- September 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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Australian F1 Driver Daniel Ricciardo and Olympic Snowboarder Scotty James Navigate Risks as Brand Ambassadors for OKX
Australian Formula 1 driver Daniel Ricciardo and his friend, Olympic snowboarder Scotty James, are well aware of the risks involved in endorsing the wrong products or platforms. As brand ambassadors for crypto exchange OKX, they were faced with the consequences when FTX collapsed and caused market crashes soon after they joined as ambassadors.
This situation highlighted the inherent risks in the world of crypto and the negative publicity and lawsuits that followed endorsements by other celebrities like comedian Larry David and retired NFL quarterback Tom Brady for FTX. Even Hollywood actor Matt Damon faced backlash for his Superbowl commercial promoting Crypto.com just before the market crash.
Daniel Ricciardo joined OKX in May 2022 when crypto already had a somewhat questionable reputation. It took him some time to get comfortable with the idea of endorsing the platform. Ricciardo, with his experienced team, evaluates various opportunities and chooses what aligns with his values and interests. He knows when to say no to opportunities that may not be right for him.
“I’ve been in the sport a long time where for sure, a lot of things get put in front of me, which is exciting.”
He emphasized the importance of trust in the crypto industry. Despite his popularity and the support of his team, Ricciardo had to gain trust in OKX. It was not merely a transactional relationship, but a personal relationship. OKX’s Chief Marketing Officer, Haider Rafique, played a major role in educating and informing Ricciardo about the platform, creating a sense of comfort and certainty.
“I was curious and wanted to learn ÔÇö I had a lot of comfort going in with them. IÔÇÖve seen enough now to know that this is good for me, and itÔÇÖs safe for me to kind of get involved in this.”
However, due diligence can only go so far, as demonstrated by Matt Damon’s experience with the Crypto.com deal. Although the exchange wasn’t directly implicated in any wrongdoing and didn’t collapse, the timing of the market crash affected Damon’s reputation.
OKX aimed to become the “first crypto lifestyle brand” under the guidance of Haider Rafique. The platform signed substantial sponsorship deals with sports franchises, including Formula 1 team McLaren and Premier League team Manchester United. Trust-building measures, such as releasing monthly proof of reserves reports, were crucial for gaining the trust of their partners and endorsers.
“We certainly get those calls from McLaren or Man City. ÔÇÿHey, is everything all right over there? Like the industry looks a little shaky?ÔÇÖ And we have to understand and put ourselves in their shoes and respond accordingly,” said Rafique.
As a friend of Ricciardo, Olympic snowboarder Scotty James already had a personal connection with OKX and a pre-existing interest in NFTs. Even so, the collapse of FTX a month later was undoubtedly a shock. James acknowledged that it takes time to fully understand a platform’s capacity and potential before putting complete trust in it. However, OKX’s efforts to simplify and educate about crypto and trading helped him develop trust over time.
Scotty James sees similarities between snowboarding and the crypto industry in terms of being attractive to a young demographic and offering decentralization opportunities.
“I think my generation and younger than me are the ones that are really going to change that narrative for investing, whether itÔÇÖs in cryptocurrency or other investments moving forward.”
Lastly, despite the light-hearted discussion about releasing NFTs during their appearance at Token2049, Rafique clarified that they would only proceed once the markets recover. OKX’s plan for NFTs revolves around bringing fans closer to Ricciardo and James through these assets, rather than treating them as purely speculative assets.
The involvement of celebrities in the crypto industry brings both benefits and risks. The AI legalese decoder can assist in understanding the legal implications and risks associated with endorsement deals. By analyzing contracts, decoding complex legal language, and highlighting potential pitfalls, the AI legalese decoder helps protect both celebrities and platform users from unexpected consequences. It offers transparency, allowing individuals like Ricciardo and James to make informed decisions about their partnerships and endorsements in the crypto industry.
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