All 20 clubs will launch NFTs
The Premier League are set to announce the launch of a range of Non-Fungible Tokens (NFTs) which will see all 20 clubs launch branded digital assets within the next year.
As exclusively revealed by The Telegraph, all 20 clubs discussed the sale of NFT rights during a shareholders’ meeting on Tuesday despite previously being cautious with the risks that come with them financially.
NFTs are promoted as digital assets that are stored on the blockchain and traded in cryptocurrencies which will provide a huge source of revenue for clubs.
Many high-profile footballers have already embraced the culture of NFTs, including Neymar who is a part of the ever-growing “Bored Ape Yacht Club.”
Last month, the Premier League sent a written warning to former Chelsea and England defender John Terry after he endorsed his own range of NFTs – known as Ape Kids Club FC – which featured the Premier League trophy and was asked to remove them from the images.
The league’s trophy is a trademark which can only be reproduced with the Premier League’s official permission.
While a deal is close, the Premier League are still trying to agree on a blockchain creator who can be cited as the original point where the NFTs for the 20 clubs were created.
As well as that, the 20 teams are also still yet to decide on how the income generated from the NFTs will be distributed amongst players and the clubs.
Related links:
- John Terry removes PL trophy from NFTs after Premier League intervention
- MP criticises John Terry for ‘appalling’ Roman Abramovich tweet
- Premier League pledges to investigate links between cryptocurrency and clubs
