It seems a little disrespectful to me cause its like K thinks he is the new Fresh Prince or something, and he is NOT. Will is Fresh Prince, no matter how many more movies he makes or how many more albums he doesn't make.
FP is legend to me, one of my all time favorites cause he really got me interested in not only hip hop, but music in general. Its seems like KSmith wearing FP's chain in the video is like him saying "forget about my uncle who used to rap, I'm taking his spot now!"
Either that or he is just paying homeage even though it doesn't look that way to me.