Premier League – partnering with NFT Cryptocurrency Platform
They are also looking into the expanding ties between their teams and cryptocurrency firms.
According to The Times, the English Premier League is exploring partnering with a cryptocurrency company that offers non-fungible tokens (NFT).
The Premier League is considering getting involved in NFTs, according to minutes from a recent meeting between the league and fan representatives, with sources saying the League’s approach will be “slow and cautious,” and different from the fan engagement model provided by a platform like Socios, The Times reported Monday.
Several Premier League clubs have offered tokens on the Socios platform, which supporters can buy to get rewards, gain access to exclusive events, or vote on minor club decisions.
Instead, the Premier League might follow in the footsteps of La Liga, which teamed with French digital soccer collectibles site Sorare in September to give NFTs of all league players for fans to trade and play in fantasy competitions.
The National Basketball Association and the National Football League have both teamed with Dapper Labs to manufacture officially sanctioned NFTs, while Major League Baseball has partnered with Topps.
The Premier League’s investigation
The Premier League will investigate the expanding ties between Premier League teams and crypto firms, according to the minutes of the latest meeting, with Chief Executive Richard Masters “committed to looking into the problem.”
The crypto betting business Stake.com is Watford’s official jersey sponsor, with the dogecoin emblem decorating the players’ shirt sleeves. Meanwhile, Southampton’s training kit is sponsored by Learn Crypto, a crypto-friendly online betting site that is partly backed by Watford’s previous sponsor, Sportsbet.io. Brentford is also supported by the cryptocurrency exchange CoinJar.
Supporters are concerned that the prominence of such enterprises surrounding Premier League teams may encourage fans to invest in cryptocurrency and cause them to lose money. According to the representatives, the sector is unregulated, resulting in a lack of consumer protection.
Following the looming ban on gambling organizations sponsoring Premier League clubs’ jerseys, it’s feasible that crypto corporations may fill the hole.