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Michael Owen has been criticized for bold claims that his legacy NFT collection cannot go down in value

Earlier this week, former England soccer star Michael Owen along with his business partner Oceidon, a Guernsey resident Blockchaintechnology provider, a new non-fungible token (NFT) project called Legacy. However, it quickly drew criticism.

An NFT collection that doesn’t lose value?

The partners claimed that the NFT collection was designed in such a way that its reserve price can only go up but never go down, making it the first of its kind.

According to The Telegraph, Andrew Green, the co-founder of Oceidon, told users that they had developed a mechanism to ensure that the NFTs did not lose value even when demand was low.

our recommendation Michael Owen has been criticized for bold claims that his legacy NFT collection cannot go down in value, Crypto Trading News

“We found a way to ban people from selling NFTs for less than they originally bought,” Green said.

The duo said the tokens can be bought and traded by users at a fixed minimum price. But once demand for the NFTs decreases, holders are not allowed to sell them for less, even if there are willing buyers in the market.

This means that the NFTs would be artificially tied at a high price. If demand for them doesn’t return, investors could lose their funds indefinitely, a risky proposition given the volatility of the NFT market.

Owen faces severe criticism

Owen’s claims about his new legacy NFT collection caused a stir on social media, with some fans and crypto enthusiasts asking, “Is that because they’re worth nothing to begin with?”

A fan slapped the footballer and said:

NFT-Projects like this are almost always pump and dump or pyramid schemes designed to make other people lose money.

Are you so in love with money that you like to yell for such things to exploit other people?

– GoalScorer Challenge ⚽️ (@GoalscorerC) May 8, 2022

James Daley, managing director at Fairer Finance, commented on the matter, noting that he found it “shocking” that Owen had used his fame to promote what was in fact a risky investment.

“Celebrity advertising in the financial services space rarely does well. Michael Owen encourages people to invest their hard-earned money in risky assets. It is all very good for him as he has already made his fortune in football. But for most people, that’s not the case,” Daley said.

Featured image courtesy of Yahoo

Source: Crypto News Deutsch

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