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- Hollywood star Matt Damon did an advertisement for Crypto(dot)com in 2021.
- After the crypto fallout, the Jason Bourne star was ridiculed for this. But why?
The Jason Bourne star– Matt Damon revealed his reasons for appearing in the ill-famed Crypto(dot)com advertisement. This 2021 ad was subject to great ridicule as its theme, “Fortune Favours the Brave,” was coincidently ill-timed with the following crypto fallout.
Matt Damon & His Crypto Ad
Speaking to the media on March 27 at the premiere of his new movie, Damon was conscience-stricken while explaining reasons to appear in the advert. The Good Will Hunting star is the co-founder of Water(dot)org, an organization working to solve the world water crisis and provide safe water and sanitation to all.
Water(dot)org has worked extensively in Africa with projects like H2O Africa Foundation. The foundation raises freshwater awareness in the continent. Such initiatives require a lot of funding, and as per Matt, they had rough finances, and Damon did the ad to raise money.
The Organization’s Connection With the Crypto Ad
During the interview, Damon recalled an instance where he gave his complete salary to Water(dot)org as the organization was not doing well. Crypto(dot)com, after hearing about the initiative, gave $1 million to the organization, and in barter, Matt did the ad to raise more money for the cause.
The philanthropic project was founded in 2009 by Matt Damon and Gary White, a world-renowned engineer and philanthropist. The organization aims to spread access to clean water worldwide. They provide minimalist loans and finance the purchase and installation of toilets and water taps.
Matt thanked Crypto(dot)com saying, “I have a lot of gratitude to them for what they did for our foundation.”
The Infamous Ad and the Teasings that Followed
The ad was Matt Damon in a giant gallery with famous personalities looking at the universe from a window, saying, “Fortune favors the brave.” The ad aired in January 2021 in movie theaters, followed by the Super Bowl.
The harsh crypto winter and numerous bad events that wiped billions of dollars from the market shook the crypto industry to its core.
Celebrities and Crypto Industry
Many celebrities have associated themselves with crypto, mostly due to its benefits. Many were served class action lawsuits for their exposure to certain entities or protocols.
For instance, Kim Kardashian and Floyd Mayweather were given a class action lawsuit for the promotion of EthereumMax (EMAX). Madonna, Justin Bieber, Post Malone, and others were sued for violating securities law and giving users bad information regarding Bored Ape Yacht Club (BAYC) NFTs.
During the FTX saga, Tom Brady, Shaquille O’Neal, Naomi Osaka, Larry Davis, and others were grilled for making in the bankrupt crypto exchange FTX advertisements.
Celebrities own an image in the eyes of their fans; whatever they say or endorse, their fans follow suit. But they have a moral obligation by being in such a crucial position. Therefore, celebs must try to include this goodwill(ness) in their work and look for implications that favor them and society.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
