LeBron James teams up with Crypto.com to teach kids about blockchain

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LeBron James is the latest star athlete to partner with a cryptocurrency company. The Los Angeles Lakers star joins Crypto.com to teach kids about blockchain technology and something called “Web3.”

As part of this partnership, Crypto.com will work with James’s foundation to provide training and workforce development opportunities around emerging technologies, including in downtown neighborhoods.

“Blockchain technology is revolutionizing our economy, sports and entertainment, the art world and the way we interact with each other,” James said in a statement.

Blockchain is the technology behind bitcoin and other cryptocurrencies, allowing users to transact securely using a decentralized digital ledger. Web3 is the buzz term given to a range of online services and mobile applications built on the blockchain, including cryptos and non-fungible tokens. He’s also rocked to discuss the even more hyped Metaverse, the network of virtual and augmented reality domains that the likes of Meta (formerly Facebook) founder Mark Zuckerberg envision as the successor to the mobile web.

Crypto.com, which only launched in 2016, moved quickly to establish itself in the brave new world of decentralized finance, or “DeFi”. The Singapore-based company allows users to trade cryptocurrencies and NFTs – the unique digital certificates that confer ownership of art, video and other digital collectibles. And Crypto.com is sparing no expense in promoting its brand, hiring Hollywood star Matt Damon for an ad campaign and paying $700 million to rename the Staples Center in Los Angeles, where James plays for the Lakers, now officially called Crypto. .com Arena.

One thing young people can learn from James’ efforts: Platforms like Crypto.com are routinely taken down by thieves. The company said last week that cybercriminals breached its security systems and took away more than $30 million in stolen bitcoin and ethereum.

Explain Web3 07:09

For a group of professional athletes and celebrities, the lesson may be that the current fascination with blockchain is a ticket to getting paid millions for intangibles. In 2021, for example, Tampa Bay Buccaneers quarterback Tom Brady launched an NFT service dubbed Autograph that will help sports, entertainment, and fashion personalities develop their own tokens.

The NFT market is expected to reach $75 billion by 2025, from around $14 billion today, with much of the growth driven by the rise of sports NFT products, according to investment bank Jefferies.

But what is equally true, as James suggests, is that the emergence of these technologies creates employment opportunities. Career sites like Indeed and LinkedIn already list jobs related to blockchain, cryptocurrency, and NFTs, while prestigious educational institutions like the Wharton School at the University of Pennsylvania now offer certificates in blockchain and digital assets.

James suggests that learning about blockchain and Web3 will help bridge the so-called digital divide separating the more affluent from those in low-income areas. According to the Pew Research Center, about a quarter of American adults with an annual household income of less than $30,000 say they don’t own a smartphone, while tens of millions of children don’t have access to a service. High-speed Internet.

“I want to make sure communities like the one I come from aren’t left behind,” James said.

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Alain Sherter

Alain Sherter covers business and economic affairs for CBSNews.com.

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