Crypto assets are currently being loved. However, the intention of promoting crypto tokens to fans has become an 'own goal' for Arsenal.
Three Gunners players, namely Ben White, Calum Chambers and Kieran Tierney were featured in promoting $AFC through their Facebook posts and website.
In serving the ad, Arsenal collaborated with Socios, a crypto token platform for football fans. In the advertisement, fans are invited to claim tokens to choose what song is suitable to be played if the North London club wins the match.
In order to get additional tokens, fans must first buy another cryptocurrency and use it to buy tokens.
While on the other hand, Arsenal did not disclose the risks when entering the crypto world. This is considered by advertising authorities to mislead fans.
Quoted by The Verge, Friday (12/24/2021) the British Advertising Standards Authority (ASA) saw how Arsenal's promotion took advantage of the ignorance of fans. And, the move is considered to violate the advertising license.
The ASA explains that the use of the word "token" disguises risks that customers don't know about, which would lead to crypto assets.
"We consider crypto assets to be volatile investments, change frequently, and have the potential to cause large losses," the ASA said.
Arsenal has admitted wrongdoing in promoting crypto tokens. In the future, Mikel Arteta's team will be careful in promoting and providing information related to financial risks.
Although this ASA ruling refers to Arsenal's promotion of crypto tokens, it is not impossible that this incident will set a precedent for other football clubs offering similar promotions.
For information, major European league clubs have made hundreds of millions of dollars by selling tokens to their fans. Lazio is the football club that most profited from this, which pocketed USD 130 million.
