Euroleague is launching an NFT Collection to give us more courtside action. Similar to NBA’s Top Shot, moments throughout Euroleague’s 21-year history will be auctioned off as NFTs. Euroleague is partnering with blockchain and cryptography technology company OARO.
Euroleague NFT gains a worthy ally
Collaboration is the name of the game for sports franchises entering the NFT world. Euroleague got this part right to a tee. Along with its joint-venture partner IMG, Euroleague signed the deal with Euroleague Players’ Association (ELPA). This marks the first commercial deal between ELPA and Euroleague.
Euroleague and ELPA executives affirm that NFT is the new way to connect with a new generation of fans. Additionally, they aim to help athletes transition their popularity into the growing digital environment.
EuroLeague is the basketball version of soccer’s Champions League, with the top European clubs qualifying each year. Thus, fans are eager to see if this is a 2-for-1 deal and might inspire Champions League to enter the space.
Learning from NBA’s Top Shot
The success of NBA’s Top Shot kicked down the door keeping sports franchises from entering the NFT Market. It is normal to copy best practices. However, Euroleague should be on the lookout for the NFT related lawsuit that Top Shot is facing right now so it can avoid a similar incident.
Jeeun Friel filed a complaint against NBA’s Top Shot. She is accusing the platform of manipulating her and withholding information. Furthermore, she claims that it is a form of deception to sell NFTs without giving the buyer any Intellectual property rights. NFTs are in the gray area so the ruling on this case, if it goes into trial, might set a precedent about Copyright issues.
The first collection will be released on June 11 at f4nft.euroleague.net.
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