Influencer Fined for Deceptive NFT Scheme Promising Fast Returns
Paris, January 29, 2025 – The French Directorate General for Competition, Consumer Affairs, and Fraud Control (DGCCRF) has penalized an influencer for engaging in misleading commercial practices related to a non-fungible token (NFT) project.
The influencer, whose identity has not been publicly released, promoted a project that promised high profits through NFTs and a “play-to-earn” game. According to the DGCCRF, these claims were unfounded, and the game in question never materialized.
Misleading Promises
The influencer promoted the project on social media and other online platforms, claiming that investors could earn substantial returns on their NFT purchases. The NFTs were advertised as unique digital assets linked to a virtual world where users could participate in the game and earn rewards.
However, the DGCCRF found that these promises were not supported by any reliable information or evidence. The influencer allegedly failed to provide investors with accurate details about the project, its risks, and the potential profitability.
Missing Game
A central aspect of the project was the “play-to-earn” game, which was supposed to allow users to earn rewards in the form of NFTs or cryptocurrency. However, the DGCCRF’s investigation revealed that no such game had ever been developed or released.
The influencer allegedly used the game as a lure to attract investors but failed to deliver on his promise. This lack of transparency and the absence of a deliverable product constituted a significant breach of consumer rights.
Deceptive Practices
Based on their investigation, the DGCCRF concluded that the influencer engaged in deceptive commercial practices. By making false or exaggerated claims about the project’s potential returns and the existence of the game, he misled consumers into making purchases.
The DGCCRF’s findings underscore the importance of transparency and ethical behavior in the growing NFT market. Inflated promises and unsubstantiated claims can undermine consumer trust and lead to financial losses.
Sanctions
The influencer has been fined €50,000 for his deceptive practices. The DGCCRF also issued a formal notice requiring him to remove all misleading content related to the project and provide accurate information to consumers.
The DGCCRF will continue to monitor the NFT market for potential misconduct and take action against individuals or entities that engage in unlawful or misleading practices.
Un influenceur, créateur d’un projet NFT promettant divers gains inexistants et un enrichissement rapide, notamment via un jeu (Play-to-earn) qui n’a jamais vu le jour, sanctionné pour pratiques commerciales trompeuses
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