Several Celebrities Have Been Sued For Promoting The NFT Bored Ape Yacht Club
For deceptive advertising, Yuga Labs and celebrities such as Paris Hilton, Madonna, and Justin Bieber are being sued fro promoting NFT Project BAYC.
Yuga Labs, the business behind the popular NFT collection Bored Ape Yacht Club (BAYC), has been sued for leveraging its A-list celebrity and athlete network to promote and sell NFT products in an unbiased manner. false.
The plaintiff’s claim in the 94-page complaint that Yuga Labs “polished” the collections by promoting the most recognized celebrities, attracting multiple investors to buy at one price. sky-high, only to face significant losses when the market crashes.
The plaintiffs specifically cited a series of misleading promotions, including Paris Hilton’s appearance on NBC’s Jimmy Fallon show, where they both “touted” BAYC, as well as a series of Twitter posts by Paris Hilton referring to the BAYC collection.
Paris Hilton has impressed investors with tweets such as: Paris Hilton actually purchased BAYC NFT; Paris Hilton and Jimmy Fallon hung out in the metaverse and were dubbed ‘BoredApeBesties.’
The advertisement is so compelling that investors miss the financial motivation. Building trust through this form of NFT is really beneficial.
Meanwhile, Madonna is embroiled in a controversy over deceptive advertising. She expressed regret after losing a Bored Ape NFT bid. This has reinforced the perception that BAYC NFT is truly “expensive,” and that demand is so great that even Madonna cannot obtain it.
According to the plaintiffs, none of the celebrities stated that they were paid to promote the project or that they were sponsored to do so. Justin Bieber, who is included on the list of defendants, is another major figure involved in passionately pushing BAYC.
The US Securities and Exchange Commission is now investigating Yuga Labs to see whether it is selling digital assets in violation of federal law, or whether the project’s NFTs resemble securities and should be subject to the framework. a comparable legal framework
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