Celebs Are Shilling NFTs – Are Getting Called Out For It

Celebs are shilling NFTs and are getting rightfully called out for it. According to consumer protection group Truth in Advertising, this is a practice that is rife with fraud, and celebrities might not care.

A consumer watchdog group called Truth in Advertising (TINA.org) has charged 19 celebrities for advocating non-fungible tokens (NFTs) without disclosing their connections to the projects.

On its website, the non-profit group that promotes consumer rights claimed to have looked into celebrities that advocate non-fungible tokens (NFTs) on their social media platform and discovered that it is a sector plagued with fraud.

Celebs Are Shilling NFTs

Athletes like Floyd Mayweather and Tom Brady, singers like Eminem and Snoop Dog, and actors like Gwyneth Paltrow are among the famous people on the list. All of the celebrities have been sent letters asking them to promptly reveal any financial relationships to NFT businesses or products they have endorsed.

“The promoter often fails to disclose material connection to the endorsed NFT company.”

NFTs are digital certificates stored on the blockchain that establish ownership of digital or physical property, typically an artwork, with many high-profile campaigns occasionally garnering celebrity endorsement and marketing.

They Have Been Warned

TINA.org said that it issued letters to the celebrities implicated on August 8 describing their complaints and warning them of the possible negative impact hawking NFTs may have on the public. No actual legal sanctions have been applied.

The absence of transparency of any potential financial risks associated with investing in such speculative digital assets is one of the primary problems mentioned by the group in the letters.

TINA.org earlier wrote letters to the legal departments of Justin Bieber and Reese Witherspoon on June 10 over the celebrities’ promotion of NFTs on social media without revealing their affiliation with the projects.

On July 1, Bieber’s legal team responded, denying any wrongdoing but promising to amend the posts.

While Witherspoon’s legal team contacted TINA.org on July 20, they asserted that the actress isn’t getting anything significant from endorsing NFTs. This was in regards to NFTs created by World of Women. Witherspoon has promoted these NFTs without disclosing she had any material connection to the company or that the posts were advertisements.

To this day there hasn’t been any case where a celebrity was facing legal penalties for shilling NFTs or cryptocurrency.

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