Spanish Liga launches NFT fantasy football card

London — Spain’s top football league La Liga announced on Thursday that it will offer NFTs to all players, marking the latest advance into cryptocurrencies from major sports organizations.

NFTs, or non-fungible tokens, are unique digital assets designed to prove ownership of virtual items such as rare art and trading cards. Blockchain.. Unlike Bitcoin and other cryptocurrencies, they cannot be exchanged for each other in the same way.

La Liga has partnered with French startup Sorare to launch an NFT. The Sorare platform allows users to exchange digital player cards and manage a team of five in many fantasy football tournaments.

Solare said it has agreed to a long-term exclusive license agreement with LaLiga, which will add top players such as Atletico Madrid’s Antoine Griezmann, Real Madrid’s Vini Jr. and FC Barcelona’s Pedri to the platform. ..

“Today is a big milestone for us as we are the first top five leagues to join the platform,” Solare CEO and co-founder Nicholas Julia told CNBC.

The Liga club received royalties on the sale and Solare paid a minimum guarantee to secure its exclusivity, the company said.

Sport industry explores crypto

Riga is one of many sports associations that are jumping into the world of cryptography. For example, the NBA has licensed a game highlight for a collection platform called NBA TopShot, developed by blockhain startup Dapper Labs.

In the football world, Manchester City has dropped two NFT collections. Many clubs, on the other hand, have launched so-called fan tokens that allow owners to vote on almost minor club decisions and receive certain perks.

Part of Lionel Messi’s welcome package at Paris Saint-Germain was revealed last month Includes fan tokens for French clubs, Developed by cryptocurrency company

NFT sales surged this year. Digital artist Beeple’s work sold for about $ 70 million in March, and Visa recently purchased a crypto collection called CryptoPunk on Ethereum for about $ 150,000.

Proponents of NFTs say that content on the Internet is available for free, which is a way to achieve a verifiable shortage and ownership of digital media and can be replicated and distributed on a large scale.

However, critics see this trend as a potential bubble in the market known for speculative investment. NFTs have also caused many scams. Fake banksy goods It sells for over $ 300,000 through obvious hacks on the artist’s website.

Sorare says it has processed more than $ 130 million in sales through the platform since the beginning of 2021 and plans to process more than $ 200 million by the end of the year. The platform has a total of over 500,000 registered users.

Solare hopes to sign each of the world’s top 20 football leagues by the end of 2022.

Founded in 2018, the startup is preparing for a $ 530 million funding round, with a valuation of at least $ 3.8 billion. insider.. Solare declined to comment on this report.

Spanish Liga launches NFT fantasy football card

Source link Spanish Liga launches NFT fantasy football card

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