Floki Inu (FLOKI) has been on a marketing blitz recently. While the promise of the "next Dogecoin" may be an obvious red flag for you, it may not be to others.
What is FLOKI?
- Self-described "not a meme coin. IT'S A MOVEMENT" is an ERC-20 and BEP-20 token transferable on the Ethereum and Binance Smart Chain networks.
- Floki Inu derived its name from Elon Musk's Shiba Inu, Floki, despite having no affiliation with the Tesla founder or his dog.
- Besides its namesake token, Floki Inu allegedly is developing a DeFi platform, metaverse/web3 play-to-earn game, and a collection of NFTs.
Partnerships and Advertising
- Floki is able to raise money for large sponsorship deals and influencer partnerships because the project takes a 3% marketing fee for buying and selling the token.
- Floki Inu has reportedly signed three sponsorship deals with soccer teams in some of the most popular leagues. These deals include:
Kerala Blasters FC, India (ISL): 2021-22 season jersey sponsorship.
Cádiz FC, Spain (La Liga): 2021-22 season jersey sponsorship and promo assets.
SSC Napoli, Italy (Serie A): Stadium and jersey sponsorship.
- Floki is currently under investigation by the UK's Advertising Standards Authority (ASA) after it posted ads across London's transit terminals stating, "Missed DOGE? Get FLOKI."
Why am I taking the time to write about this?
Typically I stay away from writing about cryptocurrency projects that focus solely on marketing efforts and FOMO to build credibility. I stay even further away from Shiba-themed crypto projects that are inspired by Elon Musk tweets that are created by a pseudonymous team.
However, the Floki marketing team has been quoted in the Financial Times, and other less-than-critical reports of the token have been covered by Nasdaq, Forbes, and other major financial publications. Similar coverage attracted a large group of people to the SQUID token, which dropped from $2,862 to $0 in seconds.
Floki, Squid, and other projects are not only harmful to the reputation of crypto but can be financially devastating for those who choose to participate. Even if you wouldn't fall for something like this, crypto scams wouldn't still be around if they weren't successful.
So if you're avoiding talking politics at Thanksgiving and someone inevitably brings up crypto, it might be a good time to make sure your grandma/uncle/etc. isn't putting their savings into a metaverse, DeFi, NFT, Web3 crypto project inspired by an Elon Musk tweet.