The crypto economy got the red-carpet treatment at Super Bowl LVI.
The biggest cryptocurrency exchanges, looking to demystify their businesses for tens of millions of Americans, secured commercials during the big game, which cost up to $7 million per 30-second spot. Some enlisted famous faces.
Larry David appeared as a clueless time traveler who turns up his nose at great innovations (The wheel? Eh. The lightbulb? Can I be honest? ... It stinks.) before pooh-poohing a pitch for crypto company FTX. The tagline: Dont be like Larry. Dont miss out on the next big thing. Later, LeBron James schooled his younger self about taking chances in an ad for Crypto.com.
It was widely anticipated that big names would back crypto and non-fungible tokens, or NFTs, during the big game. So much so that ahead of the match, cryptocurrency trading platform Binance dropped videos featuring the Miami Heats Jimmy Butler and music artist J. Balvin warning viewers against celebrity crypto endorsements.
On Feb. 13, youre going to hear some of the biggest names telling you to get into crypto, Butler said. But they dont know you or your finances. Only you do.
The star-studded ads were the latest example of the entertainment industrys growing interest in everything blockchain. In the past year, theres been a preponderance of actors, musicians and athletes talking up digital currencies and NFTs unique digital records authenticating ownership of an item, tracked on a digital ledger.
Movie studios are auctioning off crypto collectibles to promote new films. Musicians are releasing songs, albums and memorabilia as tokens, giving fans access to bonus material. Theme park designers are talking about bringing famous characters and fantasy worlds into the metaverse. DJs are planning totally virtual concerts and parties.
And of course, there are the celebrity crypto endorsements. Last year Matt Damon appeared in a Crypto.com ad comparing electronic currency investment to nautical exploration and space travel, with the slogan Fortune favors the brave. Paris Hilton showed off her Bored Ape Yacht Club NFT on The Tonight Show Starring Jimmy Fallon. Reese Witherspoon has touted crypto assets on Twitter. In the (near) future, every person will have a parallel digital identity, the Big Little Lies star tweeted in January.
Critics have balked at the spectacle of the rich and famous encouraging viewers to gamble on a risky and speculative market that has been plagued by grifters. Skeptics say the cryptocurrency and NFT craze has primarily benefited wealthy early adopters the true believers who could afford to get in early.
Analysts see clear parallels in the crypto space to the dot-com bubble. That earlier hype cycle reached a pop culture apex at the 2000 Super Bowl. That game featured ads by companies like Pets.com, which quickly collapsed.
My problem is, when 98% of these NFTs will go bust in the next couple of years, it will just crush a lot of the small investors, said Anindya Ghose, a professor at New York Universitys Stern School of Business. If youre Matt Damon or Paris Hilton, you can afford to lose 5% of the net worth. But for many small retail investors, 5% or 10% of your net worth is a nontrivial loss.
A-listers repping brands and products is nothing new, of course. But selling crypto and NFTs is more awkward than pitching for typical consumer goods, because the concepts are still foreign to many consumers. Its not quite the same as pitching for potato chips and energy drinks, said Columbia Business School professor R.A. Farrokhnia.
How are you going to explain non-fungible tokens in a way thats understandable and portrays some of the risks attached to it? Farrokhnia asked.
Broad skepticism hasnt stopped ambitious artists from experimenting in the growing crypto universe.
DJ and producer Steve Aoki, one of the most vocal proponents of NFTs and the possibilities of blockchain technologies in entertainment, has set up an online platform dubbed A0K1VERSE for holders of Steve Aoki NFTs.
He describes the project as a digital version of a membership-based social club, like Soho House, with different tiers of experiences, including access to collectibles, concert tickets and virtual performances. At a certain membership level, fans could collaborate with him on music, he said.
I call it the preseason, Aoki said. Theres a lot of different ways to think about where were going. The exciting part now, for creators like myself, is that we can actually start building the architecture.
Entertainers and companies are trying to learn and prepare for a future when audiences live more of their lives in virtual worlds, said Adam Friedman, an executive at Creative Artists Agency.
