{"id":10406,"date":"2022-03-12T01:33:01","date_gmt":"2022-03-12T01:33:01","guid":{"rendered":"http:\/\/egrowonline.com\/?p=10406"},"modified":"2022-03-12T01:33:01","modified_gmt":"2022-03-12T01:33:01","slug":"reese-witherspoon-and-gwyneth-paltrow-push-for-crypto-sisterhood","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=10406","title":{"rendered":"Reese Witherspoon and Gwyneth Paltrow Push for Crypto Sisterhood"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<p>Actresses Gwyneth Paltrow,<\/p>\n<p>      Reese Witherspoon<\/p>\n<p>      and Mila Kunis have a new message of empowerment for women: They say it\u2019s time to embrace crypto. <\/p>\n<p>They are among a wave of female celebrities pitching cryptocurrencies and NFTs to women, saying the unregulated, volatile market is a boys\u2019 club that they can breach. Stopping short of directly telling their audience to invest, they call for women to do their research and enter the arena. The time is now, they say, to develop a sisterhood of crypto enthusiasts. <\/p>\n<div>\n<p>\u201cWe have watched a lot of these bros get together and earn a lot of money,\u201d Ms. Paltrow, the actress and founder of lifestyle brand Goop, recently told an online audience of 5,000 people in an event by BFF, a cryptocurrency social community targeting women and nonbinary people. <\/p>\n<p>BFF was launched this year by entrepreneurs Brit Morin of the digital media company Brit + Co, and Jaime Schmidt, who founded the natural personal care company Schmidt\u2019s Naturals. Some celebrity members, including the model and entrepreneur Tyra Banks and fashion designer<\/p>\n<p>      Rebecca Minkoff,<\/p>\n<p>      are personal contacts or friends of the founders, Ms. Morin said. BFF, which is free to join and funded by Ms. Morin and Ms. Schmidt, plans to make money by issuing its own NFTs, Ms. Schmidt said. NFTs, or nonfungible tokens, signify ownership of unique digital assets traded on the blockchain.<\/p>\n<div data-layout=\"wrap&#010;              \" data-layout-mobile=\"inline\" class=\"&#010;        media-object&#010;        type-InsetNewsletterSignup&#010;          wrap&#010;    scope-web|mobileapps&#010;  article__inset&#010;        article__inset--type-InsetNewsletterSignup&#010;          article__inset--wrap&#010;  \">\n<div class=\"webui-newsletter-inset\" id=\"webui_newsletter_inset\">\n<div class=\"\">\n<div id=\"newsletter-card-container-427\" class=\"ArticleInsetNewsletterCard--newsletter-card-container-2GnNXjTI7DexTep6Qis6jQ \">\n<hr class=\"ArticleInsetNewsletterCard--partial-hr-1DeVSSYxozlKjCBa1oFn3c \" \/>\n<h4 class=\"ArticleInsetNewsletterCard--newsletter-signup-title-1lX_qTsd_qyFPWrS_ofBJG \">Newsletter Sign-up<\/h4>\n<\/p>\n<div class=\"ArticleInsetNewsletterCard--card-container-3VXU1TS3nFYBuuf9q3mP8e \">\n<div class=\"ArticleInsetNewsletterCard--card-info-container-37bi2ktbJVdyEsdc-uYjAt \">\n<h5 class=\"ArticleInsetNewsletterCard--label-name-2rbcs8VV-ceE9OxoHClnle \" data-newsletter-id=\"427\"> Women In <\/h5>\n<div class=\"ArticleInsetNewsletterCard--card-description-1S-H-t1w6h_dYWFOt6BFx8 \">\n<p> A special newsletter inspired by WSJ\u2019s Women In series, with good reads, inspiring ideas and opportunities to connect with other women business leaders. <\/p>\n<\/div>\n<\/div>\n<\/div>\n<hr class=\"ArticleInsetNewsletterCard--partial-hr-1DeVSSYxozlKjCBa1oFn3c \" \/><\/div>\n<\/div>\n<\/div><\/div>\n<p>\u201cWe deserve to be in the space just as much,\u201d Ms. Paltrow said.<\/p>\n<p>Women lag behind men in investing overall, and crypto exchanges say women currently make up less than a third of their users. Total asset value for cryptocurrencies spiked to more than $2 trillion last year, up from $260 billion in 2020, making it a growth market as well as a volatile one\u2014bitcoin\u2019s price hit an all-time high of $68,991 in November. At 10 a.m. Friday it was trading at $39,293.<\/p>\n<p>Some fans have questioned stars moving from production companies and e-commerce into unproven financial products, and it\u2019s not always clear whether a celebrity\u2019s social-media posts about a crypto product are pure enthusiasm or paid promotion. <\/p>\n<p>Ms. Paltrow, Ms. Witherspoon and Ms. Kunis are not currently paid spokeswomen for any crypto brand, their representatives said. Ms. Witherspoon and Ms. Kunis both have business ventures involving NFTs, and Ms. Paltrow did a bitcoin promotion for the digital payment service Cash App last year.<\/p>\n<p>For some celebrity-entrepreneurs, crypto represents a new way to build their brand and potentially make money from fan loyalty, wrapped in the language of female empowerment.<\/p>\n<p>With crypto, they say, women can right gender imbalances in investing and shape the next chapter of the internet, an arena whose rules have been written mostly by men. More broadly, they\u2019re campaigning for women to help build a new, decentralized internet based around digital currency, commonly dubbed web3. <\/p>\n<p>Last year, hip-hop star Megan Thee Stallion posted \u201cBitcoin for Hotties,\u201d a video on social media that explained how cryptocurrency works and was part of a series of general investment-themed spots she did as a paid spokeswoman for Cash App. In the crypto video, she encourages her audience members to do their research and notes that viewers could lose money. \u201cWith my knowledge and your hustle, you\u2019ll have your own empire in no time,\u201d she adds. \u201cI\u2019ll see you at the top.