FC Barcelona, a Spanish football club, is one of the most well-known teams in the world. Barca is also no stranger to playing in the cryptocurrency world.
Polkadot was a possible shirt sponsor for the club earlier this year. Spotify, on the other hand, has signed an agreement with the club to provide streaming audio. Major players like Polkadot (and, in this case, Binance) are in talks with the sport’s leading clubs. These are all positive signs for crypto involvement in general.
FC Barcelona Looks for New Possibilities
Barcelona is among the most well-known sports teams in the world. This week’s breaking news is that it is looking into numerous potential blockchain-based options. A “Barca metaverse,” NFTs, and including their own coin are all part of it.
Joan Laporta, the club’s president, addressed at the Mobile World Congress 2022. She claimed that in order for the club to “survive financially,” they would like to create their own cryptocurrency. They are the first big sports organization to create its own crypto coin.
Laporta went on to say that they want to establish their own cryptocurrency and that they must do so on their own. They are distinct in that they rely on the revenue generated by the sports business to support themselves.
According to Laporta, the club has turned down cryptocurrency firm offers for jersey collaborations. That’s because they are working on their own metaverse activation. Despite the fact that it is a tall task, it appears that FC Barcelona’s top brass views full ownership of metaverse interaction as critical. This is likely to have influenced Spotify’s decision to choose Spotify over these possible crypto partners.
Barca’s Activity Recap
Apart from the aforementioned action, with Binance and Polkadot offering to sponsor Barcelona’s jerseys, the club’s involvement with crypto hasn’t been all rainbows and unicorns.
The team had previously negotiated an agreement with NFT marketplace Ownix, but withdrew after only a few weeks. The reason for this is that Ownix’s management has ties to Moshe Hogeg, who was recently detained on suspicion of crypto-fraud.
FC Barcelona was one of the first clubs in sport to establish their own fan token with Chiliz before all of this. Hundreds more football clubs from all over the world have followed suit.
Barcelona’s new deal with Chiliz is part of the city’s new digital and commercial strategy, according to the company. The Catalan club will use the blockchain platform provider’s assistance to establish its own currency, the Barça Fan Token, which will have the ticker $BAR.
It will be a tall order to release a wholly-owned cryptocurrency and engage in metaverse activity. It comes with a slew of regulatory red flags to clear.