Were well past the notion of anything in the space being a cash grab, Friedman said. Its about what makes the most sense strategically for the client, their business and their brand.
Some in the industry think theres potential to mine NFTs for movie and TV show ideas, treating them as intellectual property, similar to comic books, video games and toy lines. Last year, CAA signed Jenkins the Valet, a digital character created by Tally Labs, for representation in books, film, TV and podcasts.
At the end of the day, its IP, and if the IP is compelling, and clients and the market find it compelling, theres a lot of opportunity, Friedman said.
Kat Graham, an actress and artist who makes music under the name Toro Gato, released her latest album exclusively as a series of NFTs. Graham said she sees the format as a way to circumvent an exploitative record label system.
Graham worked with the NFT marketplace YellowHeart, which helped the rock band Kings of Leon release an NFT version of its record in one of the first major uses of the format by a mainstream artist.
Graham said selling NFT albums gives her a more direct connection to fans than streaming, which smaller artists have despised for years because of paltry royalties.
It feels like we have our own club, like we have our own community, she said. I hope that this space will open up more artists.
NFTs started to pick up steam during the COVID-19 pandemic amid the rise in popularity of physical collectibles, such as baseball cards, as alternative investments.
But the newness and volatility of the crypto economy has made it a hotbed for swindlers and intellectual property theft. Early this month, a website called HitPiece allegedly auctioned off music NFTs without artists permission, infuriating musicians and leading the Recording Industry Assn. of America to call the platform little more than a scam operation.
A class action lawsuit last month accused Kim Kardashian and Floyd Mayweather of artificially pumping up the price of the cryptocurrency EthereumMax. The coin lost about 97% of its value in seven months, leading critics to call it a pump and dump hustle.
The Department of Justice this month charged a married couple one of whom moonlighted as a YouTube rapper in a $4.5-billion crypto money-laundering scheme.
Such incidents have damaged the sectors reputation with the general public. Some believers recognize the issues but see them as a natural part of a work in progress.
Theres going to be bubbles, theres going to be bad actors, theres going to be scams, said Jeremy S. Goldman, a Los Angeles-based partner at law firm Frankfurt Kurnit Klein & Selz who specializes in blockchain issues. But that doesnt negate the fact that underlying this is an incredible new innovation that has the ability to bring tremendous value to new creators and to existing creators.
Studios have tried to clamp down on artists selling NFT versions of their work featuring Marvel and DC superheroes. Miramax sued Quentin Tarantino for planning to auction images of his handwritten Pulp Fiction script. Tarantinos lawyers argued that the director had the right to sell the pages as NFTs under his original contract.
Meanwhile, movie studios and TV networks are dipping their toes in with their own NFTs.
Warner Bros. has issued tokens based on its Matrix and Space Jam franchises ahead of new film releases. AMC Networks enlisted NFT production company Orange Comet to issue computer-animated Walking Dead clips as tokens. And Sony Pictures and AMC Theatres created Spider-Man NFTs for members of AMCs movie ticket subscription program and investors.
To promote Ghostbusters: Afterlife, Sony Pictures auctioned 10 Ghostbusters vignettes as NFTs on the OpenSea marketplace leading up to the release. The Culver City studio also issued thousands of digital collectible Mini-Pufts (tiny Stay-Puft marshmallow characters) to appeal to the more everyday consumer.
Were in a phase where you have these crypto whales and these people that understand the technology that are buying these, but theres not a lot of those people, said Jamie Stevens, Sony Pictures head of consumer products and licensing. So we really wanted to create an opportunity for our fans to be able to own a piece of it.
Some studios also see an opportunity to take what theyve done in physical theme-park attractions and bring that into the digital world.
Jenefer Brown, who runs live and location-based entertainment for Santa Monica film and TV studio Lionsgate, envisions a world where fans can enter the world of the John Wick action franchise and book a room at the Continental Hotel, the action series neutral refuge for the criminal underworld.
