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CELEBRITIES GETS CALLED OUT FOR NOT DISCLOSING PAYMENT FOR PROMOTING NFTS

Celebrities endorsing NFTs and crypto projects might be breaking the law


It is looking like more and more people and organizations are getting fed up with celebrities pushing NFTs and cryptos and not disclosing their involvement with the companies.


Truth in Advertising or TINA.org is the latest to sour on celebrities

They recently contacted 19 celebrities regarding them pushing NFTs on their social media and not disclosing their involvement with the companies, whether they are getting paid to promote these or not. And it is not just the right thing to do, it is also required by FTC law.

TINA.org sent letters to more than a dozen celebrities who have promoted NFTs on their social media accounts, including Gwyneth Paltrow, Eva Longoria, Floyd Mayweather, Tom Brady, DJ Khaled and Paris Hilton, informing them that if they have a material connection to the NFT companies they are promoting, that connection needs to be clearly and conspicuously disclosed in the endorsement as required by FTC law.

This is the second letter of this type they have sent, the first one was sent to Justin Bieber and Reese Witherspoon regarding their undisclosed endorsements for two NFT companies.

Just to be clear, TINA.org is not in any position to litigate these celebrities. Al they are doing is imploring them to disclose if they are getting compensated or are involved with the companies in any other way. Something most celebrities tend to miss or ignore. 

SEC has issued a statement regarding celebrities

This was done back on November 1st, 2017. While it at that time was more targeted at stocks, crypto, and investments. It was before the NFT case so I can be fairly confident that they would have been included in the statement as well.

Celebrities who endorse an investment often do not have sufficient expertise to ensure that the investment is appropriate and in compliance with federal securities laws.

Basically what they are saying is that they can't even make sure that what they are promoting is legal and that what they are doing is legal. Why would their advice be any good? And yea, I would agree with that as well. To me, it looks more and more like just greedy money grabs. And speaking of greedy money grabs, that is probably why Logan Paul has promoted more scams than he has boxed matches.

If you have any thoughts on this topic please share them below in the comment section. And if you want to read TINA.org´s statement, and letters as well as the SEC´s statement there are links down below.

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See you on the interwebs!

 

 

 

Picture provided by: https://pixabay.com/ 

 

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Patch
Patch Verified Member

I am a patchy reader and writer of words... I also publish on Hive under @daje10


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