In recent months, the market for non-fungible tokens (NFTs) has exploded. It has been used in a variety of industries, including music, cuisine, and sports.
FC Barcelona announced a relationship with premium NFT marketplace Ownix earlier this month to produce the Club’s NFTs. This collaboration, however, was short-lived, as FC Barcelona dissolved the agreement on Thursday. The termination happened just a few days before the Club’s maiden NFT collection auction on the platform was set.
Following the arrest of Israeli crypto tycoon Moshe Hogeg, the owner of the football club Beitar Jerusalem, the La Liga club ended its association with Ownix.
Hogeg, who purportedly has ties to Ownix, was detained on suspicion of involvement in an alleged huge cryptocurrency fraud. He was detained alongside seven other persons. Hogeg’s legal counsel, on the other hand, is said to have refuted the charges.
FC Barcelona later announced the termination of its contract with Ownix, citing reasons contrary to the Club’s ideals. “In light of information received today that contradicts the Club’s ideals, FC Barcelona hereby notifies the immediate cancellation of the contract to generate and market NFT digital assets with Ownix,” the Club declared.
In response to FC Barcelona’s statement, Ownix announced that it has canceled its contract with Hogeg to supply advisory services. And that Hogeg had demanded the dismissal. The corporation also denied any involvement in Hogeg’s arrest. It further said that Hogeg did not own any stock in the company.
The agreement with Ownix called for supporters to be able to purchase digital certificates of authenticity for virtual goods related to the Club’s history. It also gave the Club a new avenue to connect out to its fans all across the world. The NFTs are inspired by images and videos from the Club’s 122-year history.
Even as Google searches for non-fungible tokens reached new highs this week, global interest in non-fungible tokens has never been higher. Sports teams all around the world are becoming interested in NFTs. It is a technique of making revenue and increasing fan interaction for them.
In sports, NFTs are used to commemorate the lives of icons such as baseball legend Willie Mays. The Costacos Collection released a collection in honor of the icon’s 90th birthday around a month ago.
NFTs also capture priceless moments, such as Zlatan Ibrahimovic’s scoring celebration. Ibrahimovic became the first player to have a goal celebration turned into an NFT created live during a sporting event a few weeks back.
In August, soccer legend Lionel Messi debuted his own line of NFTs.