Celebrities called for shilling NFTs: Nifty Newsletter, August 10-16

A Polygon executive pointed out that NFT games have an advantage over traditional "money in, no money out" gaming business models.

Newsletter

In this week's newsletter, find out how Justin Bieber, along with other celebrities, have been called upon to disclose their ties to non-fungible token (NFT) companies. Learn how the blue chip NFT market is performing and how NFT games have an edge over traditional gaming business models. In other news, find out how OpenSea is implementing new ways to combat NFT theft. And find out what experts think about carbon offset NFTs that aim to help the environment.

Justin Bieber and Paris Hilton among 19 celebrities called for shilling NFTs

Consumer watchdog Truth in Advertising has called out 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, about promoting NFT on their social media platforms. According to the watchdog, the space is full of deception and has urged celebrities to disclose their ties to NFT companies.

In a previous post, the watchdog pointed out that celebrities may be breaking rules on endorsements and requirements for influencers. Citing the Federal Trade Commission, the group noted that influencers must disclose their ties to the brands they advertise.

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Blue Chip NFT Performance Fails to Recover, But Investors Resist Even Stronger

According to data collected by the NFTGo statistics platform, the performance of NFTs classified as NFT blue chips fell into another historic low range. The drop is attributed to lower prices for projects like CyberKongz and CyberKongzBabies.

According to the site's Blue Chip Index, June 13 marked the worst performance in blue chip NFT history, with the i...