As cryptocurrency has become more mainstream this year, it has reached the influencer world. Influencers, such as the D’Amelio family and Tana Mongeau, have started to post paid advertisements on their social media platforms for different digital coins and exchanges.
Even Kim Kardashian West posted an ad for ethereummax on her Instagram story on Sunday to her 228 million followers.
Followed by a short clip of her speaking to her camera about ethereummax with ”#ad” written at the bottom of the screen, Kardashian West posted text: “Are you guys into crypto???”
“This is not financial advice but sharing what my friends told me about the ethereum max token!” the post read. She again added different hashtags, including #ad, which is required to reveal that her post is paid for, along with #emax and #disrupthistory.
Other celebrities, including Floyd Mayweather, have endorsed ethereummax as well. Mayweather brought up the altcoin during the Bitcoin 2021 Conference earlier this month and was, in turn, booed off stage. Ethereummax also sponsored Mayweather’s recent fight with YouTuber Jake Paul.
Ethereummax is an altcoin that redistributes a small percentage of transactions to its token holders. It launched in May with a total supply of 2 quadrillion.
However, despite its star-studded partnerships, ethereummax is viewed as a more risky cryptocurrency to some in the crypto world. As Decrypt points out, it’s “mostly just a marketing campaign.” Ethereummax doesn’t have a white paper as other crypto projects do, and only a few details about its developers are known.
Though it’s unknown how much Kardashian West was paid for the advertisement, a 2019 court filing revealed that she can reportedly earn between $300,000 and $500,000 for a single Instagram post. For long-term social media deals, she can sometimes earn millions of dollars.
Young influencers have also posted paid ads for cryptocurrencies as well. The family account of TikTok stars Charli, 17, and Dixie D’Amelio, 19, posted their partnership with cryptocurrency exchange Gemini on Instagram in May, Insider reported.
“We are learning more about cryptocurrency as a family, thank you @gemini for Charli’s birthday gift. #GeminiPartner,” the post read, though Gemini has an age requirement of 18 or older.
YouTubers like Paul and Loren Gray have posted endorsements for different cryptocurrencies and exchanges to their millions of followers. Even Matt James, known as the first Black male lead on ABC’s “The Bachelor,” has posted on his social media about his partnership with crypto financial services company BlockFi.