Weve dusted off concepts that weve come up with, from a physical standpoint, that just couldnt be built for a variety of reasons, that absolutely could be built in a digital environment, Brown said.
Buying NFTs is complicated, and experts predict that more consumers will embrace it only as the technology becomes easier to use and understand.
Right now, the market is frothy with capital pouring in, and many analysts expect it to contract. However, the technology itself is not going anywhere. NFTs are here to stay, Goldman said. Theyre just going to evolve, as technology always does.
See the rest here:
Larry David and LeBron James Super Bowl ads for crypto: Why? - Los Angeles Times
- NASA-funded pulsed plasma rocket concept aims to send astronauts to Mars in 2 months - Space.com - May 21st, 2024 [May 21st, 2024]
- Ed Dwight, first African American candidate for space travel, takes off 60 years later - ABC News - May 21st, 2024 [May 21st, 2024]
- 90-Year-Old Man Breaks Space Travel Record: 'Everybody Needs to Do This' - Newsweek - May 21st, 2024 [May 21st, 2024]
- Mars in a Flash: How Pulsed Plasma Rockets Are Revolutionizing Space Travel - SciTechDaily - May 21st, 2024 [May 21st, 2024]
- Ed Dwight, the First Black Astronaut Candidate in the U.S., Finally Travels to Space at 90 Years Old - Smithsonian Magazine - May 21st, 2024 [May 21st, 2024]
- Ed Dwight, America's First Black Astronaut Candidate, Makes History by Finally Reaching Space at 90 - Yahoo New Zealand News - May 21st, 2024 [May 21st, 2024]
- After 60 years, the countrys first black astronaut candidate gets to travel to space - Washington Examiner - May 21st, 2024 [May 21st, 2024]
- Meet Ed Dwight, First Black Man Trained As Astronaut To Go To Space After 63 Years - NDTV - May 21st, 2024 [May 21st, 2024]
- The Billionaire Space Race Heats Up With Blue Origin's Latest Launch - Robb Report - May 21st, 2024 [May 21st, 2024]
- Startups have taken big strides this year to bring back space travel - Fortune - February 22nd, 2024 [February 22nd, 2024]
- Isolation and annoying co-workers: Solving the stress of a trip to Mars - Astronomy Magazine - February 22nd, 2024 [February 22nd, 2024]
- SPACE PERSPECTIVE UNVEILS THE FUTURE OF HUMAN SPACE TRAVEL - PR Newswire - February 22nd, 2024 [February 22nd, 2024]
- Space Perspective Unveils The Future Of Human Space Travel - Space Daily - February 22nd, 2024 [February 22nd, 2024]
- Brokaw: 'Constellation' is an unsettling story of space travel - Daily Herald - February 22nd, 2024 [February 22nd, 2024]
- The New Companies Developing Tech on the Space Coast - SpaceCoastDaily.com - February 22nd, 2024 [February 22nd, 2024]
- A space tourism milestone has been reached. Now, testing begins. - Travel Weekly - February 22nd, 2024 [February 22nd, 2024]
- Space Perspective Unveils Test Capsule, Marks Milestone in Titusville's Spaceflight Journey | TalkOfTitusville.com - Talk of Titusville - February 22nd, 2024 [February 22nd, 2024]
- Former West High student now heads tech startup making pharmaceuticals in space - Salt Lake Tribune - February 22nd, 2024 [February 22nd, 2024]
- Space travel: How does it feel to live and work on Mars? - Mint Lounge - February 22nd, 2024 [February 22nd, 2024]
- NASA's Vision for the Future: A New Space Station by 2030 - Medriva - February 22nd, 2024 [February 22nd, 2024]
- How antimatter engines could fly humans to other stars in just a few years - Business Insider Nederland - February 22nd, 2024 [February 22nd, 2024]
- Kam Ghaffarian's Moonshots - The New York Times - February 18th, 2024 [February 18th, 2024]
