AS Monaco announced a partnership with Capital Block to develop non-fungible tokens (NFTs) on Tuesday, making it the latest soccer team to enter the cryptocurrency and NFT space
AS Monaco Partners With Capital Block
AS Monaco, a French club, established a partnership with Capital Block on Tuesday to produce non-fungible tokens (NFTs), marking the latest entrance into the realm of cryptocurrency and digital coinage by a soccer team.
In a statement, Capital Block CEO Tim Mangnall said, “This is a first for French football because AS Monaco will be the first club to work with an NFT consultancy, which will enable the Monegasque club to acquire inside knowledge of the NFT market and thus create a successful and sustainable offering.”
As the sport suffers from the impact of the COVID-19 pandemic, a growing number of top teams across the world have developed digital currencies.
Fan tokens are a type of cryptocurrency that allows holders to vote on a variety of minor club decisions.
PSG established its own fan token in 2020, with the intention of using cryptocurrency to fund a portion of the contract of soccer superstar Lionel Messi, who joined the club in August.
Fan tokens, like bitcoin and other digital currencies, are traded on exchanges. They also share a tendency for extreme price swings with other cryptocurrencies, prompting several regulators to issue investor warnings regarding digital assets.
Aiming for New Horizons in Sports
AS Monaco isn’t the only European soccer team to enter into cryptocurrency, PSG as reported by Coinscreed is now in the metaverse as a viable option for expanding its reach and pursuing new revenue prospects.
The club has submitted a number of trademark applications in order to establish the club’s name on a variety of virtual memorabilia and trading cards, all of which will be authenticated by non-fungible tokens (NFTs).
Furthermore, the PSG incorporated cryptocurrency wallet software into this program.
Patent attorney Michael Kondoudis, who publicized the story on social media, said:
This filing represents the next logical step to protect the brand as it moves into the Metaverse. Clearly, PSG sees the potential of the Metaverse and is preparing its trademark for the virtual economy that will dominate it.
FC Barcelona, another soccer team, is also planning a series of moves to enter the metaverse and NFT market.
The Matter Has Divided Supporters
Some fans love the innovative approach to interacting with their teams and participating in decision-making, even if it’s only on little issues like the song played after a goal is scored or the photos used on social media.
Others criticize the tokens as a gimmick that adds to the already increasing costs of rooting for their teams.
AS Monaco is currently in eighth place in the league, having won eight Ligue 1 titles and finishing second in the 2004 Champions League final.