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AS Monaco enters the cryptocurrency space via a Capital Block partnership


AS Monaco announces a partnership with Capital Block to develop NFTs

French club AS Monaco announced last Tuesday a partnership with Capital Block to develop NFTs (non-fungible tokens), marking a football team’s latest foray into the world of cryptocurrency and digital coins.

“This is a first for French football since AS Monaco will be the first club to work with an NFT consulting firm, which will allow the Monegasque club to acquire in-depth knowledge of the NFT market and thus create a high-performance offer. and sustainable,” Capital said. Block CEO Tim Mangnall in a statement.

A growing number of top clubs around the world have launched digital coins, as the sport faces falling revenue due to the impact of the COVID-19 pandemic.

Fan tokens are a form of cryptocurrency that allows holders to vote on mostly minor decisions related to their clubs.

Last year, Paris Saint-Germain (PSG) said Lionel Messi’s signing fee would include some of his own cryptocurrency fan tokens.

Similar to bitcoin and other digital currencies, fan tokens can be traded on exchanges. They also share in common with other cryptocurrencies a tendency for wild price swings, leading some regulators to issue investor warnings about digital assets.

Supporters are divided on the subject.

Some appreciate the new way to engage with their teams and help make decisions, even if it’s only on minor matters such as the song played in games after a goal has been scored or the images used on social networks.

Others dismiss tokens as superficial participation that adds to the already mounting costs of tracking their teams.

AS Monaco, who have won eight Ligue 1 titles and were runners-up in the 2004 Champions League final, are currently seventh in the league.

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