As NFT enters the professional sports world, the English Premier League is considering partnerships with a NFT crypto platform. Beyond issuing official NFTs, they will also study the sponsorships and links between Premier League clubs and crypto platforms.
According to The Times, the Premier League recently met with fan representatives to discuss the League’s potential NFT plans. The Premier League is considering working with a crypto NFT platform. This involves issuing the Premier League’s official crypto collectible NFTs.
Meanwhile, multiple Premier League clubs have partnered with crypto NFT platform Socios to launch fan tokens. They include Arsenal, Aston Villa, and Manchester City. So, Premier League club fans can use Socios’ tokens, CHZ, to purchase fan tokens.
With fan tokens, holders can vote on the football clubs’ minor decisions, and enjoy ticket discounts, souvenirs and other concessions. But, fan representatives expressed their concern on fans purchasing fan tokens purely for speculation purposes. Also, the transaction costs are significant for buying and selling fan tokens.
Socios Issue Fan Tokens with Premier League Clubs
For now, the Premier League is cautious on the potential NFT partnership. And, the League’s approach will be different from the fan token model that Socios provides.
Also, considering that there is no formal regulatory framework for the crypto industry in the U.K., the Premier League is studying the links between the clubs and crypto companies.
Seldom crypto companies are able to sponsor the Premier League clubs. Therefore, if the Premier League is allowing clubs to accept sponsorship from crypto companies, this “will draw fans to invest in crypto, leading them to lose their money.” Also, fan representatives said the crypto industry is unregulated and lacks consumer protection.
Previously, British crypto-friendly betting website Stake.com became the jersey sponsor of Watford in a sponsorship deal of $970,000. Watford players wear Dogecoin shirts in the 2021-2022 season. In fact, another sports betting site, Sportsbet.io, put the Bitcoin (BTC) logo on Watford players’ shirts.
Premier League to Accept Sponsorship from Crypto Trading Platform?
In addition, Sportsbet.io sponsors Premier League club Southampton’s training shirts. Also, another crypto trading platform, CoinJar, is one of the sponsors of Bentford.
This September, Spain’s La Liga partnered with French crypto NFT platform Sorare. Sorare issues NFTs for all La Liga players for fans to trade and play in fantasy tournaments.
Meanwhile, the NBA and NFL have partnered with Dapper Labs to issue licensed NFTs. As one of Animoca Brands’ portfolio companies, Dapper Labs runs the leading NFT platform NBA Top Shot.
Additionally, crypto exchange FTX has become a sponsor of the NBA franchise Miami Heat team. It has renamed Miami Heat’s home stadium as FTX Arena. Another crypto trading platform, Crypto.com, has also won the naming rights for the home stadium of Los Angeles Lakers and Clippers. It is renaming the stadium as the Crypto.com Arena.
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