NFT

The Premier League Plans To Initiate Its First NFT Collection Despite The Recent Crypto Crash

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As crypto continues to grow, it is gradually becoming more and more prominent in all aspects of daily living. Essentially, ever since its inception in 2009, crypto has changed the way society transfers, exchanges, and distributes digital assets. Individuals lately are opting to purchase crypto rather than go through traditional methods of investments such as stocks, forex, and properties due to its permission less nature of eliminating intermediaries.

This occurrence is only possible through the power of blockchain technology, and with its constant development, the opportunities for crypto continue to advance. Despite the recent crypto crash, many enterprises are looking to dive into the NFT marketplace. There has been huge talk of NFTs integrating into football, particularly in one of the biggest leagues in the world – the Premier League. This article will explore the impact that NFTs could have on the sport of football.

Could the Premier League benefit from having NFTs?

The Premier League has dominated television screens since it arrived in 1992, showing jaw breaking games and goals. Recent news has arisen that the Premier League is interested in exploring lower-valued NFTs due to the recent crypto crash in May and June according to inews. These NFTs plan to be both in video and image format, with no intention of being traded for profit. The purpose of having these NFTs is to build a community by permitting interaction between NFT owners and spectators.

Many clubs and football players have publicly endorsed NFTs, as they believe it is a profitable and continuously growing marketplace. A recent example of this is shown in an article published on yahoofinance, detailing that the Manchester United star Cristiano Ronaldo secured an NFT partnership with Binance Coin (BNB). One upcoming cryptocurrency that aims to have its own NFT platform is Big Eyes (BIG)a new blockchain network that aims to move affluence into the decentralized finance community. It could also attract a large audience through its unique feline figurehead, an anime-designed large-eyed cat. Big Eye’s NFT outlet is called the ‘NFT Sushi Crew’, which aims to provide users with a platform, that facilitates content creation and distribution that centers around cats. In addition, BIG’s NFTs will offer access to more events and content that the developers believe makes the hype-ship worth boarding.

NFTs in Prominent Blockchain Networks

It is undeniable that NFTs have significantly grown in popularity over the years. ApeCoin is one of the blockchain networks that are responsible for elevating the market by implementing the Bored Yacht Apes Club in 2021. Ever since many other blockchain networks are attempting to incorporate their NFT marketplaces such as Avalanche (AVAX) and Solana (SOL). Avalanche has recently attempted to popularize their NFT marketplace called ‘NFT Stars’ by pursuing the goal of implementing more market actors in the world of non-fungible tokens while enabling NFT liquidity flow on multiple blockchain platforms. In addition, AVAX’s NFT marketplace has managed to amass a distinct suite of services and products aimed at digital innovators, investors, art lovers, and startups.

Similarly, Solana has also seen the popularity of the NFT market increase and is looking to capitalize on it by having its own NFT platform. Created in 2021, Solanart is an SOL-based open NFT marketplace being the first of its kind on the Solana network. This platform enables artists to create Solanart NFTs, exhibit their work, and be able to distribute it directly on the platform. Other than NFTs, cryptocurrencies have also spawned the likes of other digital markets such as GameFi, DeFi, and the Metaverse concept. The crypto crash has not deterred large enterprises such as the Premier League from getting involved in markets related to it.

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