AS Monaco Enters Cryptocurrency Space Via Capital Block Partnership
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PARIS, March 29 (Reuters) – French club AS Monaco on Tuesday announced a partnership with Capital Block to develop NFTs (non-fungible tokens), marking a football team’s latest foray into the world of crypto – currency and digital coins.
“This is a first for French football since AS Monaco will be the first club to work with an NFT consulting firm, which will allow the Monegasque club to acquire in-depth knowledge of the NFT market and thus create a high-performance offer. and future-proof,” Capital Block CEO Tim Mangnall said in a statement.
A growing number of top clubs around the world have launched digital coins, as the sport faces falling revenue due to the impact of the COVID-19 pandemic.
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Fan tokens are a form of cryptocurrency that allows holders to vote on mostly minor decisions related to their clubs.
Last year, Paris Saint-Germain (PSG) said Lionel Messi’s signing fee included some of his own cryptocurrency fan tokens. Read more
Similar to bitcoin and other digital devices, fan tokens can be traded on exchanges. They also share in common with other cryptocurrencies a tendency for price swings, leading some savage regulators to issue investor warnings about digital assets.
Supporters are divided on the subject. Read more
Some appreciate the new way to engage with their teams and help make decisions, even if it’s only on minor matters such as the song played in games after a goal has been scored or the images used on social networks.
Others dismiss tokens as superficial participation that adds to the already mounting costs of tracking their teams.
AS Monaco, who have won eight Ligue 1 titles and were runners-up in the 2004 Champions League final, are currently seventh in the league.
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Reporting by Sudip Kar-Gupta; Editing by Peter Rutherford
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