Bills QB Josh Allen faces backlash over new venture

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Buffalo Bills quarterback Josh Allen #17 passes during the 4th quarter of the AFC Divisional playoff game against the Kansas City Chiefs at Arrowhead Stadium on January 23, 2022.

Buffalo Bills quarterback Josh Allen quickly became one of the most beloved players not only in upstate New York, but in the entire NFL. However, the 26-year-old superstar has faced rare backlash from fans following his latest business venture off the pitch.

Last week, Allen announced his partnership with DraftKings and Metabilia to launch his own collection of NFTs, non-fungible tokens, which are “cryptographic assets on blockchain technology with unique identification codes and metadata that stand out.” each other”, as defined by Investopdia.com.

“‘Membership NFTs’ for Josh Allen will allow fans to chronicle his career and gain access to exclusive memorabilia,” the official press release said. declaredand on Sunday, June 12, Allen hosted a meet and greet in Buffalo for his new NFT collection.

Allen owns a stake in Metabilia, a startup led by CEO Joseph De Perio, as reported The Buffalo News“Jay Skurski. “Essentially what we’re offering is an opportunity for a fan to be on the journey with Josh and enjoy the great things that are happening,” De Perio told Skurski.

However, when Allen first announced his NFT partnership on social media, many fans weren’t thrilled with the news. After posting his “Series 1 Member NFTs” on instagramthe comments section flooded with backlash.

“Josh come on 🤦‍♂️.”

“I love you so much Josh, but please say no to NFTs.”

“Josh no!! 😭😭😭 don’t belittle your brand.

When Allen shared NFT Black Edition Image on June 9, the criticism continued. “I love you Josh but damn it’s the dark side of the force,” one person commented, while another fan thought this adventure was so out of place for Allen that he wrote, “Josh blinks eyes twice if you’re in danger.”

Of course, there are still plenty of people excited to buy Allen’s NFTs. A fan tweeted, “He creates them for his fans. Those who want to capture every great moment of his career. Plus, the benefits are amazing. This weekend, they have a meeting with Josh. Additionally, charity auctions will benefit the Buffalo community. You should check it out!”

Regarding the charitable aspect of Allen’s digital cards, Skurski reported, “Metabilia plans to release a new NFT Allen ‘Member’ series each year. Proceeds from the 17th NFT in each series will benefit the Patricia Allen Fund at John R. Oishei Children’s Hospital.

The co-founder of Metabilia, De Perio, is accused in a trial filed by Cypress Holdings in January for defrauding investors of SportBLX, another company he co-founded, which sought to “tokenize” and sell stocks of professional athletes for $1 million.

However, De Perio told The Buffalo News that “he believes the lawsuit against him and the company in Manhattan federal court has no merit, will be dismissed, and has nothing to do with Metabilia or Allen.”


NFTs can be vulnerable to various scams due to their unregulated nature

Due to a lack of regulation, the NFT market is “a place of opportunity for all types of scams”, as stated by WeLiveSecurity.com.

In January, a class action lawsuit was filed against EthereumMax and its famous promoters, Kim Kardashian, Paul Pierce and Floyd Mayweather. CNBC reported that EthereumMax “has lost around 97% of its value since early June, leading some investors to label it a ‘pump and dump’ system where scammers attempt to increase the price of an asset through false or misleading statements”.

Riah Prior from Art Diary reported investors in Evolved Ape NFTs lost $2.7 million during what’s called a “‘rug draw'” (where a token’s liquidity is removed by the developer, leaving other investors empty-handed ).”


Fans have also commented on the environmental impact of NFTS

The fatigue surrounding NFTs also stems from the environmental footprint of digital currency. One Bills Fan tweeted“Stop, you know, damaging the environment and releasing HEAVY carbon dioxide every time a token is traded. I don’t hate Josh for that, I really get it, but do some research before you start to support NFT babies.

NFTs consume so much energy because they are hosted on blockchain technology in which “miners”, the users who oversee each transaction, keep financial records safe. The edgeJustine Calma from , reported: “As a result, companies like “Ethereum use about as much electricity as the entire Libyan country.

Executing this “proof of work” generates a large amount of emissions, even for a single NFT. “That means you can power a home in the United States for 4.7 days with the energy used to strike an NFT,” said Dexter Bano Jr., an advocate for environmental protection and technological advancement. Vice in March.

However, there seems to be change on the horizon. NBA top-shotthe league’s official NFT marketplace, where fans can purchase NBA highlights as NFTS, uses what’s called “proof of stake,” Calma, who uses fewer shows, reported.

Allen is far from the only star athlete to benefit from NFTs. Tom Brady launched Autograph, which recently added tennis phenom Coco Gauff to its client list that also includes Chargers quarterback Justin Herbert, Phoenix Suns star Devin Booker, and more.

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