Here's Why Matt Damon's Crypto Marketing Attempt Was a Total Bust

In conclusion, Matt Damon says, "Fortune Favors the Brave." This video encourages people to garner the boldness to invest in the blockchain space, with Matt Damon insinuating that crypto investors are brave. Matt Damon's video was sponsored by a popular crypto exchange platform Crypto.com.

Why Was This Ad a Bust?

After understanding the entire concept of Matt Damon Fortune favors the brave crypto Ad, it's vital to know why it was considered worthless, a bust. The main reason why this video is worthless is because of the wild criticism it received from the general community. A search for Matt Damon Crypto Reddit in search engines exposes the many criticisms the video received. While Matt Damon encouraged more crypto investments, many investors in the virtual assets broadly criticized this advert. Most people termed the video just a mere cash grab.

Months after the first release of the video, people are still creating memes and harsh criticism about the ad. In May 2022, When crypto markets crashed following the UST problems, some made memes saying that Matt Damon tricked them into joining crypto. In fact, in a South Park episode, the show mocked the 'Matt Damon bitcoin commercial,' insinuating that people lost money owing to the trickery of the Matt Damon video.

Matt Damon was Not a Crypto Investor

Before this video, there was no single instance where Matt Damon said he invested in crypto. But, just after the Ad debuted, Matt Damon insinuated that he is a Crypto.com investor. The crypto space enjoyed the attention of many celebrities in the music and acting scene, including Snoop Dogg, KSI, Katy Perry, Kim Kardashian, and Justin Beiber. Most of these celebrities are involved mainly with NFTs, but others have crypto investments.

It would be more logical if a famous crypto investor were involved in advertising such projects. If Matt was not a crypto investor at the time, one might doubt his knowledge of the crypto space and maybe how the protocols work. While he is probably not bold enough to invest, Matt inviting others made this advertisement illogical.

Just a Cashgrab

Most of the critiques of Matt Damon's Ad noted that it was just a cash grab. The only reason Matt Damon did it was because of a large paycheck he received afterward. By referring to his role in 'The Martian,' Matt proved that he does not care about whether crypto adds value. This was all him, grabbing large sums of money.

No Educational Content

While the video was just a 1-minute Ad, it lacked the most vital part of a crypto promotion, education. Crypto is a relatively new subject. As a new subject, the best way to take on the task of providing the minute-long Ad is just by adding a sentence or two about why the investors should consider investing in crypto. By offering just a sentence or 2 of educative content, Matt Damon's video would easily capture the eyes of millions of new investors. Contrarily, a person of Matt Damon's profile 'insinuating that people who do not invest in crypto are cowards' is generally wrong. The backlash was well deserved.

Matt Damon Uses FOMO

Matt Damon's Ad attracted too much criticism because it imposed fear of missing out(FOMO) on investors. From the start of the video, Matt Damon talks about how people chose to act bravely and enjoyed the most significant achievements. Towards the end, he insinuates that those who do not take the bold move will not reap the benefits as history taught us. While the logic is valid, using FOMO as a marketing technique could easily make people invest in crypto even without proper research. The result is many investors might lose millions.

The Downside of Using Celebrities in Marketing

Yes, celebrities can bring attention to your project at a fast rate. But, there is one serious downside, their images might change in cases of scandals. Crypto.com chose to have Matt Damon as the face of the project. Remember the case with Tiger Woods in 2009, when brands had to drop him because of rumors about his infidelity. If at some point, Matt Damon's image undergoes an undesirable change, that would adversely affect the Crypto.com brand. Moreover, the celebrities you use may end up overshadowing your brand.

Author’s Take

This article has explored the Matt Damon viral crypto Ad, which received a lot of harsh critiques and mocking since its debut. According to some sources, Matt Damon's net worth stands at about $170 million, but none of the amounts is in crypto. Hence, Matt Damon's ad is worthless, a mere cash grab tricking people into investing in crypto. The Ad is not educational and uses FOMO to attract new investments.