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Monday, May 27, 2024

Premier League Confirms Interest in NFT Business

  • The Premier League is the latest sports entity to consider NFTs.
  • NFTs are projected to generate more than $2 billion in transactions in 2022.
Premier League/Design: Alex Brooks

Sports NFTs are projected to generate more than $2 billion in transactions in 2022, according to a new study by Deloitte — and the Premier League is considering a move into the space.

Minutes from a recent meeting that included Premier League and fan representatives show that the league is seriously thinking about partnering with a cryptocurrency platform to sell NFTs, but its approach will be “slow and cautious” per The Times.

Several Premier League clubs already have their own sponsorship deals with crypto platforms, which the league says it is investigating. Such deals provide a much-needed revenue stream after clubs lost $1.4 billion last year — the biggest collective loss in league history.

The meteoric rise of NFTs has led to a number of major deals and investment rounds this year.

  • In September, New York Mets owner Steve Cohen’s venture fund Digital led a $50 million Series A funding round for Recur, an NFT platform now valued at $333 million.
  • The same month, the NFL and NBA Top Shot creator Dapper Labs announced an NFT marketplace.
  • Candy Digital, an NFT platform owned by Fanatics, completed a $100 million Series A round in October, valuing the company at $1.5 billion.

Deloitte projects that roughly 5 million sports fans will purchase or be gifted an NFT in 2022.

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