Barcelona to create its crypto to compete with the elites

TL;DR Breakdown

• The Football Club of Barcelona (FC Barca) is looking to establish its own cryptocurrency, NFTs and Barça Metaverse.
• In the past, Barcelona has turned down a number of cryptocurrency business partnerships.

Since the appointment of Joan Laporta as FC Barcelona’s president, he has been on a mission to address the financial problems and help the team reclaim its reputation as one of the world’s best football teams.

To that end, Laporta has hinted that Barcelona wants to develop its cryptocurrency. The club intends to use the crypto coin to maintain financial stability against clubs owned by big businesses and foreign investors.

Barcelona’s NFTs plan

Barcelona Football Club, founded in 1899, is one of the world’s most well-known and successful football clubs. The club’s unrivaled success includes five wins of the European Champions League, twenty-six La Liga titles, and at least thirty Copa del Rey triumphs.

FC Barcelona is the exception among big-name football teams, which super-rich global billionaires generally control. Most of FC Barcelona’s financial supporters are just regular fans. Over time, the team has included some of the greatest names in football, including Johan Diego Maradona, Ronaldinho, and Lionel Messi.

Laporta announced Barca’s upcoming non-fungible tokens (NFTs) at the Mobile World Congress in Barcelona this week. Furthermore, the club intends to get into cryptocurrencies. In the past, Barcelona has rejected numerous cryptocurrency business collaboration deals. Instead, the club has remained laser-focused on developing its digital currency in-house.

In recent times, while looking for a new shirt sponsor, Barca received several bids from cryptocurrency exchange businesses, but the board of directors rejected them all. The management cited they were uncomfortable with the crypto sector.

The club collaborates with Socios.com and Chiliz.net, which offers fans Fan Tokens, a sort of sports cryptocurrency. However, Barcelona president Joan Laporta felt more secure going with Spotify’s lower bid since the deal includes rights to stream on Spotify Connect.

According to respected reports, all 20 Premier League teams are looking into the possibility of using NFTs. Last season, Manchester City became the first Premier League club to offer NFTs. Additionally, European football superstars are promoting NFTs on social media in return for significant payments.

In an interview, Laporta said, “We’re developing our own metaverse, [which is why] we rejected the chance to be associated with any cryptocurrency enterprises.”

FC Barcelona’s president said that the club is working hard to have its first line of 3,000 NFTs available to their fans as soon as possible. It should be noted that Barca does not have large businesses or shareholders behind it. The financial position has compelled them to be innovative and inventive in order to maintain ahead in the competitive sport.

Barca has had a difficult time in the NFT market. In November last year, it canceled its contract with Ownix. The NFT token marketplace had only become one of the club’s digital partners in that same month. The agreement was reportedly terminated following Moshe Hogeg’s arrest on charges of cryptocurrency-based fraud.