Justin Bieber and Paris Hilton among 19 celebrities called for shilling NFTs
Consumer monitoring group Truth in Advertising says celebrities promoting non-fungible tokens (NFTs) on their social media are a domain "in the grip of deception". "
New
Consumer watchdog group Truth in Advertising (TINA.org) has called out 19 celebrities for allegedly promoting non-fungible tokens (NFTs) without disclosing their connection to the projects.
The non-profit consumer advocacy organization said on its website that it has investigated "celebrities promoting non-fungible tokens (NFTs) on their social media," concluding that "it's a domain plagued by deception".
Among the list of stars are sports stars Floyd Mayweather and Tom Brady, music icons Eminem and Snoop Dog, and several actresses, including Gwyneth Paltrow, who have all received letters urging them to immediately disclose any connections material they have to NFT companies or brands they have promoted, stating:
"The promoter often fails to disclose a material connection to the approved NFT company."
NFTs are digital certificates stored on the blockchain proving ownership of a digital or physical asset, often a work of art, with many high-profile projects often attracting celebrity endorsements and promotion.
While no actual legal sanction was attached, TINA.org noted that it had sent letters to the celebrities involved on August 8 outlining their grievances and informing them of the potentially harmful effect NFTs may have on them. shilling may have on the public.
One of the group's main concerns outlined in the letters is that the possible financial risks associated with investing in such speculative digital assets are not disclosed.
TINA.org previously sent letters to the legal teams of Justin Bieber and Reese Witherspoon on June 10 for promoting NFTs on their social media accounts without disclosing their connection to the projects.
Bieber's legal team responded on July 1, denying any wrongdoing, but saying the posts would be updated.
While Witherspoon's legal team contacted TINA.org on July 20, claiming that the actress was not receiving any material benefits from promoting NFTs.
Shilling could violate FTC guidelinesIn a
Consumer monitoring group Truth in Advertising says celebrities promoting non-fungible tokens (NFTs) on their social media are a domain "in the grip of deception". "
New
Consumer watchdog group Truth in Advertising (TINA.org) has called out 19 celebrities for allegedly promoting non-fungible tokens (NFTs) without disclosing their connection to the projects.
The non-profit consumer advocacy organization said on its website that it has investigated "celebrities promoting non-fungible tokens (NFTs) on their social media," concluding that "it's a domain plagued by deception".
Among the list of stars are sports stars Floyd Mayweather and Tom Brady, music icons Eminem and Snoop Dog, and several actresses, including Gwyneth Paltrow, who have all received letters urging them to immediately disclose any connections material they have to NFT companies or brands they have promoted, stating:
"The promoter often fails to disclose a material connection to the approved NFT company."
NFTs are digital certificates stored on the blockchain proving ownership of a digital or physical asset, often a work of art, with many high-profile projects often attracting celebrity endorsements and promotion.
While no actual legal sanction was attached, TINA.org noted that it had sent letters to the celebrities involved on August 8 outlining their grievances and informing them of the potentially harmful effect NFTs may have on them. shilling may have on the public.
One of the group's main concerns outlined in the letters is that the possible financial risks associated with investing in such speculative digital assets are not disclosed.
TINA.org previously sent letters to the legal teams of Justin Bieber and Reese Witherspoon on June 10 for promoting NFTs on their social media accounts without disclosing their connection to the projects.
Bieber's legal team responded on July 1, denying any wrongdoing, but saying the posts would be updated.
While Witherspoon's legal team contacted TINA.org on July 20, claiming that the actress was not receiving any material benefits from promoting NFTs.
Shilling could violate FTC guidelinesIn a
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