The London-based professional football club, Arsenal FC has been chided by the Advertising Standards Agency (ASA) for getting involved in the misguided promotion conducted by Socios.
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Socios is a fan token company that has entered into a partnership with six different top European league clubs. The members of this partnership are Barcelona, Juventus, Paris St Germain, Manchester City, and many other European teams.
Based on a statement by ASA, the two Socios ads posted on the club’s website and Facebook were ”misleading” and irresponsible”. This is owing largely to the fact that the adverts had failed to make clear the tokens had to be bought with a cryptocurrency. It had also taken advantage of fans’ inexperience and did not warn of the risk of trading crypto.
In its defense, Arsenal argued that the polls were not a stunt to present the fan tokens as yield-farming or an investment opportunity.
To clarify, Arsenal affirmed that “the polls were actually the purpose and essence of the fan token”. The club reminded the British advertising agency that their fans are already familiar with the activities of the fan tokens company Socios as a crypto firm, therefore, are aware that its token has to be bought with cryptocurrencies.
Football fans are able to vote on their choice of music after a win or the social media display on their club’s media platform with the aid of fan tokens. It is not limited to football, other sports fans too can also make use of fan tokens.
Like every other cryptocurrency, the token can be used for transactions on an exchange platform. In like manner, its price can fluctuate but this does not influence the game on the field in any way.
The ASA has warned the club to desist from presenting the ads in the form that was complained about.
Brands And Celebrity Influence on The Adoption of Crypto
The use of big brands and celebrities to promote crypto without spelling out the risks involved is becoming regular in the ecosystem. Early in the year, Meta Inc., Facebook’s parent company was sued by the Australian Competition and Consumer Commission (ACCC) for hosting several misleading crypto ads on its platform.
Prior to that time, the Indian ads watchdog Advertising Standards Council of India (ASCI) laid out guidelines to monitor crypto publicity in the region. With such regulations intact and the implementation of penalties stated for such offenses, the crypto ecosystem is on the outlook for a better trading atmosphere.
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