In this week’s newsletter, read about how Justin Bieber, along with other celebrities, was called out to disclose their connections to nonfungible token (NFT) firms. Check out the market performance of blue chip NFTs and how NFT games have an advantage over traditional gaming business models. In other news, learn about how OpenSea is implementing new ways to combat NFT theft. And check out how experts feel about carbon offset NFTs that aim to help the environment.
Justin Bieber, Paris Hilton among 19 celebs called out for shilling NFTs
Consumer watchdog Truth in Advertising called out 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, over NFT promotion on their social media platforms. According to the watchdog, the space is full of deception and urged the celebrities to disclose connections with NFT companies.
In a previous post, the watchdog highlighted that the celebrities may be violating rules on endorsements and the requirements for influencers. Citing the Federal Trade Commission, the group noted that influencers must disclose their connections to brands that they advertise.
Blue chip NFT performance fails recovery, but investors hodl even harder
The performance of NFTs that are classified as the blue chips of NFTs went to another all-time low range, according to the data gathered by the statistics platform NFTGo. The fall is attributed to the falling prices of projects like CyberKongz and CyberKongzBabies.
According to the site’s Blue Chip index, June 13 marked the worst performance in the history of blue-chip NFTs, with the index falling to 9,331 Ether (ETH). This follows its best-performing day, which was on April 29, when the index reached almost 14,900 ETH.
NFT games have edge over ‘money in, no money out’ games: Polygon’s Urvit Goel
Urvit Goel, an executive from Polygon, told Cointelegraph in an interview that NFT games have an advantage over games where players can only put their money in and never get anything in return.