Former English footballer Michael Owen has come under fire from crypto and football enthusiasts for claiming that his new collection of unique Legacy tokens cannot depreciate.
The former Liverpool and Real Madrid striker recently teamed up with blockchain tech company Oceidon to unveil a collection of NFTs called Legacy. Michael Owen and Oceidon claim that their non-fungible tokens are designed in such a way that their value can only increase and never decrease. They operate with a special mechanism to ensure that these NFTs do not lose their value even when demand is low. As Oceidon management explained, people will not be able to sell Legacy Collection tokens for less than they originally purchased them, even if there are buyers on the market.
The project caused a flurry of criticism among Owen’s fans and cryptocurrency enthusiasts. They fear that some NFTs will be artificially locked at a high cost. If there is no demand for them, investors’ invested funds may “hang” for an indefinite period, given the volatility of the NFT market. One of the football fans expressed bewilderment that Owen “loves money so much that he is ready to involve his subscribers in risky NFT projects”, similar to “pump and dump” schemes or pyramid schemes. Fairer Finance managing director James Daley also commented on the situation:
“Financial projects advertised by celebrities are rarely successful. Michael Owen encourages people to invest in risky assets with money earned by honest work. It is easy for him to say, because he has already made a fortune on football. But that’s not the case for most people,” Daly said.
A few months ago, the famous actor Sylvester Stallone launched his own collection of NFTs, and in February, the family of the Spanish artist Pablo Picasso announced that they would release a collection of unique tokens depicting his work. The Internal Revenue Service (IRS) has previously warned that even celebrities are not immune from criminal investigations if they encourage people to invest in dubious projects using NFTs.