English football star Michael Owen landed into controversy after his claim over his NFT collection that it will never lose its value, received a huge backlash from the community.
Last Week, Michale launched an NFT collection named “Legacy” in collaboration with Oceidon, a blockchain solution provider. The partner stated that the NFT collection has a design that price only can go upside down, the first of its kind.
Andrew Green, the co-founder of Oceidon said to users that they have integrated a mechanism in the NFT collection to ensure that NFT can maintain its value even in its low demand.
“We have come up with a way to prohibit people selling the NFTs for less than what they initially acquired them for,” Green said.
They stated that users can buy their NFTs at a fixed price, which can be traded by them. When the demand for NFTs decreases users will not be allowed to sell below the price they have purchased.
Obviously, the mechanism compels NFT buyers to hold their NFTs after their lock at a high price. If the investor doesn’t get a buyer, who can pay higher than their purchasing price then he can lose all its investment.
However, the community sparked on social media over the Legacy NFT collection, and some fans and crypto enthusiasts asked, “Is that because they’re worth nothing to start with?”
James Daley, managing director at Fairer Finance spoke on this matter and he called it quite “shocking” as Owen used his popularity to promote high-risk investment.
“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,” Daley said.
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