Don't trust celebrity-endorsed NFTs
Snoop Dogg & Neymar may have betrayed us.
GM frens ☕️
We’re 25 issues in today! Notice a vibe change? Sit back tight, more exciting things coming soon 👀 Till then, let’s carry on with the regular itinerary.
Here’s what we’re covering:
Beware! Celebrities are shilling NFTs
Binance launching intelligence tools for NFTs
Web3 funding, jobs & bonus reads
Estimated reading time: 3:05 mins
Weekly Wrap: Numbers & News 🗞
Quick web3 updates curated for you:
CryptoPunk & Meebits holders can now use their NFTs for commercial projects
Indian Finance Minister asks crypto investors to exercise caution as authorities investigate exchanges
NFL, NFLPA & Dapper Labs launch NFL ALL DAY platform after beta trial
MTV will now have the Best Metaverse Performance award category
Don’t listen to celebs, they could be shilling NFTs and deceiving you
Remember when every other celebrity changed their Twitter PFPs to NFTs and aggressively made their brand all about NFTs and crypto? Not everyone did it for art, some might have reaped saucy benefits that were well-hidden under the carpet….until now.
Consumer watchdog group Truth in Advertising (TINA) has called out 19 celebrities who allegedly endorsed NFTs without disclosing their connection with the projects. Name-dropping some big names from the list: Madonna, Eminem, Reese Witherspoon, Neymar Jr. and Snoop Dogg.
TINA investigated celebs promoting NFTs on social media & found that “it is an area rife with deception.” All 19 stars have been sent letters urging them to disclose any connections to NFT brands they have promoted.
A clear violation of FTC guidelines
The FTC guidelines that were allegedly violated:
Influencers must disclose their financial ties to the organizations they promote.
They should also ensure that they provide the necessary disclosures and are clear, simple, and within the scope of that endorsement.
Well, buying into anything just because your favourite celebrity endorses it is not wise, especially when they are not disclosing possible financial risks associated with investing in a digital asset.
So, stay safe out there, and don’t let the influencers influence your next NFT investment ✊
Dive into Web3 basics with The Product House 🚀
Open doors for bigger and better opportunities by kickstarting your journey led by seasoned Web3 builders. Your glorious Web3 self is just one click away! 👇
NFTs are still thriving: Binance x Zash
Zash, a UK-based NFT analytics platform, has partnered with Binance to launch enterprise data products to service the NFT market.
This means more data-backed projects in the NFT space will help crypto institutions make decisions in the market. And most importantly, this ease will lead to adoption.
Zash collects and packages key NFT data such as buyers, sellers, and social followers into an indexable API.
Users can use Zash to keep track of all NFT data, like long addresses or holders, and make informed decisions.
Binance and Zash will develop a product suite of NFT data tracking and intelligence tools for NFT businesses.
The firms will extend the reach of its data product offerings with other major exchanges, marketplaces, and collections.
This collaboration will include various new features as it expands into new verticals, such as community mapping and predictive intelligence. Project founders can now anticipate a more impactful NFT launch on Binance.
Are you excited? Because we are!
Work in Web3
Lemon.io is hiring a Web3 Full-stack Developer 🧑💻
Be a Product Designer at Messari. 👾
ICEO is looking for a DeFi Analyst. 🔍
Funding Round-up
Qui Identity is officially launching after receiving $6.5 million in a seed funding round to accelerate the adoption of decentralized identity.
CreatorDAO received $20 million to help grow the creator economy, with a16z leading the raise.
.bit, an identity protocol built on the blockchain raised $13 million in series A.
Grab a good read and chuckle if you made it here ☕️
NFT Adoption in Africa: What is the Current Reality?
Pay for your petrol in crypto: Australia leads world first real-time cryptocurrency payments solution
wanna talk merge at a party? find us in the corner with beers & ens domains🤝
That’s a wrap for This Week in Web3, see you next week! 🚀
If you’re an early-stage Web3 builder going from 0 to 1, holler at our creative-capital studio Spacekayak and let’s create something extraordinary through design! ✨
Awesome read.