TINA Issues Warning Letters to Celeb NFT Endorsers

From Eminem to Snoop Dog, Tony Hawk to Lionel Messi, William Shatner to Brie Larson, music, sports, and Hollywood celebrities have eagerly jumped on the NFT (non-fungible token) bandwagon. Whether launching their own collections, purchasing an expensive profile pic, or simply endorsing new artists, celebrities have embraced blockchain technology and have been extolling the virtues of owning a unique digital collectible across their social media platforms. So what’s the harm? Well, according to consumer watchdog Truth In Advertising (TINA), by failing to disclose (i) their material connection to the NFT brands as well as (ii) the risks associated with investing in volatile speculative digital assets, these celebrities may be engaging in deceptive advertising practices. Take, for example, Justin Bieber. In January, the pop star made headlines for spending $1.3 million on a Bored Ape Yacht Club NFT, reportedly 300 percent more than the valued market price. But that’s not what TINA was interested in.

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