The rivalry of Manny Pacquiao and Floyd Mayweather will go down in boxing history. However, technology has formed a new type of status quo that more celebrities are getting into for their future. With that being said, the Philippine boxer, Pacquiao has unveiled his self-branded cryptocurrency called ‘Pac’. There are more people betting on themselves in this relatively new form of digital currency, but Pac is one of the first to actually have his own company in this field. This token will be available on Singapore’s Global Crypto Offering Exchange (GCOX).
He’s using this type of token as a utility for fans to not only purchase merchandise, but get exclusive access to him on social media. Pacquiao is into different things, such as music, television, and film. According to the founder and CEO of GCOX, this project is a springboard not meant to make a lot of money, but rather to create an ecosystem. There are additional private investors in the project, which includes ex-Liverpool and England striker, Michael Owen.
The boxing champion holds a senatorial seat in the Philippines, but has taken his mindset to bigger things. He’s become the world’s first high profile figure to launch his own celebrity cryptocurrency. There are other celebrities out there who have said they’re creating their own cryptocurrencies but this has yet to come into fruition. Some examples include music icon Akon with his announcement last year of Akoin, which was for Africa. He wanted to create a 2,000 acre city in Senegal that used Akoin as their main form of currency.
Also, GCOX revealed that soccer legend Owen will be unleashing his own celebrity cryptocurrency at a later date. Other celebrities who have joined with GCOX, such as tennis star Caroline Wozniacki and musician Jason Derulo, are looking to launch their own cryptocurrency as well.
Of course, not everyone’s transition in this field has gone smoothly, especially in regards to celebrities. Last year, boxer Floyd Mayweather Jr. and rapper DJ Khaled had to settle charges with the U.S Securities and Exchange Commission (SEC) over accusations they had failed to disclose that they had been paid to promote Initial Coin Offerings. Fortunately for Pacquiao, the transition hasn’t been prolematic so far.
In fact, he was able to make the announcement of the new venture during a free concert Malaysia, which also served as a launch party. This is a great mix between digital currency and social media interaction. Manny has a huge fan base, so this could be a good way of gaining some solid early adopters who turn into long-term supporters with the right backing. It’s much more than sports, because GCOX has created a lifestyle dynamic. “GCOX revolutionizes the way celebrities interact with their fans, giving them public unparalleled access to their celebrities.” “This platform also allows celebrities, at the different stages of their celebrity life cycle, to develop, monetize and revitalize their popularity through the various mediums that housed on the ACCLAIM blockchain.”
Pacquiao has a certain international appeal that can help this venture gain a lot of traction. People not only invest in Pacquiao for his excellence in his boxing, but him as a person. He presents a likeable quality that a lot of people are more than willing to support. While celebrity support isn’t a new thing in this realm, the roll out of this token is a bit unque. It’ll definitely create a crossplatform approach and give people a deeper insight into their favorite celebrity.
Additionally, this is coming from a more personal perspective rather than a simple celebrity endorsement. A fan named Aaron Baetiong, who watched the concert, told Reuters: “Pacquiao is idolised by many. People will be encouraged to check this innovation.” Additionally, Richard Parris, co-founder of Saito, a company creating blockchain, the record-keeping technology behind bitcoin, told The Telegraph that PAC Coin was “an interesting idea: essentially creating a digital collectible that can be exchanged for physical ones.”
At the end of the day, this can be a true trailblazer not only with how people interact and buy into a brand, but creating a new way of utilizing currency for products and services. It’ll be interesting to see how one’s popularity and personality can truly cultivate into serious vehicle for creating a monetary exchange between different participants. This could be just an inkling of what GCOX has in store for the future of cryptocurrency experiences.