Bullet point: Consumer watchdog group Truth in Advertising sees deception in the NFT promotions of celebrities.
The Consumer watchdog group in Advertising, TINA.ORG, has dragged out about 19 celebrities for promoting NFTs on their social media without revealing their connection to the NFT projects.
The non-profit consumer advocacy organization revealed that after a series of investigations, they found out that celebrities who promote non-fungible tokens on their social media channels is “an area rife with deception”.
The promoter often fails to disclose material connection to the endorsed NFT company.
Some celebrities who merited the list are Floyd Mayweather , Tom Brady, Eminem, Snoop Dog, etc. These celebrities have been issued letters to immediately disclose their official connections with the NFT companies which they have promoted.
Non fungible are digital data stored on blockchain for authenticity purposes. These NFTs have gained the attraction of top celebrities because of their utility.
TINA.ORG revealed no penalty for the celebrities but has advised the celebrities on the harmful effect their promotions could cause to the public.
The main concern of TINA.ORG is that after the promotion of NFT projects, the promoter doesn’t reveal the high risk associated with the speculative digital assets.
This is seen as deceit to the public and the Organization has advised celebrities to be guided.
On June 10, TINA.ORG sent letters to Justin Bieber and Reese Witherspoon’s legal teams for promoting NFTs without revealing their connections to the project.
Bieber’s legal team, however, responded on July 1, saying that the post would be updated, after denying the claims of deceit.
Also, Witherspoon’s legal team responded on July 20, revealing that no benefit is gotten from their NFT promotions.