- L Misthos and M Bacina
International Sporting Clubs Become Players in Cryptocurrency World
Professional sporting clubs have become the most recent players in the continuously growing cryptocurrency market. Professional European football teams such as Arsenal FC, Real Madrid FC, Juventus and more are offering tokens for fans with a range of benefits.
Underpinned by blockchain technology, fans of these sporting clubs have been offered tokens for as little as £2.00 GBP or €2.00 EUR and have access to different benefits. In the case of Arsenal FC, members were given life-long tokens which allows them to vote on club decisions, opportunities to earn benefits and VIP experiences.
Interestingly, in the case of Italian club Juventus, a smart contract system has now been implemented. Where fans vote on club decisions via smart contract, the club is contractually bound to act in accordance with the poll results. Club-specific Non-Fungible Tokens (NFTs), digital badges or physical rewards like matchday tickets are also available for holders.
The tokens are not underpinned by any other cryptocurrencies and appear to only have value based on how much a fan is willing to pay to participate in the decision-making of the club. Despite allowing for capital raising by clubs, the tokens are seen as a way to provide a unique experience for fans and create a more privileged sense of community among those committed to their club.
Rumours continue to fly around when the Australian Football League and National Rugby League will enter the NFT scrum!