Tech

Crystal Palace Football Club Blasts into The Metaverse

07/05/2022
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Crystal Palace is the latest football club to enter the metaverse and NFTs.

London-based Premier League squad Crystal Palace is establishing its presence in the metaverse and non-fungible token (NFT). The club just secured its name for use in these areas.

Crystal Palace, like other previous participants, is interested in how NFT and metaverse can enable football teams to connect with their supporters.

The Eagles Join the Club

The public announcement was made on July 1 via a social post by Michael Kondoudis, a patent attorney who specializes in metaverse trademarks.

According to Kondoudis, Crystal Palace F.C. filed a trademark registration on June 27 in order to establish the club’s name on a variety of digital items, all of which will be authenticated by non-fungible tokens (NFTs).

The trademark application covers a wide range of virtual memorabilia including NFTs, cryptocurrencies, digital collectibles, virtual footwear, clothing, sports gear, crypto marketplaces and exchanges and many more to come.

Crystal Palace is not the only football club to see and seize revenue prospects in metaverse and NFT. Previously, Ligue 1 champion Paris Saint-Germain, also known as PSG, took the first steps into the space.

In March, the French football club submitted an NFT-related trademark application. Another soccer behemoth, FC Barcelona, is making a series of moves to conquer the metaverse and NFT markets.

NFTs Are Steady, Adoption Rises

A great number of industries have had difficulty in developing profound and longlasting relationships with their target audiences.

The sports industry, on the other hand, has the potential to achieve the highest success in terms of user interaction within the Metaverse because of its devoted fan base as well as its renowned teams and events.

Initiatives in the metaverse taken by some of the most prestigious sports organizations in the world, including some of the most iconic teams, have demonstrated sufficient potential for Metaverse service platforms to increase the scope of their operations.

Soccer club is likely the next profitable destination for NFT and metaverse, especially when the world’s most prestigious soccer league is coming in November this year.

If NFT and metaverse can gain traction during the World Cup season, it will unquestionably provide soccer teams with many benefits, including the opportunity to pursue new revenue opportunities.

Interest in the sector is on the rise. Binance, the world’s largest cryptocurrency exchange by trading volume, announced an NFT deal with soccer star Cristiano Ronaldo in late June.

A series of NFT collectibles will be released by the Portuguese soccer player on the Binance NFT platform. Binance users in some countries will be able to purchase NFTs through the Binance Pay app.

Binance Chain is Popular

Binance has already secured a number of partnerships in the sports business, including sponsorship of the Argentine football team, which includes superstar Lionel Messi, the Brazilian Football Federation, two Italian soccer clubs, and FC Porto.

A new direction for cryptocurrency platforms is development in collaboration with soccer stars. Lionel Messi, CR7’s industry peer, became a global brand ambassador for crypto platform Socios in March.

Despite corporations spending millions of dollars on marketing to attract new investors, the cryptocurrency market continues to fall.

The market crash has had a significant impact on the revenue of major cryptocurrency exchanges such as Coinbase, Gemini, and Crypto.com, excluding Binance.

The company claims that it is still in good operation and is pushing for more employee recruits and more captivating deals.

Before the deal with Ronaldo, Binance said that it refused a collaborative agreement with the Super Bowl. It seems that basketball is not CZ’s favorite sport.

Besides football, the NFTs and metaverse are exceptionally grown in other industries from basketball, ecommerce, sales, production to entertainment. Companies, corporations and celebrities have been expanding their presence in the metaverse for quite some time.

According to Finbold, the number of NFT trademark applications in the United States surged 421 times in 2021, compared to only three times in 2020.

Source: https://blockonomi.com/crystal-palace-football-club-blasts-into-the-metaverse/