African degens are on a journey to the moon. With crypto, African people’s savings are hedged against insane inflation levels, they can find employmen
African degens are on a journey to the moon. With crypto, African people’s savings are hedged against insane inflation levels, they can find employment in Web3, and there is always the potential to make life-changing money that will transform the trajectory of their lives forever.
People from various backgrounds are embarking on this journey to outer space. These crypto astronauts have, until recently, been hesitant to declare their involvement in the blockchain space. General sentiments around crypto were extremely negative due to the huge slew of scams disguised as cryptocurrency projects that swept through the continent, taking away hard-earned capital and confidence in anything branded with crypto.
Regulation has not helped in this case either. In most African countries with signs of strong crypto adoption, central banks issued statements that cast a shadow on the already “questionable” sector. In Nigeria, Ghana, Zimbabwe, Uganda and Kenya, regulators took turns issuing warnings to the general public about the dangers involved with crypto. Being involved in crypto would regularly lead to a few chuckles and hostile responses anytime you were bold enough to admit it.
A new wind is blowing
The situation has changed dramatically in recent times. Real-life examples of early-investors-turned-influencers who acquired property through cryptocurrencies proved to be great ads. Furthermore, the degens who had been given a bad name for so long were relentless about their efforts to share the good news about cryptocurrencies. Those few who dared enter the space despite the bad PR placed a huge emphasis on education, which has resulted in crypto becoming a household name. Also, the economic conditions of the last few years made the argument for a decentralized permissionless digital economy more sound than ever.
Inside the new class of cryptocurrency adopters is a set of people who truly stand out: celebrities. They are everywhere — on our screens, on billboards and now in our crypto world. These famous athletes, musicians and actors are joining the space in many ways, but for the sake of this article, I will group them into three groups: promoters, experimenters and the curious.
Related: Here’s what’s happening in Web3 across Africa
Promoters
As established already, the negative PR that crypto has faced in Africa means that lots of rebranding and promotion are needed. The huge interest in crypto on the continent has attracted some big spenders, such as Binance and FTX, which have large marketing budgets. Homegrown companies like Quidax and Yellow Card, which want to keep up with these international companies, have also adopted similar spending habits. A major feature of the marketing plans of all three companies mentioned is the inclusion of celebrities.
Binance is spending big in Africa. In early 2022 alone, Binance sponsored the African Cup of Nations in Cameroon and Nigerian Idol. Including popular faces in its education drive is a core part of its marketing efforts. In December 2021, the exchange signed deals with reality TV show Big Brother Naija participants Hazel Oyeze Onou, popularly known as Whitemoney; Ikechukwu Sunday Okonkwo, known as Cross; and Pere Egbi, known simply as Pere. Since the announcement, the trio has been featured in several educational videos targeted at potential new users of cryptocurrency.
FTX is also making huge marketing moves on the continent. In an attempt to attract a female demographic, which has been hard to reach, FTX Africa partnered with six female celebrities to push Web3, including actor Cynthia Nwadiora, actor Beverly Naya, lifestyle influencer Aunty Ada, Big Brother Naija star Saskay, TV personality Serwaa Amihere and actor Osas Ighodaro.
Related: Women’s interest in crypto grows, but education gap persists
Nigeria-based Quidax is not slowing down as it intends to compete with various international exchanges entering the market. In March 2022, the exchange announced popular Nigerian music producer Don Jazzy as its brand ambassador alongside five other celebrities: Diane Russet and Bisola Aiyeola — both actors and reality TV stars — actor Timini Egbuson, celebrity chef Gbubemi Fregene and musician M.I Abaga.
Yellow Card is another exchange based in Nigeria looking to capture market share on the continent. The exchange announced a partnership with Ghanaian dancehall artist Stonebwoy to spread crypto awareness in West Africa.
Experimenters
Another set of celebrities who have entered the space are the experimenters. These big names have set the stage for blockchain technology to be used to amplify creativity and harness new ways to connect with fandoms through nonfungible tokens (NFTs), the Metaverse and fan tokens.
In Nigeria, Bnxn and Falz are two of the biggest artists to have released an NFT. Bnxn (formerly known as Buju) launched HeadsByBnxn, a collection of 10,001 NFTs designed around him and his journey in the music industry. The project was launched on the…
cointelegraph.com