There have been some scandals and setbacks in the digital assets industry in recent years. But Conor McGregor is one famous person who has yet to abandon the thriving sector. McGregor is still one of the crypto industry’s most recognizable investors, despite the fact that FTX has failed and there are few celebrity backers.
The Adventures of Conor McGregor in the World of Cryptocurrency
In addition to his fame in MMA and for having a larger-than-life demeanor, Conor McGregor is also well-known in the Crypto industry. McGregor is one of the most visible celebrities to support cryptocurrencies, and he has used his fame to promote many different token sales.
In early 2021, McGregor teamed with Dapper Labs, the developers of NBA Top Shot and CryptoKitties, marking the beginning of his involvement in the digital asset sector. Several other crypto-related companies have since sought his endorsement, and in September 2022, he signed a two-year contract as an ambassador for XTB.
McGregor’s links to Tiger. Trading (TT), a company with questionable ties to the infamous FTX, has, nevertheless, generated some heat. The promotion of the platform by McGregor raised eyebrows despite TT’s assurance that it bore no responsibility for the Bankman-Fried-led exchange’s demise. McGregor has continued his many crypto-related efforts despite the backlash.
It’s worth noting that McGregor isn’t the only UFC athlete or celebrity that believes in cryptocurrency. Francis Ngannou, a former heavyweight champion of the Ultimate Fighting Championship, pondered accepting Bitcoin for half his fight purse and ultimately decided in its favor. Meanwhile, the SEC has filed charges against Kim Kardashian and other celebrities for allegedly marketing a questionable cryptocurrency on social media.
Final Thoughts
Many are curious about McGregor’s future position in the cryptocurrency market in light of his increasingly prominent presence there. The crypto community’s reaction to McGregor’s endorsement arrangements with different platforms has been divided, given his star profile.
Some have lauded his participation, pointing to his popularity as a means of bringing public attention to cryptocurrencies. Others, however, have questioned him, calling into doubt his comprehension of the business and whether his support is motivated purely by monetary benefit.
In spite of the doubters, McGregor’s participation in the crypto sector is a sign that people in the mainstream are beginning to see the benefits of blockchain technology and cryptocurrency. It will be interesting to see how the sector changes and adapts in light of the increased attention and impact now that more personalities and institutions are entering the space.