National League in discussions about NFT partner
The English National League is in discussions regarding an official non-fungible token (NFT) partner, with clubs expected to tweet about the token scheme twice a month. The Athletic can reveal.
The plans, which have not yet been confirmed, were discussed at the organization’s annual dinner last week at Celtic Manor near Newport in Wales.
NFTs have been discussed as a potential new revenue stream for a league that is hungry for money compared to the country’s professional divisions.
As part of the proposed scheme, clubs are expected to regularly post tokens on social media.
Non-fungible tokens are a form of digital asset based on blockchain technology that underpins cryptocurrencies such as Bitcoin and Ethereum.
To their spokesmen, they are the modern repetition of trade in goods such as stickers or clothing, but to critics, they enrich the already affluent to the detriment of sports fans exposed to unregulated financial speculation.
The National League is under the English Football League and is formed by the fifth level of English football as well as the sixth which is divided into North and South divisions.
The National League has emerged through the rude health pandemic, attracting a total attendance of 2.5 million across its three divisions in 2021-22. Six National League clubs – Wrexham, Stockport County, Notts County, Chesterfield, Southend United and Grimsby Town – all attracted over 5,000 gates.
However, the need to increase revenue streams remains, with central funding from the Premier League significantly reduced for clubs outside the English Football League (EFL).
The National League has an existing commercial agreement with Vanarama, main sponsors since 2014, until the 2024-25 season.
It was reported to be worth £ 4 million, or £ 1 million per season, when it was signed in March 2021.
The issue of cryptocurrency in sports is also very controversial, from digital “fan-token” sold by the company Socios, to clubs like Chelsea and Rome that carry the logos of companies in the sector that few had heard of before they signed major sponsorship deals.
The cryptocurrency and NFT markets have plummeted in recent weeks, while several NFT projects promoted by football stars such as Paul Pogba, Andrew Robertson and John Terry have attracted criticism after they quickly plunged in value after being announced with great fanfare.
(Photo: Steve Bardens / Getty Images)
