In this first instalment of a two-part series covering the ins-and-outs of NFTs in football, we look at how the football world engages with fans through the use of these tokens.
Non-fungible tokens, or NFTs, are digital representations of assets that can be bought and sold online with cryptocurrency, and are generally encoded with the same underlying software as many cryptos. Think of it as buying unique digital items using digital currency.
These tokens have been around for a while, since 2014 in fact, but have only truly exploded into mainstream consciousness in the past couple of years. Most NFTs you see on the market are a way of registering a one-of-a-kind image, video or any form of digital item on a blockchain.
NFTs, together with fan tokens and cryptocurrencies, have been gracing the news feeds of sports fans all over the world. The trend is in steady progress as more sports clubs and franchises join in, including football teams. More and more football fans are now looking at how to invest in NFTs as they see it as an opportunity to enjoy the exclusive perks available only to holders of digital tokens.
Want to delve deeper into the world of football NFTs? Here are some successful and upcoming football NFTs you should know about.
French firm Sorare has married fantasy football, trading cards and NFTs, allowing its players to buy, sell, trade and manage a virtual team with digital player cards. It was launched in 2019 and utilises blockchain technology based on Ethereum.
How popular is this football NFT offering? Well, NFTs of some of the world’s biggest footballers have exchanged hands at incredible amounts, including cards of Cristiano Ronaldo, Erling Haaland, Kylian Mbappe and Lionel Messi.
Cristiano’s unique (1-of-1) Sorare card first made waves with a USD265,275.55 sale in May 2021, before being eclipsed by a Haaland card in February 2022. The Borussia Dortmund superstar’s card reportedly sold for USD678,327.53.