Michael Owen rinsed after baffling claim his NFTs won’t lose ‘initial value’
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Michael Owen has been ridiculed after claiming his new NFTs will be the "first ever that can't lose their value".
The former England striker is the latest football star to join the non-fungible token movement, which involves digital assets being bought and sold, often for large sums of cash. Owen announced this week: "My Twitter Space is about to go live, to discuss my NFT project. Despite the critics, my NFTs will be the first ever that can’t lose their initial value."
His followers were baffled by the comment, with journalist David Whitley replying: "Is that because the initial value is zero?"
One person wrote: "Kinda ignoring supply and demand! Fundamentals. Grand saying the initial price can't be lower but someone has to want to buy it in the future for the initial price. If not people will lose money!"
One post joked: "Once again, Michael, I am here to tell you that you do not know what any of those words mean." Another humorous reply read: "Michael Owen has completely rewritten the laws of economics. Yes, you read that right. Michael Owen , former Liverpool and England striker, has devised a commodity that cannot lose value. Betting has already closed on the next Nobel Memorial Prize in Economic Sciences winner."
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After negative comments rained in, Owen's NFT business partner Andy Green then appeared to backtrack on the initial claims. He wrote: "Correct, we cannot guarantee or say that you cannot lose. There is always a chance. There is no such thing in life as no risk propositions. But what we can do is protect the collector as best we can and that's what the floor price protection will do."
The Athletic journalist Joey D'Urso then cleared up: "Turns out this actually means is 'you can't sell for less than you bought it for'. So if you buy for £200, when it inevitably becomes worth less, you are down £200."
He added: "Oh dear. I've been at a quiz this evening so am slightly slow to Michael Owen's NFT scheme, but can confirm he's wrong and they can definitely lose value and you probably shouldn't buy them."
The NFT market is completely unregulated and it's feared celebrities who can afford to take loses on the investments will inspire those who cannot to risk their finances and then be left down.
John Terry's collection 'Ape Kids Football Club', for example, plummeted in value by 90% earlier this year. The Chelsea legend saw his NFTs drop from £497 to £49, per The Athletic, but the high-end assets have seen sales in the millions.
Nevertheless, the Premier League is said to be considering the launch of their own NFT collection next season with several other footballers already jumping on board and buying their own.
- England Football Team
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