The English Football Association has launched plans for a new NFT platform
The English football governing body The FA has today announced plans to build a new non-fungible token (NFT) platform.
English FA launch NFTs based on English men’s and women’s football teams
As announced on their website, England’s FA has issued a Request for Proposal (RFP) to find a partner for a long-term non-fungible token platform.
The English FA (which stands for “Football Association”) is the most important governing body for both amateur and professional football in England. It also happens to be the oldest such organization in the world.
The association now plans to use the blockchain-based technology to create new ways for fans to interact with the England national teams and also to capture new global audiences.
The firm believes this will help generate new long-term revenue streams as well, which it aims to invest back into the game.
“This is an exciting opportunity for us to build a new long-term platform around the FA brands and England teams for the benefit of the game,” said FA Commercial Director Navin Singh.
The NFT platform will feature collectibles related to both the England men’s and women’s national teams, and the IP available to the platform partner will include player names, images, logos and more.
“As a not-for-profit organisation, we are always exploring progressive and viable ways to harness new technology to help grow our fan base and provide much-needed investment back into the English game,” explained Singh.
“The NFTs present a unique and innovative opportunity to engage with our fans through the imagery of the FA and England’s senior men’s and women’s teams. Any revenue generated will benefit the game, while providing flexibility for fans to express their fandom in this new exciting medium.”
The crossover of non-fungible tokens with sports is nothing new. There have been several such platform releases and collaborations over the past couple of years.
For example, just earlier in the year German top division football club Hoffenheim signed an NFT partnership with Baby Doge.
A recent survey has revealed that sports fans are now ready to go beyond the hype and actually invest in NFTs. From this it appears that the FA’s move has come at the right time.
The state of the market
NFT’s weekly trading volume has flatlined to a fairly low value of around $210 million over the past couple of months, after peaking at $1.8 billion in May.
Looks like the volume has been quite low in recent weeks | Source: NonFungible
At the time of writing, Bitcoin’s price is hovering around $23.8k, up 3% in the last week.
The value of the crypto seems to have surged up over the last few days | Source: BTCUSD on TradingView
Featured image from TheFA.com, charts from TradingView.com, NonFungible.com
