The French club AS Monaco established a collaboration with Capital Block on Tuesday to produce NFTs (non-fungible tokens), marking the latest incursion of a soccer team into the realm of cryptocurrencies and digital money.
“This is a first for French football since AS Monaco will be the first club to collaborate with an NFT consultant, allowing the Monegasque club to get inside knowledge of the NFT sector and so establish a successful and sustainable service,” said Capital Block CEO Tim Mangnall.
As a result of the influence of the COVID-19 outbreak, an increasing number of top clubs across the world have released digital currencies.
Fan tokens are a type of cryptocurrency that allows holders to vote on primarily minor club-related matters.
Paris Saint-Germain (PSG) said last year that Lionel Messi’s signing price will include some of the club’s own cryptocurrency fan tokens.
Fan tokens, like bitcoin and other digital currencies, may be exchanged on exchanges. They also have a penchant for huge price swings with other cryptocurrencies, prompting several regulators to issue cautions to investors concerning digital assets.
Some love the innovative method to interact with their teams and contribute to decision-making, even if it is simply on little issues such as the song played at matches when a goal is scored or photos used on social media.
Others consider the tokens as meaningless involvement that adds to the already high expense of rooting for their teams.
AS Monaco, which has won eight Ligue 1 titles and finished second in the Champions League final in 2004, is now eighth in the league.
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