Celebrities facing backlash for NFT and cryptocurrency promotion.

    The popularity of cryptocurrency has soared in recent years, and celebrities have joined in the celebration. However, as criminal activity in the field grows, so does the risk that influencer endorsements will lead to costly digital-asset fraud. People may unknowingly identify famous faces with fraud or even become targets to attackers.

    This has led to several celebrities facing the heat of promoting cryptocurrencies without researching them.

    Non-fungible tokens or NFTs receive similar criticism. As we know, minting an NFT is terrible for the environment as it involves high computing power, gives off carbon content, and eats up lots of electricity.

    Several celebrities are riding the NFT bandwagon, joining the popular BAYC and many others. They are facing the wrath of their followers and are heavily criticized for promoting NFTs.

    Brie Larson.

    Captain Marvel is under the spotlight but for all the wrong reasons. Brie Larson is facing heavy criticism on her social media platforms after endorsing NFTs. Larson met a lot of backlash on February 4 after changing her profile photo to a piece of art by Varvara Alay. According to the post, she got the picture through Alay’s NFT company, Flower Girls NFT. It is part of the Flower Girls collection by Varvara Alay, having 10,000 unique non-fungible tokens.

    On February 3 at 8:34 p.m., the actress purchased the NFT from the OpenSea platform for 0.725 Ethereum, or roughly $2100 on the day of purchase. Brie Larson, who uses the handle “Briethereum,” has already transferred the NFT to an anonymous account.

    While the actress did not pay hefty amounts of money, unlike many other celebs, she was still questioned for being supportive of NFTs, considering how hazardous they are for the environment.

    Gwyneth Paltrow, Reese Witherspoon and Eva Longoria.

    Apparently, celebrities share the love for particular collections of NFTs too. Just like how the Bored Ape Yacht Club (BAYC) NFT collection sells like hot cakes among stars, the Flower Girls collection is also making rounds in their social circles.

    Actresses Gwyneth Paltrow, Reese Witherspoon, and Eva Longoria all took to their social media to announce their venture into NFTs on the very same day, with NFTs from the very same collection!

    Their fans were not happy when they saw the changed Twitter profiles of their beloved actresses.

    Tony Hawk.

    Tony Hawk is a well-known skateboarder and has promoted skateboarding and skateboarding video games for over 20 years. He received flak on social media after announcing the launch of his collection of NFTs.

    He joined a growing number of celebrities who have faced backlash online after announcing the beginning of an NFT initiative that left many followers perplexed.

    Last Trick, Birdman’s NFT project, was unveiled on December 16 but only recently gained the attention of social media. Fans were saddened and shocked to see their beloved icon venturing into NFTs and had taken to express themselves on Twitter.

    At the time of writing, Tony Hawk had not responded to the outrage.

    Where is the heat coming from?

    People dislike NFTs because of their negative effect on the environment (because of CO2 release) and their excessive use of electricity. But when it comes to celebrities, people become wary of how a particular collection is being promoted.

    Celebs like Kim Kardashian, DJ Khaled, T.I., and many others have faced legal troubles after unknowingly promoting fraud. This can be the case for NFTs too. Once a celebrity buys an NFT from a particular collection, people follow their suit, and the collection’s value goes up. But they sometimes get to know that everything was just a scam in the end.

    These things may not affect the wealthy sectors of society, but investors and the normal userbase face difficulties.

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