Football Premier League examines emerging trend in FC crypto

Right now, cryptocurrency is a popular trend. However, there are many who remain suspicious of the popularity it has achieved so far.

The English Premier League (EPL) is one of them. Concerns are getting worse as many clubs in England’s top football league sign large numbers of cryptocurrency-related contracts.

Got in sight

According to several reports, the EPL will investigate connections between crypto clubs and corporations, although it does not regulate such partnerships. The decision comes after news that Manchester City had suspended a cryptocurrency deal after it was found that none of the operators had clear information. This raised legitimate questions about the existence of the company in question for many.

Interestingly, the EPL has admitted to looking into partnering with a crypto platform that offers NFTs, or “digital assets”. The explosive NFT has taken over the world and Metaverse has a lot of hype right now as well. Hence, EPL aims to create memorabilia that do not exist in physical form and use them as an asset.

These partnerships also astonish many fans, especially since 17 of the 20 EPL clubs have already entered into such partnerships.

Most partnerships create fan tokens to have a say in less important club matters – a big change from conducting online surveys. Given the existence of FUD in space, in addition to extreme volatility trends, fans may be attracted by fake deals.

While many soccer clubs (FCs) have signed contracts with crypto companies, some choose to stay out of this frenzy. The Aston Villa Supporters Trust, for example, opposes fan monetization, advising that the move is only aimed at new fans for revenue.

Likewise, the Leeds United Supporters Trust was against it when it announced its partnership with Socios. Six-time European champions Liverpool have also criticized the fan token trend on their website in the past.

As the football association is responsible for investigating the matter, fans have been advised to take note of the FUD and the speculation.

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Minh Anh

According to AMBCrypto

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