The UK’s leading destination for football related tomfoolery, The English Premier League (EPL), is exploring the potential of NFTs. Minutes from a recent meeting between fan representatives and football execs revealed a keen interest in the technology.
According to sources, the EPL is actively pursuing the potential of NFTs as a new revenue stream. However, the footballing enthusiasts will exercise a slow and cautious approach to this promising venture. Based on reports, the EPL will consider following the Sorare model, which involves fans collecting and trading player-themed NFTs for use in a series of fantasy tournaments.
NFTs are all the rage within the sporting world right now, and, as a result, a number of high-profile teams have partnered with sporting tokenization platform Socios.com in order to distribute fan tokens which power giveaways, fan experiences, and even voting on minor team decisions. Elsewhere, Sorare has partnered with Spanish football division, La Liga and the German Bundesliga has penned a deal with Topps cards.
While conversely, concern was raised as to the growing trend of crypto endorsements within the game, which are currently filling the void while the EPL phases out gambling sponsorships. Due to the relatively unregulated nature of these platforms, members fear a similar draw to gambling, resulting in the potential for fans to make misguided investment decisions.
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