There are a number of reasons for why someone would buy into a particular kind of cryptocurrency; because they were enamoured with the investment potential of it as a digital asset, its intrinsic value as a currency behind a unique business idea. But what about as an official digital currency for a professional welterweight champion?
According to news outlets this week, this is exactly what Manny Pacquaio has brought out for his vast number of fans. Known only as the 'PAC' Coin, it effectively represents yet another notch in the accomplished Philippine boxer's belt; having previously been a world champion, politician, and now cryptocurrency mogul.
So what on earth is the PAC Coin exactly? To summarize, it's much akin to a digital currency used in order to redeem official Pacquaio merchandise. This is also balanced in conjunction with giving holders that ability to exchange them both for merchandise and opportunities to "interact with him via social media."
This would set it apart from other cryptocurrencies out there, especially if these PAC coins offer users some kinds of discounts on merchandise, and do actually give holders some unique advantage over other fans, but that remains to be seen.
The 'founder' of the crypto, Pacquiao used one of his own talents to regale more than 2,000 fans with a series of love songs as the coin was launched to Singapore's Global Crypto Offering Exchange (GCOX).
With the success of the boxer in moving a substantial number of these coins, with its fair share of interested fans, and even celebrity backers.
According to news outlets, such as The Telegraph and Reuters: these include Michael Owen, former England and Liverpool FC legend, along with Sheikh Khaled bin Zayed al-Nahyan, who is a major member of Abu Dhabi's ruling family.
More than enough celebrities have since expressed interest in emulating Pacquaio's success, and seeking to create their own innovative kind of ecosystems. Caroline Wozniaki, the Danish Tennis player and even the internationally renowned singer Jason Derulo have since demonstrated that they're seriously considering taking the plunge too.
So what is it that cryptocurrencies and, by extension, blockchain provide celebrities that another ecosystem doesn't? For one, sovereignty; the ability for merchandise to be fully certified to ensure buyers that it's authentic, but gives them some kind of digital certificate that it is a wholly unique collector's item.
A second, according to Richard Parris, according to Saito, is the fact that it allows for the creation of a secondary market. Parris argues that, in this way, the PAC Coin is “an interesting idea: essentially creating a digital collectable that can be exchanged for physical ones.”
On this secondary market, Parris argues that Pacquaio is “talking about a collectables ecosystem for fans of the celeb… extensive trading with exchange fees will make the money.”