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Michael Owen Comes Underneath Fireplace For Selling His NFTs; Claims They Cannot Lose Worth ⋆ ZyCrypto

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Ethereum, Polygon, Solana NFTs Finally Coming To Over 3 Billion Facebook and Instagram Users

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Former soccer star, Michael Owen, has come underneath immense criticism after promoting a new NFT, which he claimed: “can’t lose worth”. The previous Liverpool, Actual Madrid, and England striker got here underneath fireplace from each soccer and Crypto followers after claiming that his NFTs could be “the first-ever that may’t lose their preliminary worth.”

Based on Oceidon, a know-how agency collaborating with Owen, the NFTs have a predetermined flooring value, that means their worth can solely go up. Mr. Owen’s enterprise companion at Oceidon, Andrew Inexperienced, informed followers through Twitter that:

“We’ve give you a approach to prohibit individuals promoting the NFTs for lower than what they initially purchase them for.”

The import of those assertions is that the NFT could be artificially locked in at a excessive stage. This may imply traders’ cash would successfully be misplaced. Incensed by these assertions, gamers within the crypto business got here out to voice their issues and opposition to Owen’s use of his superstar standing to misinform would-be traders.

Based on Mr. James Daley of Fairer Finance, superstar endorsement of NFTs is ineffective. Moreover, he opined that the tweet by Michael Owen violated promoting guidelines put in place by the Promoting Normal Authority with regard to digital property. He termed Michael Owen’s endorsement of such a high-risk funding as “stunning”. He added that:

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“Superstar promoting in monetary companies hardly ever goes nicely. Michael Owen is encouraging individuals to take a position their hard-earned money in dangerous property. It’s all very nicely for him as he has already made his fortune in soccer. However for most individuals, that’s not the case.”

As if to place out the fireplace that had been raging underneath Mr. Owen’s tweet, his enterprise companion – Andrew Inexperienced – despatched out a tweet saying that they may not assure that traders couldn’t lose their investments.

Based on the Promoting Requirements Authority, the advertising and marketing of crypto property is a well-guarded affair. Adverts have to satisfy a sure threshold so that customers are protected. Any advertising and marketing marketing campaign has to make sure that they’re clear whether or not a digital asset is regulated and that solely factual info is put throughout.

These developments come within the wake of elevated scrutiny on celebrities and influencers utilizing their fame to go deceptive info on cryptos and NFTs. Moreover, soccer golf equipment in England are slowly embracing NFTs and Crypto, with Liverpool soccer membership being the newest entry into the fray.