Michael Owen criticised for promoting new crypto token

THE former footballer Michael Owen has come under fire for promoting a new crypto investment and claiming it could not fall in value.

Mr Owen, a former Liverpool and Real Madrid striker, said his “non-fungible tokens”, or NFTS, would be “the first ever that can’t lose their initial value” because investors will be blocked from selling them if the price falls.

However, experts pointed out that this could effectively leave buyers stuck with an asset they are unable to offload at all – meaning that their entire investment would be wiped out.

James Daley, of the consumer campaign group Fairer Finance, said that it was “shocking” Mr Owen had used his fame to endorse what in reality was a high-risk investment.

He said: “Celebrity advertising in financial services rarely goes well. Michael Owen is encouraging people to invest their hard-earned cash in risky assets. It’s all very well for him as he has already made his fortune in football. But for most people that’s not the case.”

NFTS are digital certificates that denote ownership of a physical or virtual asset. Mr Owen and his business partner Oceidon, a technology company, claim their NFT series have a fixed floor price which allows the value to rise but never go down. However, Andrew Green of Oceidon later tweeted: “We cannot guarantee or say that you cannot lose. There is always a chance.”

A spokesman for the Advertising Standard Authority said it could not comment on Mr Owen’s tweet to avoid prejudicing any hypothetical investigation.

They added: “We have strict rules on the marketing of crypto assets, including NFTS. Ads must make it clear crypto assets are unregulated and consumers’ investments are not protected. Our rules apply across ads in all mediums and that includes social media. Celebrities and influencers are subject to these rules and need to make sure they’re not making misleading or irresponsible claims.”

Mr Owen did not respond to requests for comment.