• January 21, 2022

Top Soccer Clubs have Suspended their Deals with Crypto Companies

Crypto adoption is finally hitting the sports industry, and they are chugging it up like crazy; many non-fungible tokens and blockchain-oriented projects are being discussed and franchised by various football clubs across the globe. The very reason to do so is that crypto is popular, and no one wants to feel left behind. But there is a more discreet reason for it as well; the sports industry took the heaviest hit from the coronavirus pandemic as multiple leagues got suspended and teams were playing without an audience.

This went on for quite some time, and that is why multiple Sports Clubs tried to seek out other revenue streams so they could keep the doors open and continue their operations seamlessly. At the time, crypto seemed like a mature and calculated investment that they should be making, but obviously, it was a mistake. Many national teams and club unions around the world joined multiple crypto platforms and projects, but most of them had a bad falling out. It was kind of a given that without a proper framework in place, the fiat world can’t work out with the decentralized space, and that is exactly what happened.

Sports and Crypto Industry

The whole thing became more apparent when FC Barcelona and Manchester City, the most iconic football clubs in Europe, had to cut ties with their potential crypto project partners either on the basis of the firm being a fake or the head of the crypto project being involved in an ongoing police investigation or stormed with multiple charges. This is the kind of reputation no one would want to be affiliated with, let alone such reputed football clubs of Europe.

Out of the two, Manchester City had the most heartbreaking separation with their dedicated crypto partner, 3Key, as the firm came out to be a total hoax because the executives of the firm had no online presence whatsoever. This ticked as a red flag among the people who were already speculative of this partnership. So, it is becoming more evident that the hype for NFT and its crazy is going to double down in the future, but football clubs and other sports entities around the world should not be so eager to become a part of this revolution until unless there is a proper framework to ensure that nothing is going to go sideways.

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