Crypto celebrity endorsements are not gone. Philippine boxing champion Manny Pacquaio issued his own digital asset, PAC. Pacquaio promoted his asset during a free concert event, reported Reuters.
The PAC token may serve fans to buy Pacquaio merchandise, and pay for social media interactions. The token will also be traded on the Global Crypto Offering Exchange (GCOX) in Singapore.
“We are not here to raise a lot of money but to build an ecosystem,” GCOX Founder and CEO Jeffrey Lin said for Reuters.
The Philippines is one of the countries with relatively favorable crypto regulations. Coins and tokens are widely traded in the country against fiat, and also used for international remittances.
PAC arrives at a moment when altcoins and tokens have taken a beating, but new projects are still cropping up. During the ICO boom of 2017, celebrity endorsements were much more regular, with names like Paris Hilton standing behind now-forgotten crypto projects. Boxer Floyd Mayweather was one of the prominent promoters of Centra Tech, a now-defunct token with a high-profile ICO.
Even Steven Seagal became involved with the Bitcoiin ICO, which came under the blows of US regulators and had to close shop.
Depending on jurisdictions, the overly-aggressive promotion has fallen under the blows of the law. It is unknown what fate the PAC token will have. There are also no details on which network will carry the coin - there is no token on the Ethereum network, where most tokens are carried. But there are digital assets that are not discovered on the most widely used public blockchains.
The PAC token relies mostly on fame, and not its technology, and the star status of Pacquaio may drive demand.
“Pacquiao is idolised by many. People will be encouraged to check this innovation,” said concert attendee Aaron Baetiong.
The GCOX exchange, which is not listed among well-established market operators, boasts of being the first exchange to focus especially on celebrity-issued tokens. Currently, the exchange has only four trading pairs, but plans to increase its count, especially after launching GCOX Sparkle, its own IEO platform.
