Wednesday, May 11, 2022

Michael Owen’s NFT tweet sparks complaints as he says tokens ‘do not lose initial value’

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The former England star mocked the claim when the Advertising Standards Authority confirmed people had contacted her, but stressed they were not investigating just yet

The former England striker was widely mocked for the news, with even his business partner Andy Green responding: “We can’t guarantee or say you can’t lose. There’s always a chance. There are no risk propositions in life.

A tweet from former England soccer star Michael Owen claiming his NFTs are the “first ever that cannot lose their original value” has sparked complaints from advertising regulators.

“But what we can do is protect the collector as best we can, and that’s what reserve price protection will do.”

There is a risk with every NFT investment and the Advertising Standards Authority (ASA) confirmed that eight people had so far contacted them about the claim.

However, the ASA emphasized that this does not mean that it is already conducting investigations. It said that at this stage it is “simply examining the complaints” to determine whether or not there are grounds for an investigation.

Michael Owen is the latest celebrity to get involved in the growing NFT market, and everyone from Paris Hilton to Snoop Dogg are bringing their own to the market.

His NFT is being released in partnership with Oceidon as part of the Oceidon Legends project.

Oceidon Legends boasts that it “immortalizes unique personalities through digitization with NFTs”.

It said it would be a limited edition of 1,233 pieces across five rarities, telling an “inspirational tale of Michael’s meteoric rise in football.”

Some supporters were skeptical of Owen’s comment, with one person saying: “Given that there is no footballer in the history of the game who has lost his initial value more than Michael, I don’t believe him.”

NFT stands for Non-Fungible Token. These are digital assets that represent a real-world asset but are bought and sold online like cryptocurrencies.

They are often digital works of art, but can also be videos, tickets to an event, access to play-to-earn games, or other digital artifacts.

When someone buys an NFT, what they are actually buying is a token that proves ownership of such an asset.

The value of an NFT depends entirely on whether people are willing to pay that amount on the next sale.

This makes them a far more risky investment than, say, buying an original Van Gogh painting, which has a far more established value.

Like cryptocurrencies, NFTs are exchanged over the blockchain and can be bought and sold using Ethereum, the second largest digital currency in the world after Bitcoin.

The ASA has strict rules governing the marketing of cryptoassets, including NFTs, and expects advertising to make it clear that cryptoassets are unregulated and consumer investments are unprotected.

It adds that NFT sellers must not take advantage of consumers’ inexperience or gullibility, and sellers should provide all the essential information to enable consumers to make informed investment decisions.

Celebrities and influencers are subject to these rules and must ensure they are not making any misleading or irresponsible claims about investing in products.

A number of sanctions are available to the ASA if it finds ads that violate the rules.

Such ads are first completely banned and withdrawn from circulation. The ASA can also work with media partners to have objectionable ads removed, and may also contact offenders for other possible actions, such as: B. Fines refer.

It encourages anyone with concerns about the advertisements they have seen to get in touch with us.

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