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14th Mar 2022

Premier League clubs ‘approve official NFT partnership’

Simon Lloyd

The Premier League have privately approved one of two NFT deals

The Premier League is closing in on announcing its first official NFT (non-fungible token) partnership, with clubs reportedly approving a deal with a company called ConsenSys.

According to The Athletic, the Premier League is also looking into a possible agreement with another firm, Dapper Labs, which has worked with the NBA.

Over recent months, football fans have expressed their concern about the sport’s willingness to strike deals with companies selling NFTs, which are digital assets stored on the blockchain and traded in cryptocurrencies.

Though they could provide a huge source of revenue for clubs, critics argue that, because they remain part of an unregulated financial sector, NFT’s are potentially dangerous financial assets.

While prominent football figures in football – including John Terry and Neymar – and EFL clubs have agreed NFT deals already, the Premier League has so far stayed away.

However, after it became clear last week that this was likely to change, the latest report claims the English top flight has gone as far as deciding to split its NFTs into two categories: video collectables and still images.

ConsenSys were approved as the still image licensee at a recent shareholder meeting, with confirmation likely to follow in the summer, once final details have been agreed. Dapper Labs, meanwhile, have been put forward as the video collectable partner, but this has yet to be approved.

The potential dangers of the NFT market were spelled out last week, when it emerged the NFT’s promoted by former Chelsea and England captain Terry had plummeted 90 per cent in value over the course of a single month.

Such warnings appear to have done little to deter the Premier League from closing in on its own deal, with insiders of the belief that it could eclipse the agreement reached by the NBA.

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