19 celebrities called out by consumer watchdog group for shilling NFTs

cointelegraph.com:

Consumer watchdog group Truth in Advertising (TINA.org) has called out 19 celebrities for allegedly promoting non-fungible tokens (NFTs) without disclosing their connection to the projects. 

The not-for-profit consumer advocacy organization said on their website they investigated "celebrities who promote non-fungible tokens (NFTs) on their social media channels", finding that "it is an area rife with deception."

Among the star-studded list are sports stars Floyd Mayweather and Tom Brady, music icons Eminem and Snoop Dog, and several actresses, including Gwyneth Paltrow, all of whom have been sent letters urging them to immediately disclose any material connections they have to NFT companies or brands they have promoted, stating: 

NFTs are digital certificates stored on the blockchain proving ownership of a digital or physical asset, often an artwork, with many high-profile projects often attracting celebrity endorsement and promotion. 

While no real legal penalty has been attached, TINA.org noted that it sent letters to the celebrities involved on Aug. 8 outlining their grievances and advising them of the potentially harmful effect shilling NFTs can have on the public.

One of the group's primary concerns outlined in the letters is that the possible financial risks associated with investing in such speculative digital assets are not being disclosed.

TINA.org previously sent letters to Justin Bieber and Reese Witherspoon's legal teams on June 10 for promoting NFTs on their social media accounts without disclosing their connection to the projects.

Bieber's legal team responded on July 1, denying any wrongdoing but stating the posts would be updated.

While Witherspoon's legal team contacted TINA.org on July 20, claiming the