Will Smith Crypto: Yes, it Exists and Why its Surging

Will Smith slapping
Chris Rock marked this year’s Oscar Awards Ceremony. But just as fast as the
megastar’s hand reached Chris’s face, so did the cryptoverse conjured yet
another couple of meme tokens.

 

As we all know, meme
tokens sprout almost instantly after something goes viral in hopes of quickly
capitalizing from that moment.

 

What is now known as
“The Slap Heard Round the World” is no exception to this rule. However, as we
have seen many times before, it is unlikely that the Will Smith Crypto Token
stays fresh.

 

If you aren’t paying
attention to the cryptosphere, there were a couple of projects which turned out
to be either:

 

·      A major rug pull, as it
happened with the Squid Game token, a project in which the developers took off
with all the money and left it a $0, or:

·      Sued into oblivion,
which happened with Coinye as it got sued by Kanye West.

 

So far, regarding the
Will Smith incident, the two main projects we’re seeing are:

1.   
The
Will Smith Slap DAO: which has been selling non-fungible tokens (NFTs) on
OpenSea, a well-known, established marketplace

2.   
The
Will Smith Inu token, which can be found on several decentralized exchanges

 

Will Smith Crypto – Good
or Bad Idea?

 

As it happens with
these meme tokens, the Will Smith Inu, which isn’t a Will Smith Crypto
by the way, has surged overnight, seeing almost $2 million USD in trading
volume despite having no project or business model to back it up.

Keep in mind that
virtually anyone can figure out how to create and launch a token.

 

As it happens, they can
name that token whatever they want and regardless of how much irony a project
may be imbued with, the money pouring in might* still be very real (* we say
might because wash trades are very frequent in crypto as a mean of creating the
impression of market interest).

 

Many crypto systems out
there offer the tools for a quick and easy token creation process, so it takes
literally minutes from start to finish.

 

Moreover, given that
the token creation process maintains the anonymity of the creators, they might
not even get in trouble for it.

 

Is Will Smith Crypto Any
Different?

A distinction must be
made between projects which stains crypto’s name and gives the crypto community
a bad rep by using the unauthorized use of a celebrity’s name and, for example,
a celebrity endorsement of a token.

 

Not all tokens are
token projects are trying to vaguely associate themselves with public figures
or world events.

 

In fact, Lionel Messi, arguably
the best soccer player of all time, has just endorsed “Socios” in a reported
$20 million USD deal.

 

Socios, now seen as the
“Leo Messi Crypto”, is powered by Chiliz ($CHZ) which is one of the
oldest mainstream crypto projects in the cryptoverse.

The project has been
busy lately with the signing of several American NBA teams and European soccer
teams and fan token holders are in for a treat.

 

Token holders (and you
only need a single token) get to engage with their clubs, vote in polls, earn
signed jerseys, and incredible experiences like playing a soccer match at your
team’s stadium as it happened with Barcelona token holders.

 

Not All Crypto
Celebrities are Created Equal

 

Not all celebrity
projects are the same. Keep things simple and remember to always do your own
research and check whether the project is in fact endorsed, has a reputable dev
team, and so forth.

 

Rug pulls are frequent
and there are many projects out there which tarnish crypto’s reputation, but
occasionally one will come along, and it will make sense for you to get in on
it early.

 

Only your research will
be able to tell you if that’s the case.