?” — while others questioned whether his sponsorship would turn out differently than Damon’s. The price of Crypto.com’s native token, Cronos (CRO), was seemingly unaffected by the release of the ad spot.
Magazine: Gordon Goner on his dramatic health battles and Bored Apes turning 3