Cryptocurrencies are practically mainstream now. And yet, there are many who remain wary of the fame it has acquired of late.
The English Premier League is the latest to have reservations about the same. These concerns have risen on the back of many clubs in England’s top-tier of football signing a growing number of cryptocurrency deals.
Authorities taking notice
As per reports, the PL will be investigating such growing links between clubs and crypto-companies. This, despite the fact that it does not regulate such partnerships. This decision followed news of Manchester City suspending a crypto-deal after finding out that none of the mentioned executives in the press release had any sort of online presence. To many, this raised legitimate questions about the existence of the company in question.
Interestingly, the EPL has admitted that it is considering a partnership with a cryptocurrency platform to provide non-fungible tokens or “digital assets.” The NFT boom has taken over the world and the Metaverse has a lot of hype too. Hence, the league wants to create memorabilia that do not exist in a physical form and use it as assets.
These partnerships have also made many fans uneasy, especially since 17 out of the 20 clubs in the PL have undertaken such partnerships.
Most partnerships involve the creation of a fan token in exchange for playing a part in deciding trivial club matters – A major shift from just conducting online polls. Given the existence of FUD in the space, fans could be lured in for fake deals apart from being swayed by the extreme volatility.
While many football clubs [FC] have signed deals with various crypto-companies, some have decided to stay away from the frenzy. Aston Villa Supporters Trust, for instance, stands against fans’ monetization, noting that such monetization is merely targeting new fans to generate revenue.
Similarly, the Leeds United Supporters Trust made its disapproval heard when the club announced a partnership with Socios. 6-time European champions Liverpool have also criticized the fad of fan tokens on its website in the past.
With the English FA taking charge of looking into the matter, fans have been advised to be aware of FUD and speculations.