Various celebrities have shown an increasing interest in initial coin offerings and cryptocurrencies. As one would expect, this alarming trend has attracted the attention of the SEC. Even so, Wesley Snipes is convinced that his involvement in a brand-new cryptocurrency will pan out in a positive manner.

Wesley Snipes Sees Merit in Cryptocurrency

Although the nod of approval from Wesley Snipes in regards to cryptocurrency is certainly appreciated, it is still not an industry in which just anyone should get involved. Especially when it comes to acting as a cryptocurrency entrepreneur, there are a lot of pitfalls people need to avoid. While it is true Wesley Snipes has picked up a thing or two over the years, it remains to be seen how his latest endeavor will play out.

More specifically, Wesley Snipes has linked his name and fame to a new messaging app called NYNJA. This particular application makes use of cryptocurrency – a native token, of course – and aims to revolutionize the messaging industry as a whole. It is evident this project is not exactly unique in this regard, as various messaging apps have tried their hand at cryptocurrency over the years. So far, most of them have failed, and it remains to be seen if NYNJA will fare any better.

It seems this new company has made a big impact on Snipes in many ways. Even though he only previewed an early alpha build of this communications platform, Snipes seems more than impressed. Whether or not the rest of the world shares his sentiment is a different matter altogether. Most cryptocurrency users are not all that impressed by new products these days, especially if said products have no proven track record or working product from which the entire world can benefit.

It is not the first time a celebrity has thrown his weight behind a new cryptocurrency venture. Floyd Mayweather Jr. promoted various initial coin offerings on Instagram, as did a few other celebrities. Steven Seagal got tied up in a cryptocurrency project which may have pulled a multi-million dollar exit scam, although that has not been confirmed as of right now. Any venture along these lines is subject to a lot of scrutiny, for obvious reasons.

It is also peculiar that Wesley Snipes has decided to venture into cryptocurrency despite spending time in jail for tax evasion. Cryptocurrencies should not be used for evading taxes or doing anything illegal, although people will try to do so regardless. Even so, various cryptocurrency entrepreneurs have a bit of a colored history when it comes to spending time in jail.

For the time being, we’ll have to wait and see how all of this plays out in the short term. After all, new cryptocurrency projects pop up virtually every day, and very few of them will ever succeed. Having a celebrity back such a venture may lead to some short-term price gains, but in the long run, NYNJA still has everything to prove to the public.