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Kim Kardashian West and other influencers are being paid to advertise cryptocurrency on social media

As cryptocurrency has become more mainstream this year, it has reached the influencer world. Influencers, such as the D’Amelio family and Tana Mongeau, have started to post paid advertisements on their social media platforms for different digital coins and exchanges.

Even Kim Kardashian West posted an ad for ethereummax on her Instagram story on Sunday to her 228 million followers.

Followed by a short clip of her speaking to her camera about ethereummax with “#ad” written at the bottom of the screen, Kardashian West posted text: “Are you guys into crypto???”

“This is not financial advice but sharing what my friends told me about the ethereum max token!” the post read. She again added different hashtags, including #ad, which is required to reveal that her post is paid for, along with #emax and #disrupthistory.

Other celebrities, including Floyd Mayweather, have endorsed ethereummax as well. Mayweather brought up the altcoin during the Bitcoin 2021 Conference earlier this month and was, in turn, booed off stage. Ethereummax was also accepted as payment for tickets to Mayweather’s recent fight with YouTuber Logan Paul.

Ethereummax is an altcoin that redistributes a small percentage of transactions to its token holders. It launched in May with a total supply of 2 quadrillion.

However, despite its star-studded partnerships, ethereummax is viewed as a more risky cryptocurrency to some in the crypto world. As Decrypt points out, it’s “mostly just a marketing campaign.”⁠ Ethereummax doesn’t have a white paper as other crypto projects do, and only a few details about its developers are known. (The ethereummax team did not immediately respond to CNBC Make It’s request for comment.)

Gen Z and young millennial influencers — many of which primarily have young followers — have posted paid ads for cryptocurrencies and exchanges recently as well.

Source: CNBC