During the last few years, a number of football teams have taken part in NFTs. Most of the time, they do this by making collections for their fans before a new season starts or in honor of a special event. But Arsenal, one of the most popular football teams in the world, has gotten in trouble with the UK’s Advertising Standards Authority (ASA).
What went wrong?
When the club promoted its new idea, the $AFC fan tokens, it made a mistake. Promotional emails said that the NFTs were a gift to fans that would give them access to live events and a vote in some club decisions.
The ASA says that the problem with these ads is that they didn’t tell people enough about the risks of investing in crypto assets like NFTs. The club “dumbed down investing in cryptoassets by missing relevant and obvious risk warnings,” as they put it, by not making it clear that crypto assets are not regulated and are often very volatile.
In the past, they have had different ideas about how the club should promote digital assets. The ASA once told the club to take down several social media posts because they didn’t say that the NFTs they were promoting could only be bought by buying another cryptocurrency.
As NFTs become more popular in the modern world, those who support them will be looked at more closely. This means that organizations like the ASA are likely to notice any lack of good disclosure, even if it comes from the biggest football club in the world.
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