The English Premier League (EPL), the UK’s leading destination for football-related nonsense, is investigating the potential of NFTs. The minutes of a recent meeting between fan representatives and football executives revealed a strong interest in the technology.
The EPL, according to sources, is actively pursuing the potential of NFTs as a new revenue stream. Football fans, on the other hand, will take a cautious and slow approach to this promising venture. According to reports, the EPL may adopt the Sorare model, which involves fans collecting and trading player-themed NFTs for use in a series of fantasy tournaments.
NFTs are currently popular in the sporting world, and as a result, a number of high-profile teams have partnered with sporting tokenization platform Socios.com to distribute fan tokens that power giveaways, fan experiences, and even voting on minor team decisions. Sorare has also partnered with the Spanish football league, La Liga, and the German Bundesliga has a deal with Topps cards.
On the other hand, concerns have been raised about the growing trend of cryptocurrency endorsements within the game, which are currently filling the void left by the EPL’s phase-out of gambling sponsorships. Due to the relatively unregulated nature of these platforms, members are concerned about a similar draw to gambling, which could lead to fans making poor investment decisions.