On February 11th, CNN published the “boring ape” BAYC in-depth investigation article “A Distorted Story About Celebrity Marketing, Black Box Trading, and Accusations of Racism,” which stated that the data on the chain showed that MoonPay paid a high price for BAYC, and then transferred these NFT to the so-called celebrity wallet for free, and then the celebrity will “thank” MoonPay on social media, claiming that they purchased BAYC through MoonPay for marketing according to some former MoonPay employees, because there is no proof of chain, many celebrities may not have paid for the purchase of BAYC.

According to on-chain statistics, MoonPay’s wallet “MoonPayHQ” has spent at least $25 million on NFT, with 60% (or around $15 million) spent on BAYC. According to attorney Louis Tompros, Yuga paid celebrities to promote its NFTs, which they did not disclose. “No celebrity was paid to join BAYC, and Yuga Labs did not give away any Ape,” stated Oseary, a Hollywood agent who is also an investor in MoonPay and Yuga Labs. He said he paid full price for his BAYC, as did Madonna.

MoonPay claimed in April 2022 that more than 60 celebrities and influencers have invested in the company. According to MoonPay spokesman Justin Hamilton, Hilton became an investor after appearing on “The Tonight Show” with Jimmy Fallon. When an endorser has a financial interest in supporting a firm, the FTC normally requires them to declare it.

Related Readings:

Yuga Labs, Moonpay Named in Celebrity NFT Endorsement Lawsuit

Yuga Labs Says it Wins First Bored Ape Trademark Lawsuit Against RR/BAYC Project

The NFT Community Could Forgive BAYC Founders’ Esoteric Interests

14 BAYC NFTs From an OpenSea User Were Stolen

Moonpay and Looksrare Partner to Bring Convenient NFT Purchasing to the Masses