Yuga Labs And MoonPay Are Accused Of NFT Advertising

As NFT gained popularity, typical “PR tricks” were introduced. Yuga Labs and MoonPay sued for using “advertising KOL” to promote their products.

Scott & Scott launched a class-action complaint against 40 people and corporations, including Yuga Labs and MoonPay. The complaint claims these parties are part of a “grand conspiracy” to profit from the celebrity’s fame. Celebrities’ identities were hidden.

According to Scott + Scott, Yuga Labs and Hollywood artist management company Guy Oseary created a plan to falsely advertise and sell Yuga Labs financial goods.

The most renowned digital art NFT is Bored Ape Yacht Club (BAYC).

MoonPay is used to pay marketers without telling investors. The lawsuit claims the defendants “pushed the price of NFT BAYC to a ‘virtual increase‘ during the marketing period, causing investors to lose money.”

This lawsuit is another warning against advertising and “bad PR” Celebrities and KOLs “urge” investors to buy NFT or tokens. Kim Kardashian was fined $1.26 million for illegally advertising cryptocurrency.

This lawsuit involves celebrities and NFT firms. Supposedly, Yuga Labs and MoonPay used celebrity endorsements to market fake items.

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