Matt Damon is correct when he says, “History is filled with almosts.” He is in a vast gallery area, giving almost comprehensible sentences with an almost human mannerism. On the one hand, he reminds us that the annals are haunted by those who came so close to adventuring and achieving, but in the end, it was just too much for them. Others, though, are those who seize the moment and commit.
Usually reserved for halftime pep shouts and voice-overs in History channel programs, the language has a mature taste. However, we are watching a commercial. A camera follows Damon through a so-called Museum of Bravery as he speaks. A mountain climber ascends an icy peak, an aviator pilots a primitive aircraft, and astronauts stride down a gangway as apparitions.
Damon says that in these times of truth when they stare over the edge, these men and women — these mere humans — quiet their minds and brains and steel their nerves by whispering four simple words that have been whispered by the brave since the time of the Romans: Fortune favors the brave. While this crypto ad and his remarks have created a buzz and people think the celebrity has been intrusive to the crypto industry, let’s explore why is Matt Damon shilling for crypto and perhaps blockchain.
Exploring the Infamous Crypto Ad
This stuff is some serious business. It is also, obviously, pricey merchandise. The CGI effects are excellent, and the skills of a pitchman like Matt Damon are not inexpensive. But exactly what is Damon’s pitch? An autonomous vehicle? Erectile-dysfunction pills? The sequel to The Martian featuring Matt Damon? The questions are ominous for virtually the entire duration of the commercial’s sixty seconds. It is not until the final frame, when Damon turns away from the camera to gaze out a window towards what appears to be Mars, that a logo comes on screen, revealing the product being advertised: Crypto.com.
We are accustomed to commercials making strong sales. But few are as bold as this one, which implies that clicking on Crypto.com – an app that can be used to trade Bitcoin, other cryptocurrencies, and NFTs — is an achievement comparable to the invention of the airplane. The advertisement began airing in October, and in recent months it has gone viral online, where it has received reactions reserved for particularly egregious (to use the popular term) examples of cringe.
Understanding why is Matt Damon shilling for crypto, we need to see the way commentators in the mainstream media and on social media made fun of Damon’s “zombielike” presence and criticized the advertisement for being “shameless” because it implied that greatness awaited those who were brave enough to wager their funds in a volatile uncontrolled market. For many, the advertisement may simply be puzzling. The majority of individuals lack a clear understanding of Bitcoin and may have never heard of Crypto.com.
Launched in 2016 under the name Monaco, the Singapore-based company claims to have 10 million users and projects that the number will skyrocket to 100 million by 2023. Its chief executive, Kris Marszalek, told The Financial Times in November that the company had seen “20-times revenue growth this year.” In a making-of-video released alongside the new commercial, Marszalek outlines a messianic vision. “ ‘Fortune favors the brave’ is deeply personal,” he says. “It’s how we live. It’s what we believe in. This decade belongs to crypto tokens.”
Entertainers And Athletes Jumping On The Crypto Bandwagon
Matt Damon, who Crypto.com hired as its “brand ambassador” in preparation for a $100 million worldwide marketing blitz, has been tasked with spreading the word about cryptocurrencies. Damon is just the latest A-lister to promote cryptocurrency. Tom Brady and Gisele Bündchen have appeared in advertisements for FTX, a competitor to Crypto.com in which they hold a financial position. Reese Witherspoon is an outspoken advocate for cryptocurrency on Twitter (“Crypto is here to stay“), while Snoop Dogg, an NFT enthusiast, gives investment advice (“Buy low… stay high!“).
Moreover, Hollywood stars like Eddie Redmayne, who played Stephen Hawking, Patrick Brawn, and Johnny Depp have also participated in crypto projects and football club PSG and Jay Chou also came up with a deal. To put it gently, there is something inappropriate about renowned and incredibly affluent people encouraging their fans to invest in cryptocurrency. In many instances, cryptocurrencies are not so much currencies as they are speculative things. These are digital currencies whose worth is founded entirely on the concept that someone will take them off your hands at a better price than it cost you to purchase them. Ultimately, this is what gives cryptocurrencies their value.
To truly understand why is Matt Damon shilling for crypto, we need to see other aspects as well. Their millions of fans, on the other hand, may be left carrying the bag if a bubble bursts. Entertainers and athletes have abundant funds to invest in speculative bubbles, whereas their fans may be left holding the bag if a bubble bursts. Kim Kardashian supported the obscure coin Ethereum Max on Instagram in June 2017; after her post, the value of Ethereum Max plummeted by 98 percent. (A class-action lawsuit claims Kardashian and other Ethereum Max advocates of aiding and abetting a “pump-and-dump” scheme. Kardashian’s attorney denies the allegation as “without merit” and says they will “vigorously defend the action.”)
In a recent piece for the online magazine Slate, the actor Ben McKenzie, writing with Jacob Silverman, referred to the promotion of cryptocurrencies by celebrities as a “moral disaster.” Despite his lofty language — all that talk of history and daring — his remarks amount to a macho taunt. The marketing efforts of the Bitcoin business target young individuals, particularly young men. Nearly 40 percent of American men aged 18 to 29 have invested in, traded, or utilized a sort of cryptocurrency on unvetted exchanges, according to government surveys. This shows that people are now focused on various crypto-related campaigns which analogizes to the dot-com era.
Matt Damon, Crypto Ads, And The Future
Last year, Crypto.com reportedly paid $700 million for the name rights to the home of the Los Angeles Lakers, Clippers, and Kings; the former Staples Center is now known as Crypto.com Arena. The corporation has struck sponsorship arrangements with the UFC and the prestigious French soccer club Paris Saint-Germain. Crypto.com is aggressively pursuing men. Damon appeals to this audience in a particular way. His star power is founded on both intellect and strength; he can recite eloquent lines while simultaneously creating the impression that he could filet an enemy with a Bic pen, Jason Bourne-style.
Another interesting thing to take into account to understand why is Matt Damon shilling for crypto is that the advertisement, his lofty language — all that talk about history and daring — amounts to a macho taunt: “If you’re a genuine guy, you’ll buy cryptocurrency.” This pitch’s gloominess is stunning. In recent weeks, while watching televised sports — where the Crypto.com advertisement frequently airs alongside commercials for other crypto platforms and a deluge of ads for sports-betting apps — one could not shake the feeling that culture has taken a sinister turn: that we’ve sanctioned an economy in which fintech start-ups compete in broad daylight to lure the vulnerable with get-rich-quick schemes.
However, the most disconcerting aspect of the advertisement is the lack of a pitch. Traditionally, advertising makes a positive case for its goods, painting a picture of the satisfaction that will result from wearing those trousers or driving that truck. This advertisement is not annoying. It depicts a brief scene of a young pair locking eyes in a bar, implying that crypto has sex appeal. But the video builds inexorably toward that final sight of Mars, where Matt Damon’s astronaut was marooned in a blockbuster film and where Elon Musk, the second-richest person in the world and a cryptophile, says he plans to establish a colony to escape the end of civilization on Earth.
We live in perilous times. Economically and existentially, the young may feel as though they are teetering on the brink. The apparent message of this advertisement to them is that the social agreement has been broken and that the traditional values of security and the good life no longer apply. What remains are moonshots, large swings, and high-stakes wagers. You could wager on a long-shot parlay or gamble on Dogecoin. Perhaps one day you will take Elon Musk’s Mars shuttle bus. The advertisement promises “wealth,” but what it’s really selling is peril, the dark and desperate delights of precariousness itself, since what else do we have? You may call it advertising truthfulness.
