I was on an X space with some people to discuss web3, NFTs, Digital Assets, opportunities and the whole cryptocurrency marketplace. During the conversation, we analyzed the involvement of some music celebrities and public figures’ attempt to leverage fame to garner investment from their fans.
During this conversation, I personally realized that there are so many gaps in the way some are going about launching memecoins or digital currencies.
During a heated conversation, we discussed a big music celebrity who recently launched his personal coin and is now spending time to get the buy-in of his fanbase.
The potential risk that we observed with this method is this; as a music artist, a good percentage of your audience might not necessarily have the information and knowledge to navigate the web3 landscape and maximize the opportunities presented to them. Matter of fact, there is a lesson to glean from the failure of Chris Brown’s coin.
Having said that, I believe that for music celebrities who do not have any track record in this space to be successful while protecting the investment of their fans, it may be important for them to, first of all, invest time into product education, help their fans learn about cryptocurrency, bitcoins or web3 space and then focus on building with them in a more accessible community instead of focusing of getting a huge number of their fans to invest in their digital assets that ultimately backfires because of weaknesses in the distribution or management approach.
I do not write this as an expert in the field, matter of fact, while listening to the speakers, I discovered that there is so much that I do not know so I made a personal commitment to learn as voraciously as possible about this entire space which has now become a big part of me.
Note: this post is not a professional view. It’s my personal thought on the gaps that I believe exist in the way some celebrities are getting involved in the whole web3 space.
I need a web3 mentor. Who is willing to coach me? I promise, I’ll be a wonderful student and mentee 😟🤗