Michael Owen has slammed for ‘encouraging people to invest hard-earned money in risky assets’ after claiming his latest NFT range cannot lose value – and warned his remarks could breach guidelines advertising
- Michael Owen said on Monday that his new NFTs “cannot lose their original value”
- The claim prompted scrutiny and Owen was criticized
- It’s been suggested that Owen even broke advertising guidelines.
Michael Owen has come under fire for encouraging people to invest in his latest NFT venture, which he says cannot lose value.
Former England, Liverpool and Real Madrid star Owen tweeted on Monday that his project “will be the first NFT to not lose its initial value”.
Oceidon, a technology company working with Owen, said NFTs have a fixed price floor, which means the value can only go up. Yet, Andrew Green, co-founder of Oceidon, appeared to back down on that claim during a Twitter chat.
Michael Owen has been criticized for encouraging people to invest in his latest NFT venture
His claims that they cannot lose their value have prompted scrutiny
A user messaged Green claiming that advertising the scheme saying people can’t lose money was “bordering on criminal”, to which Green replied, “We can’t guarantee or say that you can’t lose. There is always a chance.
‘There is no such thing in life as no proposition of risk. But what we can do is protect the collector as best we can and floor price protection will do that.
James Daley, of consumer campaign group Fairer Finance, blasted Owen’s involvement in quotes reported by The telegraph.
“Celebrity advertising in financial services rarely goes well,” Daley said. “Michael Owen encourages people to invest their hard-earned money in risky assets.
“That’s great for him because he’s already made a fortune in football. But for most people that’s not the case.
“This may well violate the Advertising Standard Authority’s guidelines on crypto assets.”
Owen appeared on a Twitter space on Monday night to talk about his NFTs, but did not comment further on the subject amid the backlash.
Although the ASA does not comment on specific cases, it told the Telegraph: “We have strict rules on trading crypto assets, including NFTs.” Ads must make it clear that crypto assets are unregulated and consumer investments are unprotected.
Andrew Green, who is involved in the project with Owen, said on Twitter that “we can’t guarantee or say you can’t lose”
Owen was accused of ‘encouraging people to invest hard-earned money in risky assets’
“Our policies apply to all advertising across all media, including social media.” Celebrities and influencers are subject to these rules and must ensure that they do not make misleading or irresponsible claims.
Many fans seemed skeptical of Owen’s response to claims that the NFT couldn’t drop in price.
“It’s (sic) a really disturbing statement that an NFT will not lose its original value, especially with falling prices and liquidity,” said one fan.
Another wrote: “Assuming the value isn’t 0, how the hell is that remotely possible?” Will someone ALWAYS be ready to buy it back at the same price? »