17 Celebrities Just Got Shilling NFT Warning Letters

When a celebrity or influencer buys an NFT collection and then talks about it on their social media, they can influence the value of the entire NFT collection. Even though they paid for the NFT with their own money, they are essentially pumping out the value of their own investment. If a celebrity buys an NFT for cheap early on and tweets about it (or when Paris Hilton appeared on The show tonight speaking of his Bored Ape), it can increase the value of the NFT, so they can then make a profit when they sell later.

To complicate matters, although sometimes celebrities pay for their own NFTs, other times they receive free ones from the owners of the collection. When Jimmy Fallon changed his Twitter avatar to an image of a cartoon owl, it was after being given a free Moonbird NFT by the owners of the collection as part of their plans to give away free NFTs to friends or explicitly for marketing purposes. Fallon’s promotion of the Moonbird collection increased its value – but he never revealed it was a gift. Fallon received a letter from Truth in Advertising this week.

The letters sent today are tender reminders. But in the past, Truth in Advertising made it the first step in a series of escalations that ultimately led to FTC involvement. In 2016, the group sent a bunch of celebrities, including the Kardashians, this kind of nice letter, but in 2017 the FTC was sending its own letters.

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