Over the years, we’ve seen several football clubs migrate to NFT creation. They often release collections for their fans before a new season or to mark a significant event. But Arsenal, one of the biggest football teams in the world, is currently having issues with the Advertising Standards Authority (ASA) in the United Kingdom.
What went wrong?
The issue began when they announced their new project, the $AFC fan tokens. The promo emails revealed that the NFTs were a gift to fans that would give them some sort of voting rights on certain club decisions, and tickets to live events.
The ASA reports that the challenge with these promotions is that they did not provide fans with enough information on the risks of investing in projects like NFTs. That Arsenal football club should have clarified that crypto assets are often unstable and not regulated.
However, this is not the first time the club’s promotion of digital assets has triggered a rift between the two. In the past, the ASA banned several social media posts from the club because they failed to include in their post that users will buy the advertised NFT with another cryptocurrency.
With the increasing adoption of NFTs comes increased scrutiny of their promos. This means that groups like the ASA are likely to report any lack of information, even if it comes from the biggest football club in the world.
What Is Arsenal Football Club Fan Token (AFC)?
The Arsenal Fan Token (AFC) is the official fan token of Arsenal Football Club, a football team based in London. Arsenal signed a contract with Socios.com, an app built on the Chiliz blockchain, in the summer of 2021. The AFC token was released in August of that same year. Chiliz is one of the best blockchain companies for the entertainment industry, and Socios.com is the best blockchain company for sports media.
Peter Silverstone, the Commercial Director of Arsenal, says that the partnership with Socios will help bring the huge number of Arsenal fans and the football team closer together. This will give fans all over the world more opportunities to interact with the club and the team.