Several popular celebrities in the United States (US) have been severely warned by a consumer monitoring group, Truth in Advertising (TINA.org) for not being transparent in promoting non-fungible tokens (NFT) projects.
It is understood that the non-profit consumer advocacy organization accused the celebrities of promoting an NFT 'blindly' without disclosing their relationship with the project involved.
Looking at the list issued by TINA.org among the celebrities who were warned are:
Floyd Mayweather (Boxer)
Tom Brady (Rugby Player)
Eminem (Rapper)
Justin Bieber (Singer)
Snoop Dog (Rapper)
Gwyneth Paltrow (Actress)
Reese Witherspoon (Actress)
In the meantime, TINA.org said that they had issued a verbal warning to the said celebrity on August 8.
On the other hand, TINA.org explained that the act of the celebrity violated the rules set by the Federal Trade Commission (FTC) regarding the Use of Endorsements and Testimonials in Advertising act and requirements.
It is outlined in the act that the influencer must disclose any material relationship with the person being endorsed and make the disclosure whether clear or not and easily visible in the endorsement.
So far there are no more reports involving cases of celebrity publicity regarding legislation for shilling for NFT or crypto.
However, one of the most famous cases involving the extreme shilling of an asset can be seen by Elon Musk with his dog crypto meme.
In fact, the Securities and Exchange Commission (SEC) in 2017 issued a warning that investors should be careful with any product endorsed by celebrities because it is a paid product.
