Famous Celebrities On Shilling NFTs: Warned Of Violating the FTC Guidelines
Who would’ve thought that the biggest celebrities in the showbiz industry are into NFTs too? NFT has become so popular not just among traders, gamers, and collectors, but also among celebrities too.
Because of this, many celebrities are now being called out for shilling NFTs.
Shilling NFTs are common. If you have an NFT to put on the market, you have to shill it to encourage the market to invest in your NFT. This is a huge advantage for influencers and celebrities. But there will always be a catch. Fraud and scams are everywhere, just like in any other business industry, so they should always keep an eye on your NFTs.
Big names in the entertainment industry are now popping up and being called out for shilling NFTs. Celebrities like Madonna, Snoop Dogg, Justin Bieber, Tom Brady, Eminem, and even Floyd Mayweather, among many others. This report was released by a watchdog group, TINA.org, which stated that these celebrities should be urged to disclose their connections and benefits of their NFTs to the market.
Due to these actions, TINA.org stated that these celebrities have violated the FTC (Federal Trade Commission) guidelines. However, there’s no actual legal punishment presented yet, but TINA.org already sent letters to the called-out celebrities asking them to take various actions on the issue.
According to the report, Justin Bieber’s legal team denied the allegations but will make updates on the posts. On the other hand, Reese Witherspoon’s legal team reached out to TINA.org and stated that Witherspoon gets no benefit from the shilling of NFTs.
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