Straight Talks on NFTs & Celebrity Endorsement

The NFT popularity curve exploded after more celebs jumped into the space for promotions.
These promotions may lead investors to a foggy world, due to a cult of personalities. Regulators warned to beware of such happenings.
BAYC remains in talk with high-profilers, including Eminem, Mark Cuban, Madone and more.

Audience chuckled at “The Tonight Show,” when well-known media personality Paris Hilton said “reminds me of me,” seeing a cartoonish ape.

Everyone loves Ape!

Hilton and popular American comedian Jimmy Fallon talked about NFTs (non-fungible tokens), a digital art which is only bought via cryptocurrencies. They talked of Bored Ape Yacht Club (BAYC), and Fallon said “we’re both apes,” and Hilton cooperatively told that she too loves it.

Since its opening from january 2022, “The Tonight Show” is consistent to bring matter to audiences eager to know about the collaborations of the crypto sector and celebrities. Though the Bored Ape Yacht Club (BAYC) wasn’t the only big chunk in this space, but it benefited much through these hypes.

Big names including Tom Brady, baseball star David Ortiz, and Gwyneth Paltrow, were spiraled in legal matters in December 2022 under the FTX crash saga. Serena Williams, Justin Bieber and Jimmy Fallon were also pulled in a class-action lawsuit to create celebrity hype in BAYC, noted the CNN.

An NFT craze boosted as users come to know about the rare digital items that have a specific ownership, the BAYC collections of 10,000 unique digital arts can be used as creative projects, social media profiles, which indirectly benefits its creators. BAYC sits at a collection of 10,000 unique cryptographic tokens, based on the Ethereum (ETH) blockchain.

Personalities’ pump can be harmful

Financial regulators had warned multiple times that celebrity endorsements are risky for everyone. “Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments. These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement,” told SEC (Securities and Exchange Commission) in terms of BAYC lawsuit in December last year.

According to a news website, earlier this month, blockchain-tech Yuga Labs settled a lawsuit against Thomas Lehman, developer of “misleading” BAYC NFTs, similar to digital art of Ryder Ripps from and websites and smart contracts. The firm sued him for trademark infringement.

According to media reports, the biggest celebrity owners of BAYC NFTs , includes dozens of high-profile celebs, such as Mark Cuban, Madonna, Eminem, Stephen Curry, Post Malone and more. The famous NFT has already made a premium following on social media, via which they attract more and more celebs.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing