Furthermore, some advertisers have viewed celebrity endorsements as ineffective because, at least in conventional advertising, audiences might view it as insincere and inauthentic. Consumers might cynically view the celebrity’s relationship with the brand as purely transactional rather than as a genuine endorsement.
And now, with the FTX collapse, celebrities are being associated with an extremely negative event that might damage their own celebrity image. Rather than smart successful players, athletes such as Tom Brady and Stephen Curry, might be viewed by their fans as either fools (they had no idea) or knaves (they knew but didn’t care)—in either case, undermining their fans’ faith in them.