The ASA has upheld complaints over a social post from Essex County Cricket Club, which promoted cryptoassets.
It comes after the Financial Conduct Authority evolved the framework around the marketing of cryptoassets that are transferable and fungible.
The tweet at the centre of the complaints stated: “Unveiling a new way of fandom with @OxFanCraze! Supporters can now collect, trade and play cricket strategy games with licensed player cards of their favourites to win cash rewards & never seen before fan experiences.”
As a result, the ASA sought to establish whether the ad ‘was obviously identifiable as a marketing communication as well as whether it made clear which cryptowallet a prospective buyer would need in order to receive a token, and which blockchain the tokens operated on’.
Also key to complaints over the ad was whether it illustrated the risk that is involved, with the ASA upholding complaints that the post was misleading to consumers.
In its response, Essex County Cricket Club representatives stated: “They had a partnership with FanCraze in which they promoted their digital collectibles (NFTs). They acknowledged the tweet was advertising and apologised for failing to disclose it as such, as required by the CAP Code.
“They confirmed they had deleted the post in question and stated they would ensure all future ads complied with the Code. FanCraze Technologies Inc. also confirmed they had a commercial relationship with Essex County Cricket Club and acknowledged the tweet should have been correctly labelled as advertising. They stated they would conduct comprehensive training sessions for their staff and partners involved in advertising and social media activities.”
Underlining that the risks of the investment must be highlighted in any marketing, the ASA upheld the complaint and asked the club to ensure that it is not published in its current form.