Michael Owen has been forced to delete a tweet about his non-fungible token (NFT) venture by the Advertising Standards Authority (ASA).
In May, former Liverpool and Manchester United striker Owen wrote a post on Twitter telling his 3.7million followers that "my NFTs will be the first ever that can't lose their initial value". NFTs are unique, non-physical assets that are bought digitally and can be sold like other items.
How they are advertised is under the microscope, with the ASA conducting a thorough review of the issue. The regulator deemed that Owen's tweet was likely to mislead consumers who saw it on the social media platform.
The ex-England international was asked to delete his post, and he obliged. His claim about the alleged ability of his NFTs not to lose their value has since been branded "just not true" by James Daley, the managing director of Fairer Finance.
Speaking to The Sports Desk podcast, Daley said: "When you're delving into something that's very new and unregulated, and you've got footballers saying 'you can't lose', it's flashing alarm bells. It's just not true - of course you can lose money. [Owen's tweet] is incredibly dangerous, especially from a trusted and well-known celebrity."
Meanwhile, one of Owen's business partners declared the NFTs are a means of "encapsulating his career" on the blockchain, which is a system which records transactions made in cryptocurrencies. Andy Green, a co-founder of Oceidon, the blockchain technology company Owen has partnered with to unveil his NFT collection, said: "This is a different way to present this technology. We're trying to encapsulate his career, his legacy, on the blockchain."
Owen is not the only footballer to have been involved in NFT schemes. Roma striker Tammy Abraham and Chelsea legend Ashley Cole, now a coach at Everton, have also deleted endorsements of such projects. Further, an NFT collection made by Stamford Bridge hero John Terry dropped in value by 90 per cent in the month following its launch in February.
Elsewhere, Owen may have been guilty of breaching advertising rules with regard to a tweet about Punt Casino, a cryptocurrency betting company registered in Curacao, in the Caribbean. UK law states that betting firms must be licensed by the UK Gambling Commission before they can be advertised to consumers in the country.
However, Owen advertised the firm in mid-May with a number of tweets, which have since been deleted. Having been confirmed as a brand ambassador for the crypto betting company, Owen said: "I'm a strong believer in the power of crypto, so teaming up with an innovative platform like Punt Casino feels like a natural fit."
