Consumer watchdog group Truth in Advertising says celebrities promoting non-fungible tokens (NFTs) on their social media channels is an area "rife with deception."
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 not-for-profit consumer advocacy organization said on their website they investigated "celebrities who promote non-fungible tokens (NFTs) on their social media channels", finding that "it is an area rife with deception."Among the star-studded list are sports stars Floyd Mayweather and Tom Brady, music icons Eminem and Snoop Dog, and several actresses, including Gwyneth Paltrow, all of whom have been sent letters urging them to immediately disclose any material connections they have to NFT companies or brands they have promoted, stating: "The promoter often fails to disclose material connection to the endorsed NFT company." NFTs are digital certificates stored on the blockchain proving ownership of a digital or physical asset, often an artwork, with many high-profile projects often attracting celebrity endorsement and promotion. While no real legal penalty has been attached, TINA.org noted that it sent letters to the celebrities involved on Aug.
