Philippine boxer Manny Pacquiao has launched his own cryptocurrency token. Financial help from former football star Michael Owen and Sheikh Khaled bin Zayed al-Nahyan made this possible. According to Reuters the token allows fans to buy merchandise, interact with the boxer on social media or support one of his charities.
The token will be available on Singapore’s Global Crypto Offering Exchange (GCOX). Pacquiao is an investor into this exchange. The PAC Token is the first of many celebrity tokens. Tennis star Caroline Wozniacki and singer Jason Derulo will follow Pacquiao’s example. Those who are interested can sign up for the token.
However Manny Pacquiao has not been sitting still. The boxing champion won the WBA Welterweight Super Championship in July. On top of that he’s a senator in the Philippines. Last weekend he did a free concert in Manila, where he sang for more than 2000 fans.
However, one has to wonder what such a celebrity token really means. Because there’s no mining. On the contrary, there’s a set amount of tokens available. Fans can buy merchandise already and they can already follow him on social media. The website mentions personalized video greetings and live streams, but there doesn’t seem to be any utility besides paying for fan services.
PAC Token (PAC) rides on the advantage of blockchain by transforming the popularity and brand of Manny Pacquiao into crypto tokens which are quantifiable and exchangeable. Millions of fans will now be able to get closer to their idol Manny Pacquiao by having access to his bespoke fan-celebrity programmes powered by GCOX.PacToken.io – September 2nd 2019
Not without risks
GCOX told Reuters in October last year that they have high expectations for the celebrity token project. CEO Jeffery Lin is aiming for 300 to 600 million dollars in potential sales. One month later DJ Khaled and Floyd Mayweather had to pay thousand of dollars in fines. They did not disclose their promotional messages on social media.