LeBron James aka The G.O.A.T is the most recent athlete to join forces with a cryptocurrency firm. The Los Angeles Lakers forward is teaming up with Crypto.com to teach kids about blockchain technology and “Web3.”
Crypto.com will collaborate with James’ foundation to provide educational and workforce development opportunities in emerging technologies, including in inner-city areas, as part of the relationship.
In a statement, James stated, “Blockchain technology is transforming our economy, sports and entertainment, the art world, and how we engage with one another.”
Blockchain is the technology that powers bitcoin and other cryptocurrencies, allowing users to conduct safe transactions through a decentralized digital ledger. Web3 is a trendy phrase for a variety of blockchain-based internet services and mobile apps, including cryptos and non-fungible currencies. It’s often thrown around when talking about the even more buzzed-about metaverse, a network of virtual and augmented reality domains that folks like Meta (previously Facebook) founder Mark Zuckerberg see as the mobile web’s future.
Crypto.com, which barely began operations in 2016, has made a strong showing in the brave new realm of decentralized finance, or “DeFi.” Users can exchange cryptocurrencies and NFTs, which are one-of-a-kind digital certificates that grant ownership of art, video, and other digital artifacts.
Crypto.com is spending little money to market its brand, employing Hollywood actor Matt Damon for an ad campaign and renaming the Staples Center in Los Angeles, where James plays for the Lakers, to Crypto.com Arena.
One thing that James’ efforts may teach young people is that platforms like Crypto.com are frequently targeted by crooks. Last week, the company announced that attackers had hacked its security systems and stolen more than $30 million in bitcoin and ethereum.
According to investment bank Jefferies, the NFT market is expected to rise to $75 billion by 2025, up from $14 billion now. Much of the expansion will be driven by the boom in sports NFT products.
But, as James points out, the rise of these technologies is also producing employment prospects. Jobs connected to blockchain, cryptocurrency, and NFTs are already listed on job sites like Indeed and LinkedIn, and major educational institutions like the University of Pennsylvania’s Wharton School already offer degrees in blockchain and digital assets.
James believes that knowing about blockchain and Web3 will aid in closing the so-called digital divide that exists between individuals in higher-income areas and those in lower-income areas. According to the Pew Research Center, over a quarter of Americans with yearly family incomes of less than $30,000 do not own a smartphone, and tens of millions of youngsters do not have access to high-speed internet service.
“I want to make sure that communities like mine aren’t left behind,” James explained.