\u201d <\/p>\n<p>      Randi Zuckerberg,<\/p>\n<p>      sister of<\/p>\n<p>            <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/market-data\/quotes\/CASH\" rel=\"noopener\">Meta<\/a><span class=\"company-name-type\">\u2019s<\/span><\/p>\n<p>      <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/topics\/person\/mark-zuckerberg\" rel=\"noopener\">Mark Zuckerberg<\/a><\/p>\n<p>      and a brand adviser for the cryptocurrency exchange OkCoin, has spoken about the 101s of crypto investing on her YouTube channel and tweeted about wanting to make the digital currency community \u201cfun.\u201d In recent weeks, she posted <a target=\"_blank\" href=\"https:\/\/twitter.com\/randizuckerberg\/status\/1494416366710910992\" class=\"icon none\" rel=\"noopener\">videos of herself<\/a> singing crypto-inspired lyrics to popular songs like Adele\u2019s \u201cHello\u201d and Twisted Sister\u2019s \u201cWe\u2019re Not Gonna Take It.\u201d (Sample lyric: \u201cHello? Can you hear me? A decentralized exchange lets you convert from A to B.\u201d )<\/p>\n<p>Ms. Zuckerberg owns nearly 200 NFTs, almost entirely from women-led projects, according to a representative, who said Ms. Zuckerberg has business relationships with several crypto and NFT companies.<\/p>\n<p>Hollywood agents say they are talking about crypto with their clients. At WME, a top talent agency that represents A-list stars, agents have sought out or been approached by more than 100 clients in efforts to strategize about how to expand their brand in a future world built on a crypto economy. To make money, celebrities can put holdings in crypto, issue their own releases in the digital marketplace or get paid for their endorsements. <\/p>\n<p>\u201cA lot of our talent really do believe that web3 is the future\u2014if you want to be involved in that space, you need a long-term strategy,\u201d said Kate Lonczak, an agent in the company\u2019s digital strategy group.<\/p>\n<p>Paris Hilton, who said she has invested in crypto since 2016, described people in Hollywood and entertainment approaching her for guidance, calling her \u201cCrypto Queen\u201d and looking for tips on getting into the field. \u201cThey\u2019re just asking for advice,\u201d she said in an interview. \u201c \u2018How do I get in this space? What is it?\u2019 \u201d <\/p>\n<p>Ms. Hilton, who sells her own NFTs and has investments in crypto projects, is not a paid representative for any crypto brand, a spokesman said.<\/p>\n<div data-layout=\"inline&#010;              \" data-layout-mobile=\"\" class=\"&#010;        media-object&#010;        type-InsetMediaVideo&#010;          inline&#010;    scope-web|mobileapps&#010;  article__inset&#010;        article__inset--type-InsetMediaVideo&#010;          article__inset--inline&#010;  \">\n<figure class=\"media-object-video article__inset__video media-object-video--standard\"><figcaption class=\"wsj-article-caption article__inset__video__caption\">\n          A group of about 6,000 crypto investors known as CityDAO bought 40 acres of land in Wyoming. WSJ\u2019s Paul Vigna explains how this decentralized autonomous organization, or DAO, came to own this land. Photo illustration: Josephine Chu<br \/>\n        <\/figcaption><\/figure>\n<\/p><\/div>\n<p>Securities and Exchange Commission Chair<\/p>\n<p>      Gary Gensler<\/p>\n<p>      has characterized cryptocurrency markets as <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/sec-will-police-cryptocurrencies-to-maximum-possible-extent-chair-gary-gensler-says-11628007567?mod=article_inline\" class=\"icon none\" rel=\"noopener\">the Wild West of investing<\/a>, saying the asset class is rife with \u201cscams, fraud and abuse\u201d and needs more investor protection. This week the White House <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/biden-to-order-study-of-cryptocurrency-risk-creation-of-u-s-digital-currency-11646823600?mod=article_inline\" class=\"icon none\" rel=\"noopener\">released an executive order<\/a> directing some federal agencies to examine issues around digital currencies.<\/p>\n<p>The SEC has long warned about celebrity investment pitches, including those focused on crypto. The agency in 2017 said celebrities touting initial coin offerings may be breaking the law if they don\u2019t disclose that they\u2019re being compensated for their endorsement. <\/p>\n<p>Many celebrities stress that they\u2019re not financial advisers and their aim is only to educate. \u201cWe have a responsibility\u2026once you learn about something to share knowledge, to welcome people,\u201d Ms. Witherspoon said on the podcast NFT Now, a news and analysis show about the digital assets. <\/p>\n<p>\u201cThis is simply about encouraging women to take little risks, explore and get educated and get in there and try it out and participate,\u201d Ms. Kunis, known for the TV series \u201cThat \u201970s Show\u201d and films including \u201cBlack Swan,\u201d said in an interview. \u201cIf you don\u2019t like it, that\u2019s cool. Don\u2019t just say, \u2018Yech, I don\u2019t get it.