The world’s first celebrity cryptocurrency – by Manny Pacquiao

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Cryptocurrencies emerge from everywhere nowadays: from companies, from governments, and not so often – from individuals. However, one such individual has announced that he is launching what is essentially the first celebrity cryptocurrency.

Manny Pacquiao is a champion boxed who just announced the launch of his very own cryptocurrency in front of a crowd in Manila. The alt coin is called the “pac” and is not so much a currency, but a way Manny’s fans can get merchandise and other materials from the boxer.

While the scope of the alt coin is not very traditional in the sense of what cryptocurrencies do, the pac’s value will be derived from the demand of Manny’s fans for his products and the willingness to interact with him. The currency provides a tradeable token who value is depending on the demand and is secured by a decentralized ledger, just like a normal cryptocurrency.

Mr. Pacquiao is in fact the first celebrity to successfully launch a cryptocurrency. The project is brought to life with the help of GCOX Group. GCOX has actually created a model for establishing the so called celebrity tokens. The company apparently realizes that fans need diversified ways to interact with their stars and has developed a new way of popularizing the trend. According to their website: “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 are housed on the ACCLAIM blockchain.”

As The Verge reminds us, there were numerous celebrities who tried to launch their own digital coins or have tried to do a cryptocurrency project, including Steven Seagal, Floyd Mayweather Jr. and others.

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