The English Premier League joins the world of NFTs and the metaverse

The NFT and metaverse industries are gaining ground globally and many brands want to join them two environments. The world of football is no exception, nor is the English Premier League, always looking for opportunities and ready to open up to new things. The investment is substantial as it amounts to 520 million euros.

The English Premier League ventures into NFTs and the metaverse and files trademarks

NFTs or non-fungible tokens represent a whopping 40 billion dollars in the cryptocurrency sector. As for the metaverse, it represents a network of 3D virtual worlds in which users can interact all together. It is a new space for doing business and socializing through one’s own ” avatar “virtual. It represents the future of Web3 and the digital world. After video game companies such as Nintendo or Sony, the football sector is also interested in these new technologies. The English Premier League, the famous English football league, as well as clubs such as Paris Saint-Germain (PSG), benefit from investments in the NFT sector. In addition, the Manchester City club has just entered the metaverse. With the help of Sony’s virtual reality professionals, they built the first football stadium in metaverse.

For example, clubs and leagues can sell digital stickers, virtual shoes, sportswear, and many other accessories. It is also an opportunity for the English league to manage financial services relating to its English football clubs, players and officials. NFTs allow leagues to open up a little more to their fans while the metaverse helps them transition to the digital economy, thanks to the opening of stores that sell virtual products to equip their avatars.

All sports fields are now affected by the phenomenon of the metaverse. This is the case with basketball. National Basketball Association (NBA) basketball player Kevin Durant has also just joined this new universe. The huge success of NBA Top Shoot, after joining NFT, greatly influenced the decision of this talented player. Since then, sports brands have followed suit.

This is the case with Nike who created Nikeland in the metaverse. There are also: Under Armor, Adidas and Puma. The metaverse market reached $ 107.1 billion in 2020, and experts believe the figure will reach $ 758.6 billion in 2026.

Conclusion

NFTs have a bright future in football. Given the severe limitations imposed by the Covid pandemic, leagues need to anticipate and turn to new means of generating income. As for the metaverse, it connects league, sports teams and fans. But until when? Could this solution represent the future of online sport or even traditional sport?

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Emile Stantina avatar

Emilio Stantina

Passionate about blockchain technology and cryptocurrencies, we help popularize and democratize this new world. “Chancellor on the verge of second bailout for banks”

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