Former England striker Michael Owen has deleted a tweet about a non-fungible token (NFT) project after being contacted by the Advertising Standards Authority.
“My NFT will be the first NFT that doesn’t lose its initial value,” Owen, 42, wrote last month.
It is understood that the ASA believes the tweet may be misleading to consumers.
They contacted Owen to ask for it to be removed, which has now been done.
The ASA is currently conducting an extensive review of the issues surrounding NFT advertising.
NFTs are unique assets in the digital world that can be bought and sold like any other property, but have no tangible form.
England striker Tammy Abraham and Everton coach Ashley Cole have also dropped their endorsements of the NFT scheme, while a series launched by former England captain John Terry in February saw its value drop by 90% in the following month .
Liverpool created two types of digital collectibles earlier this year, and although 95 per cent of them went unsold, the launch brought in more than £1m for the club.
‘Of course you can lose money’
and exercise table podcast, James Daly, managing director of Fairer Finance, said: “When you’re working on something very new and unregulated, and you’re letting football players say ‘you can’t lose’, it’s a wake-up call.
“It’s not true – of course you’re going to lose money. [Owen’s tweet] Very dangerous, especially from a trusted and well-known celebrity. “
Andy Green, one of the founders of blockchain technology firm Oceidon, which has partnered with Owen to release his series of NFTs, added that losses “could happen.”
Green also explained on The Sports Desk podcast that creators like Owen can launch NFT projects on Oceidon’s marketplace with a floor price that NFTs will never go below, but the floor price may be lower than the initial investment amount.
However, Green emphasized that Irving’s NFT project is primarily a limited-edition memorabilia collection, with physical items issued with the associated NFT and ownership registered on the blockchain.
The “off-chain collectible” will include watches and shirts, with Irving providing personal photos and unique descriptions of each of his career goals.
“It’s a different way to demonstrate this technology,” Green said. “We’re trying to encapsulate his career, his legacy on the blockchain.”
Green said there was “a lot of resistance” following the May tweet, and while the launch of Irving’s NFT series was originally scheduled for May 31, it has been delayed to coincide with the 2022 World Cup in Qatar, which begins in November.
How do NFTs work?
Traditional works of art such as paintings are valuable precisely because they are unique, but digital files can be easily and endlessly reproduced.
With NFTs, artwork can be “tokenized” to create digital certificates of title that can be bought and sold.
As with cryptocurrencies, who owns the records of what is stored in a shared ledger called the blockchain.
Records cannot be forged because the ledger is maintained by thousands of computers around the world.
NFTs can also contain smart contracts that, for example, can offer artists a cut of any future token sales.