“ The potential of NFTs lies in attracting rights holders who recognise the opportunities they offer ,” Novella continues . “ However , the viability of NFTs for rights holders may depend on existing long-term contracts with providers or suppliers , making it challenging to transition . The success of NFTs ultimately relies on convincing people to embrace the concept and invest in it .”
The Premier League has recently announced a voluntary ban on front-of-shirt sponsorships from gambling companies , after spectators voiced concerns about the social impacts of gambling on the game . After several years of increasing visibility for crypto firms , this opens up the prospect that cryptocurrency exchanges and NFT companies might step in and fill the void .
At the time of writing , two clubs were yet to announce front-of-shirt sponsors for the forthcoming season ; seven have already confirmed gambling companies , with the sponsor ban not beginning until 2026 , and no team has a front-of-shirt crypto sponsor . So , will we see more crypto sponsorships and brand partnerships in the coming years , once gambling companies are sidelined ?
“ The growth and stability of the market , along with the presence of bitcoin , are crucial factors that can enhance the potential of sponsorships ,” Novella says . “ Currently , it is challenging to achieve success due to a cautious approach by many , waiting to see how the market develops . Investing heavily for teams in marketing without a proper acquisition strategy may lead to difficulties in achieving a positive return on investment ( ROI ).”
He is confident that teams won ’ t face pressure to drop crypto sponsors in a
114 September 2023