\u2019 \u201d<\/p>\n<p>Ms. Witherspoon and Ms. Kunis are some of the influential Hollywood figures rolling out projects around NFTs. Others showing support for NFTs include actress Eva Longoria, who asked her<\/p>\n<p>            <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/market-data\/quotes\/TWTR\" rel=\"noopener\">Twitter<\/a><\/p>\n<p>      fans for suggestions on which NFT to buy next. \u201cLooking for women-led projects!\u201d she wrote. <\/p>\n<p>Hello Sunshine, Ms. Witherspoon\u2019s company, recently announced a partnership with the World of Women NFT collective to create film and TV content around its characters\u2014a diverse array of 10,000 personas, like Woman #5362, who has green skin and a bandit mask, or Woman #2108, who sports white hair and a countrified grain stalk between her blue lips. World of Women NFTs can sell for more than $20,000.<\/p>\n<p>For Ms. Witherspoon, the push is all about discovering and promoting women in this growing space, said Sarah Harden, chief executive of Hello Sunshine. \u201cWe\u2019re not touting crypto trading at all, we are talking about elevating female artists and creators,\u201d she said.<\/p>\n<p>Ms. Kunis has \u201cStoner Cats,\u201d an adult animated short series whose stars include the actress, her husband Ashton Kutcher and Chris Rock. It can only be viewed by people who have purchased from the show an original NFT artwork costing roughly $1,000. <\/p>\n<p>In some cases, it can be hard to tell whether celebrities are being paid or profiting from their proselytizing. <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/the-damelios-are-tiktoks-first-family-and-they-want-to-become-tv-stars-next-11630587600?mod=article_inline\" class=\"icon none\" rel=\"noopener\">TikTok megastar Charli D\u2019Amelio<\/a> and her family <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/p\/COgLlQFBQsx\/\" class=\"icon none\" rel=\"noopener\">thanked crypto exchange Gemini for her birthday present<\/a> on Instagram last year. The item was not labeled as an ad, though it included the hashtag \u201cGeminiPartner,\u201d which Gemini said indicates a promotional post. The gift was crypto currency, according to a person familiar with the offering.<\/p>\n<p>Some of these crypto-enthusiasts say they just don\u2019t want women to miss out on the next big thing, if not the next sure thing. Ms. Kunis said women should not buy NFTs expecting to make money. \u201cJust do it because you love it,\u201d she said.<\/p>\n<div data-layout=\"inline&#010;              \" data-layout-mobile=\"\" class=\"&#010;        media-object&#010;        type-InsetRichText&#010;          inline&#010;    scope-web&#010;  article__inset&#010;        article__inset--type-InsetRichText&#010;          article__inset--inline&#010;  \">\n<div class=\"media-object-rich-text\">\n<h4>SHARE YOUR THOUGHTS<\/h4>\n<p><em>Are you investing in crypto and NFTs? Why or why not? Join the conversation below.<\/em><\/p>\n<\/p><\/div><\/div>\n<p><em>\u2014Paul Kiernan contributed to this article.<\/em><\/p>\n<p><strong>Write to <\/strong>Ellen Gamerman at <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/mailto:ellen.gamerman@wsj.com\" class=\"icon \" rel=\"noopener\">ellen.gamerman@wsj.com<\/a><\/p>\n<\/p><\/div>\n<p>Copyright \u00a92022 Dow Jones &amp; Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8<\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.wsj.com\/articles\/reese-witherspoon-and-gwyneth-paltrow-push-for-crypto-sisterhood-11647017051\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Actresses Gwyneth Paltrow, Reese Witherspoon and Mila Kunis have a new message of empowerment for women: They say it\u2019s time to embrace crypto. They are among a wave of female celebrities pitching cryptocurrencies and NFTs to women, saying the unregulated, volatile market is a boys\u2019 club that they can breach. Stopping short of directly telling [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[39],"tags":[62,6144,6145,297,6142,6146,6143],"class_list":["post-10406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ico","tag-crypto","tag-gwyneth","tag-paltrow","tag-push","tag-reese","tag-sisterhood","tag-witherspoon"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/1647048778_social.jpeg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10406"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10406\/revisions"}],"predecessor-version":[{"id":10408,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10406\/revisions\/10408"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/10407"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10406"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}