The English Premier League is reportedly looking to partner with a cryptocurrency platform to create non-fungible tokens. According to The Times, the league is considering working with a platform that allows fans to buy tokens but will take a different approach to the fan engagement model that has been used by other sports teams.
Several premier league teams have already launched tokens on Scoio’s platform on which fans can win prizes, vote on minor club decisions and purchase exclusive content. This is part of a growing wave of tech initiatives that are currently happening in the sporting industry.
The Premier League is reportedly looking to follow the lead of Spain’s La Liga and offer NFTs to its fans. This would be the latest sports league to join the growing list of NFTs in the US. The NBA and NFL already have NFT partnerships with dapper labs and Major League
Basketball is partnered with Topps.
Investigations have begun
The Premier League is planning to look into the growing links between clubs and crypto companies. Richard Masters, the league’s chief executive, has already committed to investigating the issue.
There are a number of existing links between the sport and crypto firms. Southampton football team’s kit is currently adorned with the learn crypto logo and Watford’s official sponsor is betting firm Stake.com. The betting firm is also the sponsor of the Hornets. Meanwhile, football team Brentford is sponsored by CryptoJar.
There has been a heavy amount of criticism surrounding the league’s decision to partner with crypto-related platforms. There are fears that cryptocurrency companies that are around the Premier League might lure fans to invest in unsafe assets and cause them to lose their money. Many crypto companies are also unregulated and threaten customer protection.
However, there is a pending ban on gambling firms sponsoring sports teams which could create an opportunity for crypto firms to fill the void.
