Celebrities called out for shilling NFTs: Nifty Newsletter, Aug 1016

Read about how Justin Bieber and other celebrities were asked to disclose their ties to non-fungible token (NFT) companies in this week’s newsletter. See the market performance of quality NFTs and how NFT games outperform traditional game business models. In other news, learn how OpenSea is implementing new ways to combat theft of his NFTs. Also, see how the experts feel about carbon-offset NFTs aimed at helping the environment.

19 Celebrities Including Justin Bieber, Paris Hilton Called Out Shilling’s NFT

Consumer watchdog Truth in Advertising called out 19 celebrities, including Justin Bieber, Paris Hilton, and Tom Brady, for promoting NFTs on social media platforms. According to Watchdog, the space was riddled with deception, prompting celebrities to disclose their ties to NFT companies.

In a previous post, Watchdog highlighted that celebrities may be violating endorsement rules and influencer requirements. I pointed out that you need to disclose your relationship with the brands you advertise.

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Good NFT Performance Fails to Recover, But Investors Struggle Further

According to data collected by the statistical platform NFTGo, the performance of NFTs, classified as the best chips for NFTs, has reached an all-time low. This decline is attributed to falling prices of projects such as CyberKongz and CyberKongzBabies.

According to the site’s prime chip index, June 13 marked the worst performance in the history of prime NFTs, with the index dropping to 9,331 Ether (ETH). This follows the best performance on April 29th when the index reached almost 14,900 ETH.

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NFT games are better than “money in, no money out” games: Polygon’s Urvit Goel

Polygon executive Urvit Goel said in an interview with Cointelegraph that NFT games have an advantage over games where players just put money in and get nothing in return.

Executives argued that GameFi has business model advantages over traditional games, where users cannot sell in-game items for money. We just want users to own the content they purchase, he said.

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OpenSea introduces new stolen goods policy to combat NFT theft

NFT marketplace OpenSea has expanded its use of police reports to verify stolen goods reports within its platform. According to the company, this is a way to harden the platform’s defenses against theft and false reports.

In addition to this, the platform makes it easy to resume buying and selling recovered NFTs. The NFT Platform also said its team is working on implementing other solutions to combat the theft of his NFTs. This includes automating theft detection.

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Experts say carbon credit NFTs are only effective when burned.

Carbon credit NFTs are marketed as a way to use the technology to help the environment, but experts argue that the NFTs only become effective once they are incinerated and are no longer traded once certification is obtained. did.

A core member of KlimaDAO said in an interview with Cointelegraph that when it comes to carbon offsetting, it is very important not to ignore the burning of carbon offsetting NFTs, so as to permanently remove the NFTs from circulation so that they cannot be sold to someone else. He said it is very important to

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Thanks for reading our digest of this week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights on this actively evolving field.