Michael Owen’s social media activity concerning his NFT has elicited a considerable outcry in the advertising sector.

After receiving a warning from the Advertising Standards Authority, the former England football star decided to erase a tweet about a non-fungible token initiative. Michael Owen Owen asserted last month, 'My NFTs will be the very first to maintain their initial value.' The ASA expressed concerns that the tweet could mislead potential buyers, prompting them to reach out to Owen with a request for its removal, which he has complied with.

Michael Owen boldly stated: This NFT has no potential to lose its value.

The Advertising Standards Authority Tammy Abraham and Ashley Cole have both withdrawn their endorsements for NFT projects, while a collection created by former England captain John Terry saw a staggering 90% drop in value shortly after its release. Earlier this year, Liverpool introduced two types of digital collectibles, but despite 95% remaining unsold, the launch was still able to generate more than £1 million for the club.

On The Sports Desk podcast, James Daley, managing director of Fairer Finance, emphasized, 'When delving into something as new and unregulated as this, and with footballers claiming 'you can't lose,' it raises significant red flags.'

Andy Green, one of the co-founders of Oceidon, the blockchain startup collaborating with Owen to launch his NFT collection, remarked that financial losses 'can occur.' Green noted there was 'a lot of backlash' following the tweet from May, and while Owen's NFT collection was initially set to be released on May 31, it has since been postponed to align with the 2022 World Cup in Qatar starting this November.

TikToker Michael Le unveils an innovative play-to-earn gaming platform.

Read related posts:

• The South China Morning Post successfully launched its first historical NFT collection, selling out in just two hours.
• Anonymice NFTs are preparing to make their entry into the Minecraft Metaverse.
• Please keep in mind that the information provided on this page is not intended and should not be construed as legal, tax, investment, financial, or any other type of advice. It’s crucial to only invest what you can afford to lose and consult with an independent financial advisor if you have any uncertainties. For more information, we recommend reviewing the terms and conditions along with the support resources offered by the issuer or advertiser. MetaversePost strives for accurate and unbiased reporting, but market conditions can shift rapidly and without prior notice.