Dear Southampton readers, go inside and immerse yourself in the world of NFTs. Your club is the next club to embrace the world of irreplaceable tokens.
In November, Southampton and its key sponsorship partner, Sportsbet.io, donated two Bitcoins (in the form of decentralized digital or cryptocurrencies) used in many fan-led initiatives, “of this kind. “Cryptocurrency Fan Fund” was launched. ..
Four months later, the contest was announced, giving participants the chance to win Bitcoin “worth £ 25,000-35,000 in 2022”.
After three rounds of hundreds of supporters finding hidden Bitcoin through city QR codes, blockchain-style puzzles, and social media scans, 10 finalists (all must be 25 or older) Was selected for the Grand Final. It took place in April at half-time in Southampton’s home match with Crystal Palace. Supporter Claire Wei, 42, won the contest and described it as “a moment she never forgets.”
If these two events are considered Southampton’s step into the world, then this week’s homekit launch is a big deal for them.
Like their buzzword, it’s a “bold” time to get on this track, and the NFT and crypto markets are everywhere.
Almost every club in the Premier League is promoting digital assets to fans, and the value of those who buy them as an investment is plummeting. For example, Bitcoin Southampton, which was offered in February, is now worth about £ 16,000.
Now, with the release of the “Bold Is Brave” home kit in 2022-23 (away shirts and third shirts will be available in the coming weeks), Southampton “became the first Premier League club to launch NFT.” It states. Of that kit design. ” But properly, they emphasize that “NFTs are digitally collectable works of art and should not be considered financial investments.”
So what does this mean and why is Southampton doing it?Let me Athletic explanation…
What is an NFT?
NFT is a non-fungible token, a form of digital assets based on blockchain technology (computer technology similar to databases) that underpins cryptocurrencies such as Bitcoin and Ethereum.
For their supporters, they are a modern iteration of trading goods like stickers and clothing, but for critics, they expose sports fans to unregulated financial speculation.
NFTs are said to be “unique collectibles” like jerseys and physical trading cards, but they don’t really work the same way.
NFTs are registers on the blockchain in the form of “hashes” that are strings of numbers and letters. This hash refers to the collectible. In this case, it’s a rotated image of a Southampton shirt.
However, unlike the actual club shirts worn by past legends that may be framed on the wall of your home, anyone can see the images for free. NFTs, like receipts, simply prove ownership.
How does Southampton NFT work?
Southampton creates only three NFTs, one for each home kit, one for the away kit, and one for the third kit. As a result, “each will be a true collector’s item for soccer shirt collectors.”
Southampton NFTs will be available on the trading website OpenSea at auctions starting June 29th and running until mid-August. Bid must be in cryptocurrency and the winning bidder will also be offered a bonus “first offline” physical shirt.
Designed to rotate your head 👀 pic.twitter.com/898EVTlPO2
— Southampton FC (@SouthamptonFC) June 29, 2022
According to Southampton, the NFT was “created to showcase the original digital design drawings for each kit, which is bolder and brave than ever before.” They are red and white and you shouldn’t be surprised to hear them. The home shirt is “inspired by what was worn by the glamorous and free-flowing saints of the early 80’s.” “The striking central red stripe and central badge show the club’s brave new direction.”
Southampton emphasized in a press release that NFTs “should not be considered financial investments.” In OpenSea, the description says: “NFTs may be resold or assigned in accordance with the NFT Terms.”
Why is Southampton using NFTs?
“We understand that not everyone is ready to dive into the world of NFTs, but Southampton’s director of marketing and partnerships, Sarah Butters, offers supporters the option to explore this exciting new field. I would like to boldly work on what to do.
Soccer club NFT partnerships usually involve an intermediary that is paid to produce the asset, but the Southern Pton press release doesn’t say anything.
Liverpool announced a controversial NFT scheme at the end of March. This allowed fans to “buy 23 players and manager Jurgen Klopp’s animated cartoon-style digital artwork.”
If Liverpool could sell all 171,072 “unique images”, it would have brought £ 8.5 million. However, sales were on the flop and sales were only about 6%.
Initially priced at $ 75 each, most are now sold at lower prices. In other words, fans are losing money on their initial investment.
Some are priced at just $ 11 (£ 8.96). These NFTs can now be traded on the OpenSea market, similar to Southampton.