Amid skyrocketing prices in decentralized finance, also known as DeFi — a current hyped niche of crypto — one project offered half a million dollars as payment for media visibility.
An unnamed DeFi project contacted trader and YouTuber Tone Vays, offering $500,000 for advertisement, Vays detailed in a Sept. 2 tweet, providing a screenshot of the action.
Mentioning the DeFi project, the representative said:
"They are doing well, they are well-backed, their token is listed on some exchanges, they want to go to the next stage so they need a few top people in crypto to do a bit of shilling on social media, etc… for that they are willing to give $500k worth of tokens that can be straight away sold on three of the top exchanges where they are listed. Let me know if you want an extra $500k… easy money dude."
Sometimes seen in the crypto space across YouTube and Twitter, sponsored content holds as an opportunity in which influencers receive payment for coverage on different assets, companies or projects. As the industry involves financial assets rising and falling in price, however, paid posts require the right approach and the inclusion of necessary disclosures.
In a subsequent tweet, Vays said he did not know the name of the project and did not care about it. Vays is known for calling most crypto projects worthless.
The DeFi fringes of crypto have been incredibly lucrative for some, spurring a constant hunt for the next project under the spotlight.