19 celebrities including Justin Bieber and Reese Witherspoon accused of shilling NFTs
- Consumer protection group Truth in Advertising (TINA.org) has accused 19 celebrities of promoting NFT projects on social media.
- The non-profit consumer advocacy organization stated that they had to call out these celebrities since they found this area “rife with deception.”
- Celebrities including Justin Bieber and Reese Witherspoon have been called out for promoting projects they are not related to.
Truth in Advertising, or TINA.org, is a non-profit consumer watchdog organization. They have called out 19 celebrities who they accuse of promoting NFT projects without disclosing their direct connection to those projects.
They even stated that celebrities promoting NFT projects on social media channels is a treacherous area, or in their words, “an area rife with deception.”
The list of celebrities who received letters regarding this matter includes sports personalities such as Tom Brady and Floyd Mayweather, Snoop Dog, and Eminem.
Justin Bieber, Gwyneth Paltrow, and Resse Witherspoon also received letters from the organization. Although TINA has not implied any legal penalties yet, the main idea was to let these stars know about the dangerous effects that shilling can have on people.
There have been examples of how the shilling has led to millions of people suffering monetary losses. As a result, the organization felt the need to call out these celebrities. The letters state that they have to come up with evidence of their material connections with the projects they have been promoting on social media.
Shilling can impact the FTA guidelines
TINA stated that the list of celebrities could be violating the FTA (Federal Trade Commission) rules pertaining to the Use of Endorsements and Testimonials in Advertising and the requirements for influencers.
Although there are several class action suits ongoing against Elon Musk and Mark Cuban for promoting Dogecoin and Voyager crypto respectively, there has not yet been any serious case against celebrities shilling NFT or crypto projects online.
However, the SEC had sent out a word of warning regarding celebrity endorsements about crypto products and to exercise caution before investing in one.
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