The lack of regulation of, and consequent limited routes of legal recourse against, crypto investments such as NFTs has no doubt contributed to the popularity of claims being made against celebrity endorsers. However, the result of such high-profile claims arising from recent crypto failures may make influencers think twice before recommending such risky products in future. 

At the same time, however, as the crypto sector becomes more mainstream and more regulated, not only should investors be better advised as to the risks they are facing, but they may have more chance of financial recompense from the financial companies themselves.

Robin Henry is a partner and Tami Davis is an associate at Collyer Bristow