Stars face legal questions on however they tout their involvement within the nonfungible-token market and whether or not they got to disclose paid endorsement deals.
Hollywood stars are creating a swift march into the NFT universe as regulators struggle to administrate the house.
Hundreds of celebrities from Madonna and Reese witherspoon to Paris Hilton and Justin Bieber, have bought, endorsed or invested in comes or companies that promote nonfungible tokens over the last year — in some cases sending the prices of digital assets soaring.
Now, all those Bored Apes, hopeful artists and profit-minded speculators clamoring aboard the Crypto express face larger legal questions on how they promote their involvement in NFTs and whether or not they got to disclose paid endorsement deals.
“Celebrities and social media influencers have a great deal of brand name power,” said Bob Seeman, a school and legal authority and author of the book “Bitcoin: gaming.” “But this can be an entire new space with NFTs therefore the restrictive interpretation of it and the way the regulators can treat it's unknown.”
( Misyrlena Egkolfopoulou, bloonra, 2022 )