The rise of NFTs is drawing cultural currency and traditional money closer together.

Yesterday, NBC News The story highlighted a Miami resident's financial distress after he invested heavily in Bored Bunny NFTs under Floyd Mayweather's guidance. On the same day, Bella Hadid made headlines celebrities from varied backgrounds, such as NFL stars and electronic music artists, are eagerly jumping into the NFT marketplace, with one individual launching a collection featuring 11,111 representations of ‘hidden spirits’ alongside 3D scans of her own body. This intersection of the influencer economy with digital assets resembles a turbulent venture.

Another article by Wired Back in February 2022, Mila Kunis engaged in a video chat with Randi Zuckerberg to discuss her NFT project, 'Stoner Cats.' Kunis provocatively remarked that fans should view NFTs more as artistic expressions than as financial investments—not just based on practicalities, but also since regulatory authorities could scrutinize her for suggesting otherwise.

Platforms like Instagram and TikTok have increasingly blurred the lines between traditional advertising and influencer marketing. The advent of Web3 and cryptocurrency further complicates this landscape. The question remains: with the anonymity provided by blockchain, how can we be sure when celebrities are promoting products they have a financial stake in? It's difficult to tell whether they have already bought in, and whether NFTs today are regarded as mere collectibles or genuine investments.

In a world where honesty prevails, Wired speculates on scenarios where a celebrity might receive a complimentary NFT to promote. Such actions should fall under the Federal Trade Commission’s current guidelines for social media endorsements. They quote Bonnie Patten from Truth in Advertising about the legal requirements: 'If you receive a gift you later endorse, you must openly disclose that relationship.'

The individual featured in NBC’s piece was misled into thinking Mayweather’s guidance was sound financial advice, while, in reality, many celebrities had been compensated by Bored Bunny to inflate their brand's visibility.

There are diligent observers tracking these antics. Wired notes a blog that’s analyzed some of Justin Bieber’s involvement with BAYC, while Dirty Bubble Media Max Read from 's has both crafted a concise analysis and designed an insightful flow chart. He poses challenging inquiries concerning the celebrities and their connections to NFTs: 'Who’s suggesting they make these purchases? Is this truly the best utilization of their wealth and status?' Substack As Read explains, \"You begin to discern the outline of a growing, intertwined financial and cultural ecosystem that revolves around celebrity influences in web3.\" For instance, did you know that Jimmy Fallon is signed with CAA, which

has investment ties to the NFT marketplace OpenSea? recently signed a contract to represent NFT collector 0xb1? , and which recently If you’re a regular reader of Metaverse Post, you're likely already informed about , who owns NFTs from Bored Ape Yacht Club and World of Women the United Talent Agency's recent stake in the DeFi platform Syndicate. is also an investor in OpenSea , through his company Sound Ventures?”

It would be intriguing to let Read elaborate further on these theories, which he does in his own article, summarized neatly in the accompanying flow chart. Importantly, he concludes that the line dividing illegal schemes like Ponzi operations and typical financial capitalism is not as distinct as we often wish. Hence, it raises the question: maybe this is just an intricate web of entrenched individuals and corporations entwined in familiar business models? What might be unfolding is simply a rehash of traditional financial dynamics reappearing in the crypto sphere. This shines a spotlight on the importance of each component of the wider ecosystem taking a deliberate and scrutinized role in constructing the Metaverse—from DAOs to augmented reality—so that it genuinely evolves into the decentralized internet that so many proponents envision. .  

NBC’s article poignantly mentions the heartbreaking decision of the main subject to remain anonymous due to fear of harassment from Twitter users who mock individuals who have failed in NFT investments. It's easy to understand his hesitation. Celebrities exploit their leverage for quick profits, but that approach often doesn’t translate to everyday folks. However, it’s crucial to remember that celebrities are ordinary people too—just those whom we've granted a certain cultural status. There’s a marketing saying I’d like to adapt: if you believe you’re immune to advertising influences, you may actually be the most vulnerable.

Madonna steps into the Metaverse with her new acquisition of a Bored Ape Yacht Club NFT.

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• Vittoria Benzine is an art writer and personal essayist based in Brooklyn, focusing on modern art through the lens of human experience, social movements, and chaos magic. Her contributions can be found in publications such as Maxim, Hyperallergic, and Brooklyn Magazine, among others.