Liverpool Launch NFT Collection: Is this the only way football can use crypto?

Liverpool had an unbelievable comeback after a not so glorious start to the 2021-22 season and are now neck and neck with Manchester City in the race for the Premier League. At the same time the club from Anfield stepped into another arena, releasing a unique NFT Collection for the fans.

The Reds are the newest club joining the crypto trend in sports. Liverpool will work with the famous auction house Sotheby’s to offer Legendary and Hero Edition non-fungible tokens. As a result, fans will get unique digital assets in certified ownership.

What will Liverpool fans get?

For those fans who want to participate in the NFT auction, the club prepared two collections of unique collectables. NFT is a trendy part of the crypto market because it enables content creators to offer digital goods with a certificate of ownership through a blockchain.

Most NFTs are backed by the Ethereum blockchain, but Liverpool decided to use the Polygon Layer-2 protocol. This is because there were some concerns that mining Ethereum is not environmentally friendly, and Polygon is much more acceptable from a sustainability standpoint.

NFT and Crypto use cases

Blockchain technology found its way into various industries. The high level of security and its cryptographic value drew interest from financial institutions and others seeking increased cybersecurity. The iGaming sector is among industries that embraced crypto as a payment method, and some companies use blockchain to store sensitive user data. However, that doesn’t mean you must think about digital tokens each time you visit GGPoker. Of course, you can still play with real money and use classic payment methods like credit cards, but you will increasingly have a chance to use e-wallets when visiting iGaming websites.

Metaverse is another massive buzz in the digital world. NFTs play a crucial role in purchasing Avatars, clothes, vehicles and properties in the still-developing concept of a shared digital world. So technically, you can buy land and build a new stadium for your favourite club in metaverse using NFT.

Two fun collections

Liverpool recognised the trend and introduced a set of 24 unique Legendary NFTs where fans can bid on Sotheby’s one-of-a-kind collectables. Part of the raised money from the sale goes to LFC Foundation and their work within the community.

Aside from the Legendary unique 24 NFTs, the club released Hero Edition NFT, which goes for $75. It combines numerous illustrations to create an individual player’s digital asset for each buying fan. The mechanics behind the Hero series are similar to collectable football cards. Although Liverpool will raise money, they say it is not the primary cause. Instead, they wanted a new way of interacting with the fan base.

Other ways clubs use crypto

Crypto companies got wealthy in the past few years, and the most straightforward way of supporting football came through classic sponsorships. For example, Inter Milan has $INTER on their jerseys. It’s a sign of the club’s new fan token created by Socios.com. French giant PSG also uses fan tokens to fund part of Lionel Messi’s huge annual salary.

eToro platform became sponsors of several notable clubs like Tottenham, Leicester City, Newcastle and Southampton. In addition, CashBet Coin became Arsenal’s exclusive blockchain partner four years ago.

Some clubs use cryptocurrency as a payment method. For example, Harunustaspor is a Turkish football club that bought a player with Bitcoin.

Digital fan tokens are the most common way clubs use crypto technology. Aside from Inter Milan, other notable clubs like Juventus went in that direction. Partial or complete payments and transfer fees in the cryptocurrency have already occurred.
Crypto companies came into the football world as sponsors of big-name European clubs, and some franchises allow ticket purchases in cryptocurrency.

Creating unique digital assets, the way Liverpool made it with NFTs, is an upcoming direction where football clubs can create more engagement and revenue for their projects.