Bieber, Eminem & More Tapped For Promoting NFTs

Consumer watchdog group Truth in Advertising ( accuses 19 celebrities non-fungible tokens (NFT) without indicating that they were associated with the relevant projects.

The non-profit consumer interests organization has indicated on their website that they have researched these celebrities and their promotion. They indicate that this promotion could have caused a lot of deception.

Famous names have promoted NFTs

Stars who are said to have participated include Floyd Mayweather, Eminem, Snoop Dogg, Justin Bieber, Reese Witherspoon and many others. All of these celebrities have received a letter asking if they would like to disclose any ties to the NFT projects. This stated:

“The promoter often does not disclose a material connection to the approved NFT firm.”

Although no one has been charged or further legal action has been taken, the letters have been sent. The letters were sent on August 8, indicating the effect of the shilling of NFTs to inexperienced investors.

Reaction from various celebrities has in the past on June 10 already letters sent to Justin Bieber and Reese Witherspoon’s legal team. The same is stated herein. They allegedly engaged in promoting NFT projects without indicating any affiliation with the project.

Bieber’s team responded on July 1. They indicated that he did nothing wrong, but they are going to adjust the various social media posts regarding the NFTs. Witherspoon’s team reached out to the consumer watchdog group on July 20. They indicated that the actress has received nothing for promoting other than the NFTs.

The cryptocurrency sector carries risks

The biggest concern for is the fact that this promotion for the various projects also carries a huge amount of risk. This way, ignorant investors can enter the cryptocurrency market without any knowledge.

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This mainly entails financial risks. If the price then goes too fast in the wrong direction, the user can lose money. That is why it is always important that a celebrity or influencer always indicates that the promotion is advertising.

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