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Highlights
- Bradford City could be the latest one to join the ‘Crypto Club’ in Britain with the possible talks of WAGMI United buying the club.
- The US cryptocurrency firm has set its eyes on the League Two side and that could see the use of NFTs.
- A BBC analysis stated that transactions worth more than £262 million (US$350 million) in the digital currencies
British football is seeing a flurry of crypto activities. English Premier League has seen a string of crypto partnerships with 17 of the 20 clubs having some form of crypto partnership with the existing clubs. While majority of them are in the form of fan tokens, others are crypto partnerships with endorsement such as shirt sponsorships or music.
Now it looks like Bradford City could be the latest one to join the ‘Crypto Club’ in Britain with the possible talks of WAGMI United buying the club. The American crypto firm has set its eyes on British club and that could see the use of the non-fungible tokens (NFTs) to create a template for a new model of club ownership.
If the deal sees the light of the day, it could see WAGMI offering fans a piece of the club, by allowing the users to buy collectibles or NFTs. This would allow the fans greater association with the club and buying NFTs will be quite like buying shares in the club.
Club Bradford chairman Stefan Rupp although admitted it did receive an interest, but nothing has been confirmed as of now. If the deal goes through, we could see use of cryptos in the sporting world in a more traditional manner.
Also read: Is ASA’s advertising ban on crypto exchanges too harsh?
UK: A crypto hub
Although cryptos in UK are not regulated by the FCA, but it has gained a lot of traction largely due to its ability to give returns. In fact, a Chainalysis report had indicated that UK is one the leading hubs of crypto activities and inclusion of cryptos in sports could further boost the chances.
The Chainalysis report stated that the crypto transaction in UK is well over US$170 billion (£123 billion). If one were to look purely from the football point of view, then a BBC analysis indicate transactions worth more than £262 million (US$350 million) in the digital currencies.
Also read: How UK is leading cryptocurrency adoption in Europe
Crypto services firm Socios had reportedly sold approximately US$300 million worth of coins through its app.
Conclusion
With cryptocurrencies entering the sports arena in a more dynamic manner, it could be a new normal for the football clubs and other sports as well. Its popular income stream and with the presence of leading exchanges and growing crypto adoption in UK, we can expect to see growth in a more dynamic manner.
Besides, WAGMI’s plans could also give other owners a blueprint on how to diversify the business models and how to enter areas that are safe to say unchartered before.
