Advertising Standards Agency Bans Crypto-Related Ads in UK

The Advertising Standards Agency (ASA) has banned advertisements and advertising-based activities on several well-known global cryptocurrency exchanges. 

Therefore, on December 15th, the ASA officially announced the ban on multiple advertisements of various crypto exchanges because they deviated from their standards and regulations.

In addition, the ASA also cited that they are trying to take advantage of consumers who don’t know what encryption is and the risks involved.

Kraken promotes himself through digital posters that can be seen at London Bridge Station. However, the poster has now been deleted. Therefore, the ASA stated that the risk disclaimer in the digital poster only runs for one second, so people will not glimpse it correctly.

In addition, the ASA pointed out that the ad lasted 20 seconds, while the disclaimer only lasted 1 second. This, in turn, indicates that Kraken is not ready to acknowledge the risks involved in crypto investment.

Similarly, around mid-2021, the Coinbase Europe branch launched Facebook ads in July 2021. The advertisement mentioned that the 5 GBP investment in Bitcoin in January 2021 would be 100,000 GBP.

Nevertheless, the ASA admits that although this is true, there may be no guarantee that it will be the same in the future. In addition, the ASA questioned what would happen if BTC did not see the same level of the surge in the next ten years.

As with all other transactions before, Luno Exchange faces the same consequences. This is because of its ads on the London Bus and London Underground networks around May. The advertisement says that if people see BTC underground, they should buy it.

Sotheby’s Hit Records In 2021 Earnings After Joining The NFT Market

Sotheby’s has reached a record in 2021, thanks to its “attack” into NFTs.

The auction house that is almost 300 years old already reported sales of its new NFT category of $100 million in total. First-time bidders flocked to its virtual Decentraland gallery to find the boring Ape Yacht Club and CryptoPunk collections Wednesday-Published report.

According to its report, the launch of Sotheby’s Metaverse helped attract a wider audience this year. Sotheby’s Metaverse is an NFT market that supports web3.

78% of NFT bidders in the auction were beginners at Sotheby’s, and more than half were 40 years old. 

In April, Sotheby’s entered the NFT circle and conducted the first auction collaborating with digital creator Pak. The three-day collection auction called “The Fungible” raised $16.8 million.

Among other high-profile auctions, a package of NFT Boring Ape Yacht Club-one of the most popular NFT collections-sold for $24.4 million and set the largest single lot sold online by an auction house record. 

Banksy’s “Love is in the Bin” also broke the record of three times the highest valuation, and Kanye West’s 2008 “Grammy wear” Nike Air Yeezy sample became the most valuable sneaker.