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- The Truth In Advertising (TINA) asks celebrities to reveal the benefits from NFT promotion.
- TINA issues a list which includes seventeen high-profile celebrities.
The NFT Connection Of Top Celebrities
An advertising watchdog organisation, TINA, generates a notice or letter on Monday. The notice includes top celebrities who promote NFTs. In addition, the notice asks about the benefit from appropriate NFT disclosure. TINA sent the notice to celebs like Gwyneth Paltrow, Eva Longoria, Floyd Mayweather, Tom Brady, DJ Khaled, Snoop Dogg, and Paris Hilton.
All the celebrities promoted NFTs on social media. While the NFT collections include the Bored Ape Yacht Club, World of Women, and Autograph collections. The notice clearly asks for the disclosure of every NFT connection of celebrities. Additionally, cites the disclosure by the Federal Trade Commission (FTA) rule.
It must be noted that this is not the first time TINA asked for the NFT reveal from celebs. But in June, the legal director of TINA, Laura Smith, sent letters to the agencies. These agencies represented top celebs Justin Bieber and Reese Witherspoon for the endorsement of NFTs. The other celebs who face the letter are Jimmy Fallon, Eminem, Logan Paul, Floyd Mayweather, and Gwyneth Paltrow.
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As per DappRadar, in the first quarter of 2022 the NFT market generated around $12 billion in trade. In addition TINA clarifies, “The bottom line is celebrities who promote NFTs generally aren’t helping improve the financial literacy of their fans and followers. And while some of these celebrities are able to take risks due to their massive wealth, many vulnerable consumers don’t have that luxury.”
Many NFTs now became status symbols as high-value or “blue-chip.” And the top celebs are accepting this trend. It become common for all of them to post images on their social media accounts. That’s why the consumer groups eagerly wait to have a clear response from them.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
