AFL sells out debut NFT project
The AFL’s first ever official NFT collection sold out in less than 12 hours, the football league claims, despite bank payment hiccups reportedly keeping some potential buyers from the new footy tokens.
AFL and Melbourne-based Web3 consultancy Be Media launched the Ripper Skipper 2022 collection on Wednesday, marking the debut NFT collection from the league’s AFL Mint project.
The Ripper Skipper 2022 launch consisted of 3,800 digital trading card packs, written on the blockchain, featuring images of real AFL team captains such as Melbourne’s Max Gawn and Geelong’s Joel Selwood.
Each “pack” cost the equivalent of $49 each, with the drop netting AFL Mint around $130,000.
The packs also included a set number of ‘Genesis balls’, promising additional benefits to holders as the AFL Mint project expands.
The league claims these benefits could eventually include real-world experiences, including ticket upgrades for AFL matches, hospitality bonuses and exclusive merchandise.
Jordan Fogarty, chief executive and founder of Be Media, said the project would help deepen the connection between the AFL and its fans, who could now “own” aspects of their beloved sport.
“We see the AFL Mint program as a way for fans to engage and support AFL in a new way – a chance to own a piece of the game and experience it in ways they didn’t think possible,” he said SmartCompany.
“We want to create a program that allows all AFL fans to participate.”
The next “drop” will come in a month, Fogarty added.
Trading and marketplace features – key selling points for established NFT systems in the sports league, such as the NBA’s Top Shot collection – have yet to be realized.
AFL Mint expects these offers to arrive in 2023.
AFL Mint launches first NFTs after market crash
While sporting bodies such as the Australian Open have found commercial success through NFT launches, the AFL Mint project represents the first time a national sports league has entered the Web3 arena.
However, the project is not the league’s first dalliance with the blockchain world, as cryptocurrency exchange Crypto.com this year signed a five-year partnership with the league.
The market value of many high-profile NFT projects has fallen in recent months, as economic volatility convinced many investors to pull their money away from speculative digital assets.
“We had significant interest in the progress of the project, but given recent market conditions we are extremely pleased with the outcome,” Forgarty said.
The system will “improve” after reports of payment problems
Although each of the 3,800 packs were sold to buyers on a waiting list, some fans described difficulties in purchasing the new footy tokens.
Taking to the AFL Mint Discord – the project’s official chat room – some users described problems transferring money from their bank to Moonpay, the service that handles cryptocurrency transactions on Blocto, the AFL Mint’s wallet system of choice.
A number of users complained that their cash transfers were blocked by their banks.
“We will improve this for future drops,” an AFL Mint spokesperson told Discord users.
“We appreciate that not everything went according to plan and the frustration it may have caused.”
