In a possibly surprising twist for cryptocurrency aficionados, pop music powerhouse, Taylor Swift had reportedly inked a sponsorship agreement with now insolvent crypto trading platform, FTX, a move that purportedly went against previous records of her decision to distance herself from the firm after scrupulous investigation.
As spring was in full bloom in 2022, the “Love Story” crooner explored a business tie-up, that held a staggering price tag of $100 million, with FTX, that might have seen her reaping in massive engagement through tour sponsorships. Following rigorous discussions spanning over half a year, Swift finally penned down the sponsorship deal with FTX.
Everything was painting a rosy picture, but events didn’t take much time to unwind. As it turned out, the driving force behind FTX, Sam Bankman-Fried took a surprising turn, eventually reneging on the deal, a revelation which has been illuminated by New York Times after referring to three knowledgeable insiders. The unpredicted retraction from Bankman-Fried’s side presumably resulted in a growing sense of frustration and disappointment for ‘Team Swift’, as narrated by two confidants.
This story unfurls an interesting contradiction, as earlier, a representative of legal contingent, attempting to mount lawsuits against celebrities who vocally endorsed FTX, informed through a podcast that Swift had executed an in-depth investigation on the crypto platform. She scrutinized its credibility, mainly by questioning the legitimateness of the cryptocurrencies floated by the firm, perceiving them as potential unregistered securities, leading the pop diva to ward off any involvement with the company.
The aforementioned revelations drew significant applause from multiple sectors, hailing and celebrating Swift’s business acumen and prudence. Although Swift’s management hasn’t officially addressed the report yet.
The news concerning FTX’s decision to back-pedal on its commitment to Swift has also been spotlighted by CNBC, indicating a source who corroborated with New York Times’ report.
This story underlines a classic case of a power play between fame-driven endorsements and the unpredictable dynamics of the cryptocurrency world, highlighting the need for thorough diligence and potentially raising questions about the role and leverage of celebrities in the volatile world of crypto trading.
Source: Coindesk
