According to a watchdog, they're breaking the law.
in general, it's been quiet about NFTs in particular, with groups like TINA taking up the mantle in its absence.
"The bottom line is celebrities who promote NFTs generally aren’t helping improve the financial literacy of their fans and followers," TINA wrote in a statement.Among the list of TINA's recipients were both UFC fighter Floyd Mayweather and recording artist and producer DJ Khaled, whoby the Securities and Exchange Commission in 2018 for promoting a crypto scam, while failing to disclose their financial ties.
"If [these celebrities] have a material connection to the NFT companies they are promoting," TINA's statement reads, "that connection needs to be clearly and conspicuously disclosed in the endorsement as required by FTC law." As the organization notes, the celebrity shilling of NFTs is particularly suspect because these "speculative products," as TINA calls them in its announcement, are subject to increasingly volatile market changes.
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