Man City joins the NFT frenzy
Nonfungible tokens (NFT) have become popular in the sporting and entertainment world, thanks to the unique value they give digital art pieces. As a result, several sports teams and celebrities have launched their NFT collections.The premier league champions Man City are the latest sports team to enter the NFT market. The team revealed this in a statement yesterday, saying that “Premier League Champions, Manchester City, will mark their title-winning campaign with the launch of a series of commemorative digital artwork, the ‘1’ collection, which will be available for purchase as Nonfungible Tokens (NFTs).”
According to the blog post, this is the first time the football club is dropping an NFT to celebrate a title win. The collection dubbed ‘1’ reflects the club’s final position in the league table. It contains four unique works by acclaimed multidisciplinary artist Jon Noorlander. The four NFTs are called Signed by the Champions, The Champions Mosaic, The Champions Medal and The Champions Celebrate.
‘1’ will be available on the NFT platform MakersPlace on May 24. This is roughly 24 hours after the club receives the Premier League trophy at the Etihad Stadium. The club will receive the trophy on the final match of the season against Everton Football Club.
“A portion of Manchester City’s profits from the sale will go to the City in the Community charity, earmarked for our Manchester Cityzens Giving for Recovery project. The project uses football to support the mental health of local young people in Manchester in the wake of the pandemic,” the blog post added.
More entities recognize the value of NFTs
NFTs are unique because of the blockchain properties they give art pieces and other content. Thanks to these NFTs, there is total transparency, and artists can earn more money for their pieces. The technology also eliminates the risk of faking art pieces.Man City's move to enter the NFT space is the latest sign that the industry is expanding and could experience further growth over the coming months and years.
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