Non-fungible tokens are unique digital assets designed to authenticate ownership of a virtual item via the blockchain. As a result they cannot be exchanged with each other, unlike Bitcoin and other cryptocurrencies.
LaLiga cooperates with the company Sore French to launch NFT. The Sorare platform allows users to trade digital player cards and manage five-player teams in a number of fantasy football leagues.
Sorare said it has agreed a long-term exclusive licensing agreement with LaLiga that will see major players including Antoine Griezmann and Vinicius Jr added to its platform.
“Today is a huge milestone for us as it is the first of five journals to join the platform,” said Nicholas Julia, CEO and co-founder of Sorare.
LaLiga clubs receive commissions on sales, the company said. Sorare has paid a minimum guarantee to ensure exclusivity.
The National Football League LaLiga represents one From many sports federations entering the world of cryptocurrency.
The National Basketball Association licenses top games to a collectibles platform called the NBA Top Shot. Developed by blockchain startup Dapper Labs.
Read also: NFT madness .. 1 million dollars for a picture of a rock
Sports Industry Explores NFT
Manchester City introduced two sets of NFTs. A number of clubs have launched fan codes that allow their holders to vote on small club decisions and receive certain perks.
And last month, it was revealed that part of Lionel Messi’s welcome package to Paris Saint-Germain included the French club’s fan icon. which was developed with cryptocurrency company Socios.com.
Additionally, NFT sales have boomed this year. A piece by digital artist Beeple sold for nearly $70 million in March.
Whereas, Visa recently purchased a batch of crypto-artwork from the CryptoPunk project for nearly $150,000.
NFT . proponents say It is a way to achieve verifiable scarcity and ownership of digital media, which can be reproduced and distributed on a large scale thanks to the free availability of online content.
However, critics view the trend as a potential bubble in a market known for highly speculative investing.
NFT has also given rise to a number of scams as a result. Counterfeit Banksy collectibles sold for more than $300,000 in an apparent hack of the artist’s website.
Sorare says it has processed more than $130 million in sales through its platform since the beginning of 2021. It expects to process more than $200 million by the end of the year. The platform has more than 500,000 registered users.
The company was incorporated in 2018. Moreover, it is preparing for a $530 million funding round that will give it a valuation of at least $3.8 billion.
Also Read: Source Code Sold for $5.4 Million