FaZe CEO Banks has addressed the criticism surrounding his emphasis on cryptocurrency as he works to rebuild the esports organization from the ground up.
FaZe Clan is currently undergoing significant changes as it recently let go of 110 employees, including several of its most prominent content creators.
Following the removal of all but fourteen influencers, FaZe formed a fresh content house with four new additions… but this is not the sole significant alteration that the organization has recently undergone.
In March 2024, Banks unveiled CTV, a content and media platform centered around cryptocurrency. This decision has been met with skepticism from critics within the industry, particularly as he has hinted at plans to venture into crypto gaming similar to Dr Disrespect’s Deadrop.
Despite FaZe’s previous involvement with cryptocurrency, this recent decision has caused concern among fans as they fear the organization may shift its focus towards becoming a crypto company. This concern was addressed by FaZe’s CEO in a recent CTV episode on May 7.
Banks contended in the video that he and his fellow crypto investors were trailblazers in the field, predicting that cryptocurrency will become as prevalent in the future as the internet and social media are currently.
“There used to be people who denied the existence of the internet, you catch my drift? But by 2024, it became impossible to deny its existence. Everyone is involved in this technology, whether they are aware of it or not, whether they choose to be or not. Unless, of course, you are Amish.”
“We may have to reach that point eventually, where there are no comments that resemble that. Although that may be a distant future, we are currently laying the groundwork for it.”
Addressing the Crypto controversy https://t.co/g3mByb6rNy
— FaZe Banks (@Banks) May 7, 2024
He proceeded to clarify his lack of interest in producing vlogs on YouTube, stating that he feels compelled to focus on crypto due to his strong passion for it.
He expressed his dissatisfaction with YouTube, stating, “It does not benefit me or my soul.”He added that he does not enjoy creating content for the platform. Currently, all the work he does with FaZe is genuine and driven by his love for the brand. He feels that it is similar to his early days in gaming.
His colleagues were in agreement with him, acknowledging that while there may be a lot of fraud in the crypto industry, FaZe Clan is committed to representing the 1% and enlightening doubters.
It appears that Banks’ rebuttal has not been well received by critics, as some have accused the FaZe CEO of neglecting to properly address the issue at hand.
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