[News] Football fans spending millions on club crypto-tokens

[Berty23]

It's not though really, because you don't own anything, just a bit of code. Everyone else can still 'own' the same image.
Have thought of it as nonsense ever since I first heard of it.

BBC News just now said the Albion are the only club that have responded to them on this.

But in the future when everything is online owning code could the the big thing! We simply don’t know. It is like kids who never opened Star Wars toys in the 80s. Worth loads decades later.

I would be far more worried about gambling’s relationship with football at the moment! Especially all of the dodgy Chinese Asian fronts that are banned in China but hosted abroad and then advertised through the premier league!

 

[Tyrone Biggums]

It's not though really, because you don't own anything, just a bit of code. Everyone else can still 'own' the same image.
Have thought of it as nonsense ever since I first heard of it.

BBC News just now said the Albion are the only club that have responded to them on this.

Except that they are developing technology now where an image will be able to be coded with identification so as to be able to identify it as the original or the fake.

Which means in the future it will become no different to how people or companies own an image or footage of something and any use of it will either cost a fee or allow the owner to issue cease and desist notes to anyone using it illegally should they choose to do so.

 

[McTavish]

Except that they are developing technology now where an image will be able to be coded with identification so as to be able to identify it as the original or the fake.

Which means in the future it will become no different to how people or companies own an image or footage of something and any use of it will either cost a fee or allow the owner to issue cease and desist notes to anyone using it illegally should they choose to do so.

That's a really interesting angle.

However, I have just looked at the NBA NFT website and I can buy an NFT of a block by Zion Williams for $86,000 dollars. This seems to be the price of just one of an "edition" of 50 of which 9 are still available. So if someone uses it illegally, who gets the fee; who issues the cease and desist; who instructs the lawyers if the cease and desist is ignored?

Even if all these issues are resolved, the average price paid for this NFT is recorded as $69,000 so 50 of them will cost a grand total of almost $3.5 million dollars. It's a good block but it's going to take a lot of people wanting to show this specific play for any one to make any money...

Edit: Thinking about this a little more, if I bought one of the "editions" of this block, could I allow free use of my edition thus making the "rights" to everyone else's edition worthless?

 

[Tyrone Biggums]

That's a really interesting angle.

However, I have just looked at the NBA NFT website and I can buy an NFT of a block by Zion Williams for $86,000 dollars. This seems to be the price of just one of an "edition" of 50 of which 9 are still available. So if someone uses it illegally, who gets the fee; who issues the cease and desist; who instructs the lawyers if the cease and desist is ignored?

Even if all these issues are resolved, the average price paid for this NFT is recorded as $69,000 so 50 of them will cost a grand total of almost $3.5 million dollars. It's a good block but it's going to take a lot of people wanting to show this specific play for any one to make any money...

Edit: Thinking about this a little more, if I bought one of the "editions" of this block, could I allow free use of my edition thus making the "rights" to everyone else's edition worthless?

In the example you've described the NBA is really just replacing the old form of collectable basketball cards with NFTs.

So as some basketball cards can be limited edition and can bring huge money so to will this new form of collectables.

Which actually makes proof of ownership far easier when it comes to reselling said NFT.

Basketball cards can go for huge money, so $69000 really isn't a lot in that collectable space.

Here a LeBron James rookie card went for over 5 million.

https://www.si.com/nba/2021/04/26/lebron-james-rookie-card-sets-record-most-expensive-basketball


The example I provided is probably more something whereby if you took a photo of something unique of an iconic moment and you turned it into an NFT you could then apply the relevant technology to confirm ownership and then sell it to the highest bidder who then owns the only copy of that moment in time.

 

[RandyWanger]

Not everyone sees NFTs that way…..

https://twitter.com/smdiehl/status/1445795667826208770?s=21

Opinions are like nipples. We've all got them, most of them are worthless.

I was giving you one example of how an NFT can be used by a football team without it being seen as a scam. We've used this method in the NBA (obviously I gave simple examples) and it's working well.

Some people still have 8 tracks and betamax. The rest of the world has moved on.