Hollywood stars Gwyneth Paltrow and Mila Kunis have been accused of pushing women to invest in cryptocurrency without explaining the risks involved.
Paltrow, famous for his goofy acting Goop brand, joined Kunis for a January Zoom seminar hosted by BFF from the “women-centric, non-binary crypto community.”
There, the millionaires encouraged 5,000 female viewers to step into the traditionally male-dominated world of cryptocurrency; digital currency and NFTs; digital works. Experts have warned that buying crypto and NFTs is more like gambling than a safe investment.
During BFF Zoom, first reported by The Washington Post, Paltrow, who wore a professional turtleneck and thick-rimmed glasses, gushed, “We’ve seen a lot of these brothers come together and earn a lot of money. money. We equally deserve to be in this space.
Later, Kunis, who has an estimated net worth of $75 million, replied, “We are so conditioned as women to be risk averse. I want to take risks and I want to see what happens.
Kunis said she was inspired to invest in cryptocurrency and NFTs during COVID while stuck at home with her actor husband Ashton Kutcher.
She said: “I’ve heard about this world of Web 3, NFTs and crypto back home for about 10 years, and I was like, well, it’s COVID, so if you can’t beat them, join them.”
Also at the event, Mark Zuckerberg’s sister Randi Zuckerberg told the excited crowd that she too had recently become an NFT convert. She even compared the digital artworks to Chanel handbags or paintings by Michelangelo.
Gwyneth Paltrow and Mila Kunis are both pictured at the BFF crypto summit, where the millionaire stars embraced the potential benefits of cryptocurrency and NFTs without getting into the risks of investing in either
Also pictured was Mark Zuckerberg’s sister Randi, who compared NFTs to a Chanel handbag or a Michelangelo painting, despite experts warning many are worthless
Zuckerberg, a former Facebook executive who is worth $200 million, said: “I was skeptical, I was confused.” Fast forward to now, I now own over 100 NFTs!
“Things have value because of a backstory, sometimes it’s the person who created it.
“Sometimes it’s just your personal taste if I came and drew on your ceiling, you wouldn’t be happy, but if Michelangelo did, voila, a priceless work of art.
“So an NFT applies to digital assets that are unique and valuable, they can be anything but art.
‘It can be a music video, a video, a super special recipe, a book, it can be a ticket for a conference or a concert, or an event, but because the asset is created on the blockchain (crypto book -currency) you know 100 that it is authentic.
“Let’s say you buy a Chanel bag. Like you want to make sure that bag is authentic before you spend thousands of dollars on it, but with digital assets, the proof is there.
NFTs – non-fungible tokens – are original works of art that exist only in digital form and can be bought, traded and sold using cryptocurrency.
They have proven to be more popular among female buyers than cryptocurrencies themselves, the most famous of which is Bitcoin.
The most expensive NFT of all time, an artwork called The Merge, which depicts two spheres, sold for $91 million in December last year. It was purchased from artist Pak by a consortium of nearly 29,000 buyers.
But many NFTs are essentially worthless, those that end up selling for millions usually get a lot of hype online – often from celebrities.
Investment experts warn that most NFTs are a waste of money, and some believe the digital artwork trend has already peaked.
Cryptocurrency offers an online and anonymous digital payment method – the most famous form of which, Bitcoin, has grown in value enormously since its launch in 2009.
A single Bitcoin was worth more than $43,000 as of April 6, but its popularity has spawned copycat cryptocurrencies, many of which are as worthless as most NFTs.
Cryptocommunity BFF was co-founded by Brit Morin, pictured, who says he wants to encourage women into traditionally male spheres of crypto investments
Participants received a digital friendship bracelet, similar to this, which can currently be resold for $3,000 and provides early access to an upcoming BFF NFT sale
The most expensive NFT ever sold is an artwork called The Merge, pictured, which was bought for $91million by 29,000 buyers in December 2021
There is no indication that Paltrow, Kunis or Zuckerberg attempted to mislead potential investors.
Paltrow is so enthusiastic about crypto that she’s even a member of a 25-person private group on messaging app Signal whose female members share “Alpha Chat” — advice on NFT projects that could be worth the price. worth investing and which are frauds.
Reese Witherspoon is also a member of the group, as is BFF co-founder Moj Mahdara. Kunis and her husband Ashton Kutcher also recently launched a cartoon series that features NFTs, suggesting that they too are committed to the concept.
But the Post found that many questions about the risks of investing in NFTs during the BFF Zoom chat at which Paltrow and Kunis were speakers went unanswered. BFF co-founder Britt Morin pushed the event as promising to answer whether NFTs “are all a scam”
Morin excitedly pushed potential crypto payouts during the same Zoom, highlighting an NFT collection recently sold by Christie’s for $69 million, while saying, “This is the kind of wealth that is possible for people who participate in this new ecosystem.”
NFTS: The future of art or a bubble about to burst?
What is an NFT?
A non-fungible token (NFT) is an encrypted unique digital token with an artist’s signature that verifies its ownership and authenticity and is permanently attached to the coin.
What do they look like?
Most NFTs include digital artwork such as photos, videos, GIFs, and music. Theoretically, anything digital could be turned into NFTs.
Where do you buy them?
Currently, NFTs are most commonly sold in so-called “drops,” timed online sales through blockchain-backed marketplaces like Nifty Gateway, Opensea, and Rarible.
Why would I want to own one?
There are a range of reasons why someone might want to buy an NFT. For some, the reason may be emotional value, as NFTs are considered collectibles. For others, they are seen as an investment opportunity.
When were NFTs created?
Writer and podcaster Andrew Steinwold traced the origins of NFTs back to 2012, with the creation of the Colored Coins cryptocurrency. But NFTs didn’t enter the mainstream until five years later, when blockchain game CryptoKitties began selling virtual cats in 2017.
During the event, a live chat box saw moderators answer some questions – but other important queries were ignored.
A woman asked about an NFT collection called Bored Ape Yacht Club, saying, “What gives an ape that value? What makes it worth $500,000? only to be ignored.
Other viewers seemed to have fallen in love with Paltrow and Kunis’ pitches, saying, “I really feel part of the story right now =)),” and “They’re going to explain everything.”
Morin closed the event with a seemingly magnanimous giveaway for viewers – giving all attendees a free digital friendship “bracelet” currently reselling for at least $3,000.
Anyone who sells the wristband gets early access to BFF’s NFT collection launching this month, and gives back 7.5% of the profits if they choose to sell the cyber-garment.
Another crypto expert called Faith Love told the Post that promising women the prospect of great riches was “just a bait.”
Others said the tactics used are similar to those deployed by so-called “girlboss”.
They have been criticized for hailing financial successes while using sexist power structures originally created by men to keep women out of the boardroom.
BFF, which hosted the glitzy Zoom, has refuted claims that it tries to perpetuate such issues.
Spokesperson Rakia Reynolds told the Post that the term “refers to instances where female-centered empowerment efforts, particularly related to technology, have empowered bad actors with toxic traits and intentions. of supremacy to block access and take up space”.
She added, “BFF tries to do the opposite.”