Cash News
ATLANTA, GA – DECEMBER 9: Rapper Drake performs onstage during “Lil Baby & Friends Birthday … [+]
When we think of celebrities entering the Web3 space, it’s often synonymous with scams. For years, the narrative has been consistent: entertainers dive in, and users end up losing money. This has held true during the ICO era of 2017, the NFT
APENFT
Solana
If you’re not familiar with Stake, here’s a quick overview. Founded in 2017 by Edward Craven and Bijan Tehrani, Stake has grown into one of the world’s leading online crypto casinos. Both founders brought their expertise in online gambling and cryptocurrency to create a platform where users can gamble using various cryptocurrencies, including Bitcoin
Bitcoin
Ethereum
Drake first partnered with Stake in 2022, with reports from the Financial Times indicating he was earning $100,000 annually from the partnership. Given Stake’s remarkable success since then, it’s likely that his compensation has increased by 2024. The company has been so profitable that a $41 million hack in September 2023 barely caused a ripple—Stake simply acknowledged the incident and moved on. In other words, they’re printing money.
The partnership has been so successful that on Drake’s Instagram page, which reaches over 145 million followers, the Instagram handle and domain for Stake appear before anything else in his bio. Considering the impact of a prime spot in Drake’s bio, it’s noteworthy that Stake comes ahead of everything else, including Nocta, the Nike sublabel Drake launched in 2022, his record label, October’s Very Own, his fragrance company, Better World Fragrance House, and even his official fan club page. This visibility on one of the world’s most followed Instagram accounts significantly boosts Stake’s presence, making it more than just another Web3 platform.
While links and handles in a bio might seem like the most valuable digital real estate, Drake takes it a step further by using his Instagram stories to showcase his bets on Stake. He does this consistently, with one of his recent wagers being a $450,000 bet on UFC 305’s Main Event, backing Israel Adesanya to defeat Dricus Du Plessis for the UFC middleweight title. Not only is he using the platform, but he’s also actively promoting his massive bets each time, making them visible to his followers. And when he isn’t posting, the Stake link remains prominently displayed in his bio, ensuring continuous visibility.
Whether or not Drake has been successful in sports betting is another story. His frequent wrong takes on public bets have given rise to the meme known as the “Drake curse”, where teams and athletes often lose when he publicly supports or bets on them. One of the most notable recent examples of the Drake curse in action was Israel Adesanya’s loss to Dricus Du Plessis this past week on August 17th, 2024.
Given that Drake has consistently understood and leveraged internet trends throughout his career, it’s likely that he fully grasps his role as a meme and intentionally leans into it. With Stake potentially covering his losses in exchange for the media buzz generated each time the “Drake curse” strikes, this strategy could be seen as a clever way to generate paid media. However, none of this detracts from the fact that a Web3 betting application is being successfully endorsed by one of the world’s most successful artists. Not only is this the most successful brand endorsement deal in Web3, running strong for years, but it’s also a massive brand deal in general, regardless of industry. And yet, it’s been happening right under people’s noses the entire time.
This landmark partnership between Drake and Stake upends the common perception that celebrity involvement in Web3 is synonymous with scams and user losses. Instead, it demonstrates the industry’s growing maturity, where legitimate, revenue-generating business models can attract top-tier talent and endorsements. As more mainstream figures like Drake embrace crypto-based platforms, it could pave the way for increased consumer comfort and trust in these emerging technologies.
It’s clear that the most successful celebrity collaboration in Web3 to date is the partnership between Drake and Stake. In any other industry, a company generating billions in revenue annually, capable of investing hundreds of millions in brand endorsements, and consistently generating widespread media attention would be seen as a massive success—and the same holds true here. Drake quietly emerging as a leading face of the Web3 space is just another example of his ability to strategically lean into the brand he’s cultivated for himself.