Why is David Beckham shilling a low cap layer one blockchain?

david beckham digitalbits

Digitalbits, a layer-one blockchain solution with a market cap of just over $400 million, has announced that David Beckham will be their new global ambassador. According to the statement, he will “help bring the transformative power of the DigitalBits blockchain to consumers, brands and other organizations around the world.” The press release reads much more like a letter to VCs than a value proposition to developers or retail investors. There is a strong focus on the strength of the David Beckham brand, the companies he has worked with and the size of his social media following. While these elements appear to be bullish for the project, their token, XDB, is down 20% on a day when Bitcoin broke $45,000.

Source: Trade View

Celebrity Approved Crypto

Recently, Jake Paul has been criticized for making millions from pump-and-dump crypto schemes and Kim Kardashian and Floyd Mayweather promoting Ethereum Max, only to be sued by investors later. These are just a handful of times when celebrities, who know little to nothing about blockchain, have been paid to fund a project. Yet the name David Beckham is not often heard alongside the other names in this section. Known for his charitable nature, he has been making smart corporate takeovers since he retired from football. Guild Esports, a London-based gaming company co-owned by Beckham, is one of these investments. Maybe he thinks moving to the ‘metaverse’ is the next logical step in developing his brand?

Beckham’s Worldwide Admirers

Beckham is no stranger to the role of global ambassador. It’s one he’s taken with companies like UNICEF, AIA. Maserati and Tudor. As Digitalbit points out, Beckham has a huge brand reach, and it knows it. His main asset is his image, and as a result he will sell the rights for a time to any company that fits his vision and is willing to pay. The entire Digitalbits campaign is titled “Beckham goes into the metaverse”, and the campaign video starts with him kicking a ball of energy. It has good energy and looks great but I wondered what it actually said. You can watch the sci-fi announcement video of Beckham’s arrival on the Digitalbits website. I’ve read the press release, scanned the website and looked at all the PR material, and I still don’t know what David Beckham is actually bringing to the table, other than his face. While that face has a huge reach, it’s split among a dozen other companies who also consider him their “global ambassador.”

I love Beckham, I grew up watching him play in my hometown, and he’s part of some of the best moments of my formative years. It’s probably for this reason that I’m willing to give him a break, but I just don’t understand that this isn’t just about the money. When asked about the move, Beckham himself said,

“I’m always looking for new ways to connect with my fans around the world. The moment I spoke to Al and the DigitalBits team, I knew this was a great opportunity to create new experiences for my fans online. I have always been proud to work with the best teams and I am so excited to work on my NFT collections and more innovations in the future.”

Does he add value?

His comments contain little more than a possible leak of some official David Beckham NFTs on the Digitalbits ecosystem in the coming months. The main title tag on the Digitalbits website reads “The Blockchain for Brands”, so it seems they are targeting traditional companies looking for blockchain. For that reason, it may seem like a brilliant idea to use Beckham to give you brand recognition. The website and press also feature many popular phrases such as “eco-friendly blockchain”, “metaverse” and “diverse regional strategy”. However, I can’t determine why anyone would choose an unknown, unproven blockchain to host their brand simply because David Beckham is in an ad. This may well be why their token made headlines; a real sell the news event. If you are still interested in the project, it is available on Kucoin and has increased by 2000% since July 2021. Will Beckham come out on top, or has he picked a legendary 100x gem? Let me know what you think on Twitter.

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