Michael Owen, English former footballer It has been heavily criticized for claiming that his new Legacy NFT collection cannot lose its value.
Earlier this week, former English footballer Michael Owen Along with its business partner, Guernsey-based blockchain technology provider Oceidon launched a new non-fungible token (NFT) project called Legacy. However, it quickly followed up with criticism.
A NFT collection that doesn’t lose value?
The NFT collection is claimed to be designed in such a way that the floor price keeps increasing and not decreasing.
according to reportsof The Telegraph Andrew Green, co-founder of Oceidon, tells users that they’ve devised a mechanism to ensure that NFTs don’t lose value even when demand is low.
“We’ve figured out a way to stop people from selling NFTs for less than what they were originally getting,” Green said.
Both said the tokens could be bought at a fixed floor price and traded by users. But as demand for NFTs decreases, holders are not allowed to sell less. even if there are ready buyers in the market
This means that the NFT is locked by default. If the purchase demand does not return or increase This causes investors to lose their capital indefinitely. which is a very risky investment Considering the volatility of the NFT market
Owen faces harsh criticism.
Owen’s claims about his new Legacy NFT collection caused drama on social media by NFT fans and enthusiasts.
“NFT projects of this nature are usually pump and dump or pyramid schemes. designed for the loss of other people’s money.”
Fairer Finance’s managing director, James Daley, described the matter as “shocking” that Owen used his reputation to promote such high-risk investments in reality.
“Celebrities advertising in financial services rarely go well. Michael Owen encourages people to invest their hard-earned cash in risky assets. But all was good for him because he made a lot of money in football. But for most people, that’s not.”
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