• The Fyre Festival of 2017 was an ill-fated event fueled by mendacious influencer marketing.
• Celebrities such as Kendall Jenner had to pay out of pocket for their involvement in promoting the festival after government agencies got involved.
• Crypto marketing needs to change and 2023 should be the year for influencer accountability.
The Fyre Festival of 2017 was an event that captivated the public’s attention for all the wrong reasons. It was a beachside paradise with A-list models such as Kendall Jenner, but the reality did not match the hype. Instead of a luxurious experience, attendees found themselves stranded in a disorganized mess of dilapidated cheese sandwiches and wrecked local businesses.
The root cause of the fiasco was the deceptive use of influencer marketing. Without properly vetting the concept or disclosing financial relationships to Fyre, celebrities were happy to cash in on the opportunity. After the media circus was over, Jenner was forced to pay a hefty price for her involvement in promoting the festival—$90,000 out of pocket to the government.
In light of the Fyre Festival, it’s clear that crypto marketing needs to change. Companies must take more responsibility for the influencers they enlist to promote their products, and influencers must be held accountable for the services they provide. This is especially true in the age of social media, when celebrities have the power to sway public opinion and shape public conversations.
2023 should be the year for influencer accountability. Companies should make sure that their influencers are transparent about their financial relationships and have a clear understanding of what services are being provided. Influencers should not be held to a higher standard than companies—they should be held to the same standard.
The crypto industry has great potential, and it will only reach its full potential if it embraces greater transparency and accountability. Companies should take more responsibility for the influencers they enlist and the services they provide. It’s up to us to make sure that 2023 is the year that crypto marketing takes steps towards greater accountability.