Paris Saint-Germain (PSG) plans to build an online presence in the metaverse and NFTs
PSG Sets to Enter the Metaverse and NFTs
The French soccer club Paris Saint-Germain (PSG), which has a big European following, is interested in establishing a presence in the metaverse and is currently securing its name for usage in these ecosystems.
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).
The March 16th trademark application covers downloadable audio and video recordings, downloadable multimedia files containing text, audio, and video related to sports highlights, and commodities for use offline and/or in online virtual worlds, all of which are authenticated through 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.
Aiming for New Horizons in Sports
PSG isn’t the only European soccer team to see the metaverse as a viable option for expanding its reach and pursuing new revenue prospects.
FC Barcelona, another soccer team, is planning a series of moves to enter the metaverse and NFT market.
Many sports organizations are following this trend because of the commercial prospects that these features provide.
Kondoudis, who has been following these trademarking developments, believes the trend will continue in the near future. He explained:
We expect the number of trademark filings from the professional sports sector for NFT and virtual products and services to increase over the next twelve months as brands come to appreciate the need for protections in the metaverse.
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.