Public figures promote and advertise NFTs without doing due diligence and screening them for risk. Unfortunately, this can lead to disastrous consequences. In this article, I will highlight a few of these instances. These public figures often endorse and promote NFTs that leave some investors financially crippled. We encourage you to do your own due diligence to protect yourself from becoming another victim of these predatory practices.
Public figures promote NFTs without doing due diligence
Influencers are jumping at the opportunity to endorse these controversial products, but the reality is far different. These influencers often do not disclose the payments they receive or acknowledge the risks involved. The influencer marketing industry has long been notorious for enticing its followers with snake-oil wellness treatments and harmful products. While the practice is certainly not new, the frenzied shilling of celebrity-endorsed NFTs has raised the stakes. But in recent weeks, more influencers have taken to social media to criticize the practice, and more have joined the chorus.
Despite the apparent success of these products, critics have noted that celebrity-endorsed NFTs can leave some investors financially crippled. The FaZe Clan founder Richard Bengtson, also known as “FaZe Banks,” allegedly agreed to receive between $500,000 and $ 750,000 from a commercial partner for an advertisement promoting NFTs. While FaZe Clan has not yet responded to a request for comment, the company declined to disclose how much it paid its commercial partners. The Bored Bunny team also declined to comment on the matter due to a confidentiality agreement. Vaynerchuk, another influential figure, did not respond to requests for comment. Neither did FaZe Clan’s founders, who declined to disclose their names, said they had no knowledge of the NFTs they
Many celebrities have joined the NFT market and started to sell their own NFTs, but consumers should beware of these celebrity-endorsed products. Consumer advocacy group Truth in Advertising warns against the trend of celebrity endorsements. Although the NFT economy is highly unstable, celebrity-endorsed NFTs can bankrupt weak fans. This article outlines some of the pitfalls to avoid. The Bored Bunny team has also created initiatives to improve the project.
Public figures advertise NFTs without doing due diligence
The recent rise in celebrity-endorsed NFTs has spurred consumers to be wary. A large advertising industry exists to lure followers to a plethora of unregulated and potentially harmful products and health remedies. Yet some investors remain financially crippled. Influencers have also taken advantage of this opportunity, and some are refusing to disclose their paid endorsements or even the serious financial risks associated with the products. The frenzied shilling of NFTs by celebrities has increased the stakes to a point where celebrities and influencers are calling each other out.
The rise in celebrity-endorsed NFTs has caused some people to become enamored with them. A few artists, including Taylor Swift, have even canceled NFT drops after learning about the negative effects of their products on the climate. Despite some efforts to reduce the NFT economy, most of these ICOs are tied to cryptocurrency companies that generate significant greenhouse gas emissions. These investors are particularly vulnerable to the effects of climate change and are likely to become financially crippled if they invest.
One investor from Texas opted to purchase a large number of Bored Bunny NFTs when the tokens began to take off in January. His financial situation changed when he decided to leave his sales management job for personal reasons. Without any income, Tyler suddenly had no savings and no place to turn. He sold his car to make ends meet. He then began researching investment opportunities and became a professional investor.