- Tiny robot's successful first surgery could have huge implications for space travel - ReadWrite - February 18th, 2024 [February 18th, 2024]
- Space Health Challenges and Innovations in Deep Space Travel - Medriva - February 18th, 2024 [February 18th, 2024]
- NASA is Done Setting Fires Inside its Doomed Cargo Spacecraft - Universe Today - February 18th, 2024 [February 18th, 2024]
- 'The Space Race' Review: Why Was NASA So White? - The New York Times - February 18th, 2024 [February 18th, 2024]
- The New Corporate Frontier: Implications of the Space Race on Ground-Based Telescopes and Astronomical Research - Medriva - February 18th, 2024 [February 18th, 2024]
- This Remotely Controlled Robot Will Conduct a Simulated Surgery on the International Space Station - Smithsonian Magazine - February 18th, 2024 [February 18th, 2024]
- Canadian Astronaut Jeremy Hansen: Reflecting on Canada's Role in Space Exploration and Preparing for Artemis II ... - Medriva - February 18th, 2024 [February 18th, 2024]
- Axiom Space's Ax-3 Mission: A Revolutionary Step in Commercial Space Travel - Medriva - January 23rd, 2024 [January 23rd, 2024]
- MBRSC to begin second Mars simulation mission on January 26 - SatelliteProME.com - January 23rd, 2024 [January 23rd, 2024]
- Starfield players outraged over missing space exploration feature - Dexerto - September 3rd, 2023 [September 3rd, 2023]
- This Alternate Method of Space Travel in Starfield is Way More Immersive Than Menus - GameRant - September 3rd, 2023 [September 3rd, 2023]
- Starfield: How to space travel and scan planets - App Trigger - September 3rd, 2023 [September 3rd, 2023]
- Why Do Almost Half of Moon Missions Fail? Here's Why Space Is ... - Inverse - September 3rd, 2023 [September 3rd, 2023]
- Researchers Discover Yet Another Way That Space Travel Kills You - The Debrief - September 3rd, 2023 [September 3rd, 2023]
- Moon landing rekindles interest in space exploration - New Zealand Herald - September 3rd, 2023 [September 3rd, 2023]
- What's it like to win a trip to space? - BBC - September 3rd, 2023 [September 3rd, 2023]
- UNLV Earns NASA Awards to Bolster Space-Related Research ... - UNLV NewsCenter - September 3rd, 2023 [September 3rd, 2023]
- 7 Best Ships To Unlock In Starfield - Screen Rant - September 3rd, 2023 [September 3rd, 2023]
- Starfield players agree that its first dozen hours are its weakest: 'OK ... - PC Gamer - September 3rd, 2023 [September 3rd, 2023]
- Buddhists Do Not Want Space Junk to Fall on Your Head - E-International Relations - September 3rd, 2023 [September 3rd, 2023]
- Will humans ever go to Mars? | Astronomy.com - Astronomy Magazine - September 3rd, 2023 [September 3rd, 2023]
- Unleashing Power of Tether Space Transport - Jammu Kashmir ... - Daily Excelsior - September 3rd, 2023 [September 3rd, 2023]
- Frustrated Starfield players say controversial low review scores are ... - Dexerto - September 3rd, 2023 [September 3rd, 2023]
- Saudi space mission to launch on May 21, first Arab woman astronaut to embark on historic journey to ISS - wknd. - May 18th, 2023 [May 18th, 2023]
- Saudi astronauts to launch space mission on May 21 - Saudi Gazette - May 18th, 2023 [May 18th, 2023]
- First Saudi space mission to launch on May 21 with Kingdoms first astronauts - Al Arabiya English - May 18th, 2023 [May 18th, 2023]
- Flying in space would slash Sydney to London journey time to just two hours - 9News - May 18th, 2023 [May 18th, 2023]
- Flights from Sydney to London take two hours with outer space ... - Innovation News Network - May 18th, 2023 [May 18th, 2023]
