Instagram banned Mark Cuban-backed NFT account amid controversies of posting sponsored content without proper disclosure as we can read more today in our latest cryptocurrency news.
The @NFT Instagram account was accused of posting content without the proper disclosure so Instagram banned Mark Cuban-related account. The account boasted 1.7 million followers and a blue verified checkmark whcih became a subject of a viral Twitter thread and accused the account of posting sponsored content while advertising NFT collections without disclosing the posts as ads.
I paid @nft 25k for 1 post and they drowned out my post and I got nothing in return. They also introduced me to @wealth on insta and I paid them 50k for 5 posts and they drowned out my posts and I got nothing for my money. Both accounts are filled w/ bots https://t.co/GWGdSN8w2j
— Fluluv.eth (@Fluluv) February 3, 2022
Aaron Avurskin who is the co-founder of Leverage Game Media and backed by Mark Cuban owns the @NFT account along with other social media accounts and vowed to cease all ads on the account and try to be better in the future. A spokesperson for the Instagram parent company Meta said:
“This account was disabled following repeated violations of our policies, and it won’t be reinstated.”
According to the FTC social media influencer guidance, the ads on social media have to be disclosed in a simple and clear language. As for Cuban’s part, the Leverage Game Media website listed him as a co-founder but he noted that he is only an investor and doesn’t operate in the company so he directed the news reporters to Leverage Game Media for further comment. Avruskin said:
“We apologize for any misunderstandings, and we will add additional layers of transparency in what we present to our community moving forward.”
The Leverage Game Media website was updated to remove Cuban from the list of founders and in the original tweet thread, the NFT collector TopShotFund accused the @NFT account of promoting copy-paste NFT projects without proper disclosures and took serious advantage of the less informed. The account posted a screenshot of a spreadsheet that tracked the return of the investment for a lot of projects that @NFT promoted.
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The floor price of the NFT which is the cheapest now available was lower than the mint price which is the original price of the token which means that the investors suffered heavy losses.
a Mark Cuban owned Instagram account w/ 1.7m followers is promoting a shadowy cabal of scammy copy pasta NFT projects without proper disclosures, thus taking serious advantage of the less informed
a thread 🧵 pic.twitter.com/LSuyAmj5MQ
— TSF | Space Cowboy (@topshotfund) February 3, 2022
In the past, @NFT Instagram page posted the content that encourages the followers to check out different NFT projects and many of them had a profile picture of collections. NFTs are tokens that exist on the blockchain networks like Solana, Tezos, and Ethereum which are used to demonstrate ownership over an asset such as a piece of digital art.
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