As more mainstream personalities and companies continue to promote NFTs, they will also have to navigate the existing regulatory landscape that dictates the promotion of these assets. A typical example of this is FC Barcelona recently found itself having to defend NFT advertising against the Advertising Standards Authority (ASA).
Sanction details
The problem started after the football club ran a Google ad for an NFT sold by Sotheby’s on 29 July 2022. ASA claims the ad failed to highlight the “risk” and ownership terms of his NFT. The club responded that the property sold did not qualify as an investment and the same rules did not apply.
The club also said the terms and conditions in question had been posted on its website but not in the ad due to character restrictions. and can be held speculatively, customers need to be informed of the risks associated with them.
It goes without saying that the NFT project should be as careful as possible when it comes to advertising. This is especially in view of the fact that the ASA licensed Arsenal Football Club for the same reason as last year, and crypto.com this year.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Tokoni Uti has written extensively on blockchain and cryptocurrencies over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.