Kieran Maguire shreds ‘insidious’ Liverpool announcement – ‘this is textbook fear…’
Liverpool have aligned themselves with an “insidious” indsutry by launching an official range of non-fungible tokens.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the Merseysiders’ controversial commercial announcement.
Liverpool yesterday (24 March) revealed that they have partnered with Sotheby’s to create a range of collectible digital artwork.
NFTs and other blockchain technologies such as crytocurrencies have made waves in the sports sponsorship industry in recent months.
But the unregulated nature of the products, stories of price collapses and malpratice have prompted a backlash from some fans.
A statement from Liverpool fan trust Spirit of Shankly revealed they have concerns over the “financial and environmental sustainability” of NFTs.
Maguire echoed their sentiments and stressed the volatile nature of product.
“This is textbook FOMO, fear of missing out,” he told Football Insider‘s Adam Williams.
“The fact that Liverpool are willing to align themselves with this shows that if you tell enough people that something is good, they might believe you.
“There is nothing inherently wrong with NFTs if they are marketed as effectively a club lottery, which they are.
“But you buy a lottery ticket with the knowledge that you’re probably not going to win. Around 90 per cent of NFTs decrease in value.
“It’s a somewhat insidious drip from people who describe themselves as traders, but speculators or gamblers would be a more appropriate word.
“Would I have them as part of my investment portfolio? Perhaps as a speculative investment, but never as more than five per cent of my portfolio.“
The Premier League are also reportedly set to embark on two NFT league-wide NFT deals.
Liverpool canvased supporters on their opinions towards crytocurrency earlier this year.
In other news, major update on Liverpool interest in Declan Rice as Klopp stance revealed