Boxing champion Manny Pacquiao announced last Sunday, before a crowd of fans in Manila, the launch of his own cryptocurrency. This currency is called “Pac”, and be more like a kind of marketplace for fans, which will allow them to acquire merchandise and interact with Pacquiao.
It’s not the first time that cryptocurrencies are associated with fan-related projects; as a matter of fact, a recent case is the Jeremy Renner app.
However, and despite the fact that the value of the Pac will be backed by the demand of the Philippine boxer’s huge fan base, the Pac’s behavior will be the same of a normal cryptocurrency, providing a digitally negotiable token with a floating value secured by a decentralized ledger.
The launch of this crypto venture has the help of the GCOX Group, a Southeast Asian company that has created a new model for celebrity tokens. As noted by the company itself on its website, GCOX not only revolutionizes the way celebrities interact with their fans, but also allows celebrities to monetize and revitalize their popularity through the different mediums on the ACCLAIM blockchain.
Manny Pacquiao will be the first major test of this model, although GCOX has planned similar releases with singer Jason Derulo and former English footballer Michael Owen.
In the past, other celebrities and athletes have tried their luck with cryptocurrency companies, most with disastrous results. Curiously, one of the best known cases involved a former Pacquiao rival, Floyd Mayweather, who was one of the first defenders of CentraCoin, a debit-connected crypto project, which ended in SEC actions and fraud charges against its founders.
However, Pacquiao’s cryptocurrency venture is expected to have some success, since its scheme is the first to use a celebrity fan base to directly increase the value of the currency.