NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation – The Wall Street Journal

nfts,-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-–-the-wall-street-journal

In a recent ad for cryptocurrency exchange FTX, Tom Brady asks seemingly everyone in his contact list, “You in?” As in, are you going to join him in buying some crypto, and not, presumably, in being a football star married to a supermodel. The pitch is straightforward celebrity-endorsement fare, designed to capitalize on the FOMO that is the standard psychological tactic of those who are already invested in cryptocurrencies and related technologies, and who would like the rest of us to come aboard. Mr. Brady has an equity stake in FTX.

A “You in?”-style pitch is also typical of successful multilevel marketing companies. Both make a virtue of the fact that our getting “in” will obviously enrich those urging us to do so, by driving up the value of their own holdings or network. And then, hey, the same could be true for us!

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