Arsenal FC was in the news not for footballing reasons but for the ban on the club’s advert on its fan token by UK’s advertising regulator, ASA.
Cryptocurrency has been gaining ground in the world of sport in recent times. NBA side, Dallas Mavericks is known to accept crypto coins to buy match tickets and other services.
Football teams such as Watford (shirt sponsorship), Juventus (NFT), and FC Barcelona (NFT) are not left out in the world of these digital assets. Crypto however got a minor setback with the statement on the ban on the advert for Arsenal’s fan token.
Why Arsenal Advert For Cryptocurrency ‘Fan Token’ Was Banned
The Advertising Standards Authority (ASA) has banned two promotions for ”fan token” from Arsenal Football Club.
The UK advertising regulator stated that ‘token’ ads were banned because they were misleading supporters over the risks of investing in crypto.
It was added that Arsenal was taking advantage of consumers’ inexperience, trivializing investment in crypto. This is said to mislead consumers over the risk of investment and make it clear the ‘token’ was a crypto asset.
This was coming after another EPL team, Manchester City had suspended a partnership with a cryptocurrency startup that appeared to have a minimal corporate presence.
How Does This Affect The Crypto World?
Although the ban on the advertisement on the fan’s token was said to be misleading consumers into the risky crypto investment, it is not to halt crypto.
Cryptocurrency is no doubt becoming part of our life even though it is yet to be widely accepted. Many are however taking the opportunities presented by the digital currency to make a fortune.
It cannot be overlooked that crypto is a very investment. Its advantages however can be taken by dealing with it in our digital world.
Arsenal said it would seek an independent ruling ”to seek greater clarity on the ad regulator’s current position”. This is to show that it has not given up on the fight of making to get consumers know about its NFT (Non-fungible token).
It seems to be a matter of time till cryptocurrency gain more attention in our world.
Also Read: What is Bitcoin Diamond?
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