May 31, 2023


It's the Technology

Michael Owen: NFT tweet deleted after Advertising Standards Authority contact


Michael Owen
Michael Owen scored much more than 200 ambitions through his playing occupation, such as 40 for England

Former England striker Michael Owen has deleted a tweet about a non-fungible token (NFT) project just after he was contacted by the Advertising and marketing Expectations Authority.

Owen, 42, wrote last thirty day period that “my NFTs will be the initial at any time that won’t be able to lose their first price”.

It is understood the ASA viewed as that the tweet was possible to mislead shoppers.

They contacted Owen asking for it to be eliminated, which has now been finished.

The ASA is at present conducting a broad-ranging critique of the troubles bordering NFT marketing.

NFTs are one-of-a-type property in the electronic globe that can be purchased and offered like any other piece of residence, but which have no tangible sort.

England striker Tammy Abraham and Everton coach Ashley Cole have also deleted endorsements of NFT strategies, whilst a assortment released by former England captain John Terry in February dropped in price by 90% around the up coming month.

Before this calendar year Liverpool developed two types of digital collectibles, and despite the fact that 95% went unsold, the start sent much more than £1m in income for the club.

‘Of class you can drop money’

Talking to The Athletics Desk podcast, James Daley, running director of Fairer Finance, stated: “When you happen to be delving into anything which is very new and unregulated, and you have received footballers indicating ‘you won’t be able to lose’, it is flashing alarm bells.

“It really is just not true – of class you can lose dollars. [Owen’s tweet] is amazingly dangerous, primarily from a dependable and perfectly-known superstar.”

Andy Green, one particular of the founders of Oceidon, the blockchain technological know-how organization partnering with Owen to launch his NFT assortment, added that dropping income “can materialize”.

Also talking to The Athletics Desk podcast, Inexperienced explained that a creator, like Owen, can start an NFT venture on Oceidon’s market with a ground rate which the NFT can never go down below, but that ground rate may perhaps be a lot less than the first total invested.

Having said that, Green pressured that Owen’s NFT job is primarily a limited version memorabilia selection, with actual physical items staying issued with an linked NFT and the ownership getting registered on the blockchain.

The ‘off-chain collectibles’ will contain watches and shirts, with Owen giving own photographs and exceptional descriptions of each of his vocation goals.

“This is a distinctive way to present this engineering,” reported Inexperienced. “We are striving to encapsulate his profession, his legacy, on the blockchain.”

Eco-friendly reported there was “a great deal of pushback” following the tweet in Could, and even though the launch of Owen’s NFT assortment was scheduled for 31 May perhaps, it has been postponed to coincide with the 2022 Earth Cup in Qatar, which commences in November.

How do NFTs function?

Regular performs of art this sort of as paintings are worthwhile precisely mainly because they are just one of a variety, but electronic files can be quickly and endlessly duplicated.

With NFTs, artwork can be ‘tokenised’ to build a electronic certification of ownership that can be acquired and sold.

As with cryptocurrency, a file of who owns what is stored on a shared ledger regarded as the blockchain.

The information can’t be solid for the reason that the ledger is managed by hundreds of desktops about the entire world.

NFTs can also contain wise contracts that may possibly give the artist, for case in point, a minimize of any future sale of the token.

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