- The Final Frontier for the Faithful: Islamic Rulings on Space - E-International Relations - May 18th, 2023 [May 18th, 2023]
- Twitter is still vital for the space community. A former NASA astronaut ... - Space.com - May 18th, 2023 [May 18th, 2023]
- CNL Aims to Better Protect Canadian Astronauts Through New Project Funded by the Canadian Space Agency - Yahoo Finance - May 18th, 2023 [May 18th, 2023]
- SpaceX Announces Seat Reservations For Space Station Travel - Traveling Lifestyle - May 18th, 2023 [May 18th, 2023]
- Axiom-2 Mission Set to Launch with Diverse Crew of Private ... - Transcontinental Times - May 18th, 2023 [May 18th, 2023]
- New Mexico has surreal sand dunes, snowy mountains, space alien ... - Knoxville News Sentinel - May 18th, 2023 [May 18th, 2023]
- To Space and Back: Students Conduct Plant Science Research on ... - ISS National Lab - May 18th, 2023 [May 18th, 2023]
- NASA Tests Robot Snakes to Send to Other Planets - Newsweek - May 18th, 2023 [May 18th, 2023]
- HAL 9000 Is the Most Terrifying Movie A.I. - Collider - May 18th, 2023 [May 18th, 2023]
- Space Travel Market 2023 to 2029 Industry Analysis, Growth ... - Cottonwood Holladay Journal - May 18th, 2023 [May 18th, 2023]
- Virgin Galactic: Revolutionizing Space Travel and the Future of ... - Best Stocks - May 18th, 2023 [May 18th, 2023]
- Virgin Galactics first private space tourism flight to take off in June - Travel Tomorrow - May 18th, 2023 [May 18th, 2023]
- NASA PC-12 to conduct aerial flights over Cleveland roadways - AviationSource News - May 18th, 2023 [May 18th, 2023]
- Florida's 'Space Coast' Has Incredible Beaches, Food, and Dolphins Here's How to Plan a Trip - Yahoo Life - May 18th, 2023 [May 18th, 2023]
- Fast X adds Jason Momoa to the Vin Diesel-driven franchise for the first instalment of a series finale that already feels like its spinning its wheels... - May 18th, 2023 [May 18th, 2023]
- Airstreams new travel trailer fits a swanky studio apartment into less than 17 feet of living space - The Manual - May 18th, 2023 [May 18th, 2023]
- Steven Wright, Master of the One-Liner, Tries His Hand at a Novel - The New York Times - May 18th, 2023 [May 18th, 2023]
- Poop falling from the sky: Here's how often that happens - CBS News - May 18th, 2023 [May 18th, 2023]
- How will we react when the aliens arrive? - The Irish Times - May 18th, 2023 [May 18th, 2023]
- Luxury stores with the most beautiful interiors - Luxebook - May 18th, 2023 [May 18th, 2023]
- Is it really possible to travel back in time? - BBC Sky at Night Magazine - May 18th, 2023 [May 18th, 2023]
- The pros and cons of space colonization - Yahoo News - May 10th, 2023 [May 10th, 2023]
- In space, failure is an option often the only one - Nature.com - May 10th, 2023 [May 10th, 2023]
- Virgin Galactic Announces Return to Space, Crew | - Santa Fe Reporter - May 10th, 2023 [May 10th, 2023]
- A tour inside the Thailand's first space themed hotel - Manila Bulletin - May 10th, 2023 [May 10th, 2023]
- Buzz Aldrin named Brigadier General by Space Force - We Are The Mighty - May 10th, 2023 [May 10th, 2023]
- Virgin Orbit Failure Casts Cloud Over Space Voyages - Kiplinger's Personal Finance - May 10th, 2023 [May 10th, 2023]
- OPINION: A Return to Profitability for Commercial Aviation - Avionics ... - Aviation Today - May 10th, 2023 [May 10th, 2023]
- 12 Realistic Films About Space Travel and Making Contact With Aliens - Wealth Of Geeks - May 10th, 2023 [May 10th, 2023]
- Dont be fooled: 10 of the biggest travel myths, busted - Sydney Morning Herald - May 10th, 2023 [May 10th, 2023]