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Security, Art or Mere Picture: Celebrities Draw Scrutiny to NFTs

April 13, 2022, 1:00 PM

Hollywood stars are making a swift march into the NFT universe as regulators struggle to oversee the space.

Hundreds of celebrities from Madonna and Reese Witherspoon to Paris Hilton and Justin Bieber, have bought, endorsed or invested in projects or companies that promote nonfungible tokens over the last year — in some cases sending the prices of digital assets soaring.

Now, all those Bored Apes, hopeful artists and profit-minded speculators clamoring aboard the Crypto Express are facing larger legal questions on how they promote their involvement in NFTs and whether they need to disclose paid endorsement deals.

“Celebrities and social media influencers have a lot of ...