Floyd Mayweather’s NFT and crypto track record appear to be the polar opposite of his boxing career.
Floyd’s performance in the crypto market may be familiar to those who follow the crypto space and the celebrity endorsements and intervention in the industry.
If his prior results in crypto and similar areas are any indication, the renowned Boxer may find himself in yet another unpleasant brush with financial regulators.
The beef between Mayweather and SEC
Mayweather and cryptocurrency initially crossed paths in 2018, when the boxer was involved in the marketing of Centra Tech’s initial coin offering, or ICO.
The initiative later proved out to be a hoax, and Mayweather was fined $100,000 for his involvement. Despite the fact that many saw this as a low punishment for him as the creator of the crypto debit card fraud, Centra Tech Sam Sharma was sentenced to eight years in jail.
The Boxer then took part in additional questionable ICO campaigns such as HubiiNetwork and STOXX in a similar time zone. Floyd’s involvement benefited him nearly $300,000 to market the ventures, according to the SEC investigation.
Then came the struggle between the commission and Floyd, in which the regulatory body stayed tough on the world-famous boxer.
Mayweather’s $300,000 profit was initially seized by the SEC, which then issued a $300,000 punishment and provided a $14,775 interest refund. Finally, the Boxer had to pay $614,775 to the SEC.
He was also barred from advertising any securities for three years by the Securities and Exchange Commission. So, in the end, the famed mister I never lose, lost the duel with the regulatory authorities by a score of 3-0.
Mayweather is back at NFT with mayverse. The NFTs will bear Floyd’s picture and will offer different utilities and prizes to holders, depending on the item’s rarity. At the time of writing, nothing is known about the project beyond that it will include a boxing gym in the Metaverse.
The debut date and pricing are yet to be announced, but the initiative is generating a lot of buzz. The project’s dedicated Discord channel already has over 5,000 members.