Litecoin changed the rules of the marketing game for Cryptocurrencies worldwide, by becoming the first Crypto to sponsor a UFC fight. It took place in December 2018, leading up to mainstream cryptocurrency marketing strategies.
Charlie Lee, the creator however faced backlash from Bitcoin maximalists for taking the marketing step. However, he explained the reason for it recently in an episode of Magical Crypto Friends featuring Monero’s Riccardo Spagni, Blockstream’s Samson Mow and whale panda (not his real name).
“So it kind of wanted like build that brand and make it more well-known, and it’s really kind of helped a lot. I mean we’ve reached a lot of people, [they’ve] have reached out to us, talked about like coin just because if they heard about the UFC sponsorship yeah. I think it’s pretty cool, plus that the fight was pretty amazing.”
Charlie also got a lot of backlashes from the Bitcoin maximalist community for promoting LTC with paid sponsorships. Trying to rationalize as to why they would hate on Litecoin for that, Charlie says:
“Because the Litecoin foundation sponsored an ad for Litecoin it makes Litecoin a scam I think that’s the idea or maybe it became more of a threat to Bitcoin I don’t know…”
It looks like the marketing worked as several UFC fans who never took an interest in cryptocurrencies, started gaining interest in Litecoin.
At the time of writing Litecoin is ranked at 8th place, with a market cap of $1,867,295,329 and a value currently in the red at $31.06.
Litecoin is known as Bitcoin’s little brother who is not as known. Hence such marketing could lead it to become a recognized brand mainstream, and with micropayments being favored thanks to its low transaction costs and fasts speed.
Litecoin is already starting to make an impact amongst UFC with a sponsorship of Ben Askren, who is a wrestler and will be entering the UFC ring for the first time. Askren tweeted his support to Litecoin-
— Ben Askren (@Benaskren) January 15, 2019
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