- Famous boxer Floyd Mayweather is promoting a social app marketplace.
- Mayweather previously promoted EthereumMAX before his fight with Logan Paul.
Mayweather Gets Tokenized
Mayweather tweeted that his followers can “can invest in $floydmayweather”, his own token, for the first time. The tweet, however, is promoting Diamond and offering users $25 for signing up. Some of his followers are skeptical, claiming the platform is another scam.
I just joined Diamond and for the first time ever, you can invest in $floydmayweatherYou can also get a FREE $25 for signing up! Click my link here to make your account and claim that money: https://t.co/uwGEcoKTwB— Floyd Mayweather (@FloydMayweather) November 4, 2021
The platform itself is a social token platform built on the DeSo, a decentralized social blockchain. The platform features personalities such as Pamela Anderson and Justin Sun, and allows creators to create their own social token as an NFT and interact with their followers.
Diamond is a mixture of DeFi and social networking platforms. The platform’s headline indicates that users can “invest in creators like never before.” Additionally, creators use a referral system to earn a percentage each time their token is bought and gain royalties from each NFT.
Social tokens are not a novelty as they attempt to disrupt an unmonetized market, valuing the social influence of creators through tokenization.
On The Flipside
- Mayweather was investigated in 2018 for failing to disclose that he was paid to promote a cryptocurrency project.
Too Good to Be True.
Influencers can change perceptions and actions through their social influence. Cryptocurrencies are very susceptible to every social action from established individuals such as Floyd Mayweather.
Influencers promoting crypto is a “moral disaster” because it takes advantage of their followers’ naivety. Consequently influencers have been called out for promoting scam coins before, with some even being investigated by the SEC.
The hype over EtheruemMAX reached new highs after the likes of Kim Kardashian and Floyd Mayweather promoted the coin while stating, “this is not financial advice.” Moreover, EthereumMAX was advertised during the 2021 boxing match between Mayweather and Logan Paul.
BREAKING NEWS!!$eMax is front and center at one of the largest exhibition weigh ins @FloydMayweather Mayweather vs @LoganPaul Limited Tickets Available - Payments Via #EthereumMaxhttps://t.co/3uTLj5jFQa pic.twitter.com/7RLAxzweBp— EthereumMax (@ethereum_max) June 6, 2021
Why You Should Care?
Influencers might promote anything if they are paid the correct sum, regardless of whether the product will cause financial harm to their followers.
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