Good Guy News Coverage on the convergence of NFT's & Sports
New York, Feb. 04, 2022 (GLOBE NEWSWIRE) -- Albert Tylis pioneered the idea and now all others are following suit with the concept. NFTs are making fast and strong headways in a variety of sports in the last couple years. With Dapper Labs and Top Shots, The NBA has already integrated NFTs into their operations and USTA, NHL and NFL have all followed suit. Candy Digital, which is fast changing the world of sports collectibles, has been formed by Michael Novogratz (of Galaxy digital), Gary Vee and Fanatics.
Good Guy News broke the story with the announcement of Adidas has joining ranks with Jacksonville to create non-fungible tokens with Bikit I. To date, close to 40 different platforms and organizations have already designed special sports fan tokens. Then, Juventus FC earned the distinction of being the first sports club to issue its own cryptocurrency and other clubs have followed suit since then.
The above are only few of the instances that go to show how sports clubs and organizations are fast warming up to the idea of using NFTs, crypto and blockchain technology to drive fan engagement as well to create additional revenue sources for themselves.
Ownership of a Soccer Club Using NFTs
However, for all that, it still came as a big surprise to many when WAGMI United, a team of investors formed by the cryptocurrency startup WAGMI, announced late last year that they were planning to buy EFL club Bradford City AFC through using NFTs alone (EFL or English Football League is the next tier of English football, just next to English Premier League).
Although according to Bradford City owner, the negotiations are yet to reach an advanced stage, there is little doubt that WAGMI means business here. This is all too evident from the fact that they have roped in, as part of their strong team of deep pocket investors, Gary Vee and Daryl Morey. Gary Vee, of course, needs little introduction to crypto fans just as Daryl Morey needs little to nothing to people familiar with the world of sports administration.
According to Morey, WAGMI United, with the help of people like Gary Vaynerchuk, can actually revolutionize how sports teams are run---both at the administrative level and on the field---through innovative thinking and by integrating cutting-edge technologies, such as blockchain, into the club operations.
Ownership through NFT: Albert Tylis Playing the Role of the Vanguard
Albert Tylis, an erstwhile real estate entrepreneur from the US, became the talk of the sports world earlier in 2021 when he announced the auction of 1% ownership stake (priced at $1.3 million and could be bought exclusively through NFT) in Club Necaxa, a soccer team part of the Mexican soccer league Liga MX.
This was after Al Tylis had brought together a team of celebrity investors that bought 50% ownership of the club. After Tylis' revolutionary move, he was asked during a Yahoo Finance Live Panel discussion what made him tie NFTs with ownership---especially since, although NFTs were strongly making their presence felt in the sports world in the recent times, Tylis was still the first to come up with the idea of distributing ownership via NFTs.
Al Tylis's answer was that the Club Necaxa, which has been around for 98 years, has been run exceptionally well up to this point by the traditional owners of the club, the Tinajero family. However, during these new times, Tylis felt that the club administration could benefit from a little forward-thinking and that's how he came up with the idea of using an NFT where the latter will afford the investor a direct economic interest in a major professional sports club. In this connection, Tylis added that he saw a lot of professional clubs taking the same route in the future which will eventually lead to a lot more democratization with regard to ownership of professional sports teams.
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