The market judged this to be a cash grab, profiting off of charity, with little interest and the highest bid $280 before theThe other type of crypto philanthropy, where celebrities such as Bündchen and Linkin Park’s Mike Shinoda commit to campaigns and causes, are much more likely to be met with public goodwill as they are extensions of their public image.
In Bündchen’s case, she accepted a role as the head of environmental and social Initiatives at FTX, which recently announced plans toto charity in 2022. This is a much-needed positive boost for the public perception of crypto, showing that the sums generated by it are being put to good use and offsetting the negative publicity from the loop of ICO frauds and negative NFT endorsements.
While it should be anticipated that some celebrities will continue to accept the easy cash from potentially shady NFT and crypto products for some time to come, attention should be paid to how they are being paid. If it is in equity, the product is likely legit. Equally, the involvement of celebrities and brands in crypto philanthropy will continue, as the sums generated will continue to grow and leaders look to invest back.