Oscar-winning actress latest Hollywood star to give NFTs the cold shoulder

Quick Take

  • Oscar-winner Gwyneth Paltrow’s team denies she invested in NFT project called Wild. The company disputes the claim.
  • Celebrities who once fawned over them have been turning their back on digital assets in the wake of a downturn in the industry and fallout from scandals like FTX’s collapse.
  • “Why even risk it? There’s too much scrutiny, too much uncertainty,” according to Anthony Georgiades, co-founder of Pastel Network, an NFT-focused blockchain

Two months ago, a little-known NFT startup geared toward helping up-and-coming artists introduced itself to the world. Dubbed Wild, it sported a bevy of business luminaries as backers like founders Reid Hoffman of LinkedIn and Kevin Lin of Twitch.

But leading the headlines at the time, both in The Block's reporting and elsewhere, was actress Gwyneth Paltrow. The Oscar winner and founder of the multimillion-dollar Goop wellness brand empire was reported at the time to have invested in Wild. Now that's in dispute.

Nearly two months later, a representative of Paltrow’s said over the weekend that it was “completely false” that she invested in Wild, while a spokesperson for Wild later said in a statement that the “initial reporting is correct.”

Paltrow’s team seemingly distancing her from a crypto-related project after the fact — Wild used her name online as far back as March when The Block and others initially reported the actress’s  involvement — is