The investors, who include Philadelphia 76ers president Daryl Morey, say they're close to purchasing a lower-tier English Football League club. They say NFTs can upend how sports teams are owned.
The group, WAGMI United, says it’s in the advanced stages of purchasing an English Football League club. The investors are believed to be the first group to buy a major sports franchise with cryptocurrency serving as a significant funding source.
“Owning a club is kind of like a dream as a kid, right?” Johnson said. “So this is our chance, and it’s kind of the perfect time. Everything’s hitting exactly right with what we can do with digital branding and communities and crypto.” An NFT is a unique digital asset — a piece of art, music, video or even a meme — that relies on some of the same blockchain technology and principles of cryptocurrencies. The market for NFTs has exploded among investors as rare assets have skyrocketed in value. A digital collage of hundreds of images sold at aEntire communities have sprouted around some NFT collections, such as the CryptoPunks and the Bored Apes Yacht Club.
“It’s kind of like community storytelling,” Smith said. Unlike established sports brands like the Yankees or Manchester United, he said, his group would be “starting from scratch,” allowing it to be"riskier in what you allow your brand to become. Then you can work with your community to figure out what it is together.”Smith, 38, was Yale-educated with a background in finance when he began focusing on NFTs three years ago.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Keanu Reeves Thinks NFTs Are A JokeFinally, an honest celebrity response to the existence of NFTs.
Read more »
NFTs Are the New Sneaker DropsGucci, Burberry, Diesel, and more are bringing limited-edition exclusivity to the blockchain.
Read more »
Tiny Acquires Majority Stake in Frosty, a Brand Design and Marketing Strategy FirmAs brands look to the Metaverse, gaming, digital goods and NFTs, Frosty believes it is well-positioned to advise and create their futures in this space.
Read more »
Keanu Reeves Thinks NFTs Are A JokeFinally, an honest celebrity response to the existence of NFTs.
Read more »
See Art Basel Miami Beach through the eyes of Michèle LamyThe living legend talks us through her time at the prestigious art week, from NFTs to parties with Offset and Virgil Abloh's final Louis Vuitton show.
Read more »
It's 'game over' for U.S.-listed Chinese companies, global asset manager saysChinese companies listed on Wall Street will likely to be cut off from U.S. capital markets in the next three years, says TCW Group's David Loevinger.
Read more »