Tue. Sep 26th, 2023

For those of us who grew up reading women’s magazines — and thus know that celebrities get a disproportionate amount of free swag — the first question is: Did they actually pay for those Bored Apes?

Getting an NFT for free from a celebrity is most likely a way for them to garner publicity for the project and increase demand for it. What is the legality of celebrity shilling in the United States? As for Justin Bieber’s “Bored Ape,” I don’t know.

Let’s begin with the basics. Just look at Gwyneth Paltrow’s new profile picture, which is an NFT from the Flower Girl series. Now, Paltrow’s endorsements are big business, and they’re an important part of how she’s created the Goop brand as a lifestyle destination. When you’re in love with something, you’ll do whatever it takes to get your hands on it. Legal.

Which kind of celebrity shuddering behaviour are acceptable?

Cryptocurrency, on the other hand, is much more visible than the Goop brand. Her Twitter account has to be linked to a wallet in order for her NFT profile picture to appear. Clicking on the NFT’s contract address on Etherscan will lead you to the wallet address of the NFT’s owner. It’s also feasible to “airdrop” cryptocurrency into any known wallet without the owner’s permission. Promoting a cryptocurrency through airdrops is an effective way to get the word out about it and grow a user base.

Any NFT project can airdrop NFTs into Paltrow’s wallet as soon as her wallet address is made public. She may be able to use it as her new avatar without disclosing that it was given to her for free if she likes it.

Federal Trade Commission (FTC)

Since celebrity endorsements are so strong, the FTC has developed a set of rules for social media influencer endorsements. The poster is responsible for mentioning that they were compensated to promote a product or that they received a promotional gift. These rules require full disclosure of all relevant financial and personal information, as well as any work or familial ties.

Because of this, I contacted the Federal Trade Commission (FTC) to inquire about airdrops. FTC spokesman Juliana Gruenwald said the agency couldn’t comment on any individual celebrity or case, but the general premise is that consumers should be made aware of any connections between marketers and celebrities that they might not be aware of otherwise. To her, “the relevant questions include whether the celebrity is actually endorsing a product or service for the benefit of marketer, whether the endorser’s followers expect any connection and would knowing about the connection affect what the followers think about the endorsement,” she wrote in an email statement.

By Adam

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