How to Build a Web3 Brand? Successful Practices and Strategic Recommendations for Celebrity Endorsements in the Crypto Industry

The global crypto industry is becoming increasingly competitive, with a growing number of projects and escalating marketing investments. Major exchanges have extensively ventured into sports and entertainment marketing to boost brand awareness. As noted in prominent research, in 2021, leading exchanges like Crypto.com and FTX collectively invested approximately $1 billion in sports sponsorships; Crypto.com alone spent $700 million to secure the naming rights for the Staples Center (Crypto.com Arena). Additionally, sports celebrity endorsements have become a hot trend.


In 2022, the top-tier crypto platform Bitget announced a partnership with football superstar Lionel Messi, followed closely by Coinbase’s appearance in NBA events. By the end of 2023, Binance officially disclosed plans to feature Cristiano Ronaldo in a major advertising campaign. Earlier, football icon Messi signed a $20 million deal with Socios.com to promote fan tokens, and NBA star LeBron James entered a multi-year partnership with Crypto.com. These examples highlight that leveraging global sports and entertainment celebrities for brand promotion has become a significant marketing trend for crypto wallets and exchanges.


Current Applications and Trends of Celebrity Endorsements in the Crypto Industry

According to market research firm Nielsen, annual investments by blockchain and crypto companies in sports sponsorships are projected to exceed $5 billion by 2026. In practice, major exchanges are intensifying their sports partnerships: in 2021, Crypto.com and FTX collectively invested around $1 billion in the sports sector; Crypto.com became an official partner of the Qatar World Cup, and Coinbase signed a deal with the NBA, indicating that mainstream capital is heavily tapping into sports events and celebrity resources. Explore our celebrity endorsement resources.


Between 2022 and 2024, the enthusiasm for sports sponsorships and celebrity endorsements fluctuated with market cycles but showed no signs of slowing down. In 2022, Bitget announced its partnership with Messi (who also collaborated with PSG and the Argentine national team to promote Socios fan tokens); in the same year, Crypto.com signed a 10-year UFC sponsorship deal for $175 million; in 2023, Binance partnered with Premier League club Manchester City, while OKX secured a sponsorship deal with Manchester City for nearly $70 million. Additionally, emerging exchanges like Everport have utilized esports stars and top social media influencers for promotion. Overall, the sports sector (football, basketball, boxing, etc.) remains the primary battleground for celebrity marketing, with a new wave of cross-industry collaborations involving top leagues, clubs, and celebrity endorsements. Industry observations also suggest a strong correlation between celebrity endorsements and the efficiency of information dissemination for crypto projects: for instance, a simple mention of a crypto project by Messi on his social media can lead to a rapid surge in the related token’s price. This demonstrates the substantial attention and buzz that celebrity endorsements can generate for projects in the short term. Obtain a practical guide to celebrity endorsements.


Matching Different Types of Celebrities to Project Directions

The choice of celebrity endorsement depends on the target audience and project positioning. Sports celebrities (such as football, basketball, or boxing champions) are typically used for sports events, clubs, or sports-related campaigns. For example, football superstars are often associated with the World Cup, European Championships, major leagues, or fan token projects tied to clubs (e.g., Messi’s collaborations with national teams and clubs to launch fan tokens); NBA stars are suitable for promoting exchanges or blockchain products targeting the U.S. and Asian markets. Sports scenarios can attract massive fan traffic and event tie-ins, enhancing brand reach.


Entertainment celebrities (film actors, singers, influencers, etc.) are suitable for broader market promotions, such as starring in brand advertisements, participating in major commercial events, or collaborating on公益 initiatives to build a premium brand image or attract diverse audience segments. In fact, crypto exchanges have previously hired Hollywood stars for ads (e.g., Crypto.com’s 2021 campaign featuring Matt Damon). The key is to align the endorser’s audience with the target demographic: projects targeting younger audiences may prefer esports or music stars, while brands aiming for the mainstream public might opt for well-known actors or public figures. Different types of celebrity resources offer unique advantages but can significantly expand a project’s influence. View an in-depth analysis of celebrity endorsements.


PR Value, Social Media Reach, and User Conversion Analysis from Celebrities

The greatest value of celebrity endorsements lies in rapidly boosting media and public attention. For example, after Messi posted crypto-related content on his Instagram, the associated token $WATER surged nearly 400% in a few hours, with trading volume soaring to approximately $97 million; similarly, after Cristiano Ronaldo announced his NFT collaboration with Binance, the keyword “Binance” saw a 500% spike in online search volume. These cases show that celebrity involvement can instantly propel projects into the headlines, sparking social media buzz and significantly increasing brand exposure. At the same time, high exposure often leads to user conversion: projects can measure effectiveness by tracking metrics such as website traffic, new user registrations, and trading volume before and after the endorsement campaign.


For instance, exchanges often create exclusive registration links, discount codes, or landing pages for endorsers to track increases in new accounts and deposits during the campaign period. While data varies depending on the project and channel, high-profile endorsement campaigns can be expected to drive traffic peaks and user growth. Overall, celebrity endorsements can rapidly expand social media reach and significantly enhance potential users’ brand awareness and trust in the short term, attracting more trials and registrations for exchanges or wallets.


Summary

Celebrity endorsements offer unprecedented opportunities for brand building in crypto exchanges and wallets: top athletes and celebrities can leverage their fan bases and influence to rapidly expand brand awareness and social trust. From NBA stars to football icons, from actors to internet influencers, various celebrities have joined this trend, injecting new vitality into the marketing of the crypto industry. Practice shows that this strategy is particularly suitable for high-quality projects with substantial financial strength and long-term development plans, as large-scale endorsement deals are typically expensive and require careful planning to ensure alignment between the brand and the endorser’s image.


For projects aiming to quickly break into the market and strengthen brand recognition, celebrity endorsements are a viable and efficient path, but risk mitigation and performance evaluation are also essential. In summary, with sufficient resources, leveraging celebrity endorsements to achieve a brand leap can significantly enhance a project’s industry exposure and user trust, laying the foundation for long-term development.


Frequently Asked Questions

Q1: What is the price range for celebrity endorsements?

A1: Typically ranges from a few million to tens of millions of USD, e.g., Messi’s endorsement with Socios was approximately $20 million.


Q2: Is it necessary to choose sports celebrities?

A2: Not necessarily; entertainment stars or influencers can be selected, depending on audience alignment.


Q3: How to measure actual conversion?

A3: Use exclusive links or invite codes to track increases in new users, deposits, and search volume growth.


Q4: What types of projects are suitable for celebrity endorsements?

A4:

  • Exchanges, wallets, or leading infrastructure projects entering global expansion, aiming to rapidly boost brand awareness.
  • Projects targeting C-end users, needing to break into mainstream markets, such as NFT platforms, GameFi, or payment applications.
  • Projects with mature products, sufficient budgets, clear brand positioning, and the ability to execute celebrity collaborations.
  • Web3 brands aiming to attract new users from non-crypto audiences (e.g., sports or entertainment fans).

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