Barcelona FC Could Create Cryptocurrency to Boost Financial Standings

Spanish sporting giant, Barcelona FC, has disclosed plans to create its own cryptocurrency. Markedly, Barcelona’s crypto-positive decision comes at a time when it struggles with financial stability.

The club’s leaders have also suggested crypto could help the club compete financially with other clubs which are equipped with better TV rights deals, revenue, or investment.

Barcelona’s president Joan Laporta first announced the club’s crypto ambitions a few days ago during the recent Mobile World Congress. Laporta noted that the club would take up the lofty project without the assistance of third parties. Additionally, he alluded that Barcelona’s ability to generate revenue from sporting activities distinguishes it from other clubs adopting cryptocurrency. 

According to Laporta, the team intends to create its own crypto so it can compete with other football clubs funded by big investors. Native digital tokens would not be Barcelona FC’s only focus. The president shared that the club was also interested in offering exclusive NFTs for its large fan base, which totals more than 300 million globally. 

Lastly, Laporta suggested that player contracts could soon contain clauses pertaining to NFTs and cryptocurrency. Joan concluded his statement by hinting at further tech endeavors by the club in the near future.

FC Barcelona’s Past NFT Deals

Back in November last year, Barcelona canceled an agreement with Ownix, a marketplace for trading crypto, less than a week after signing a partnership deal with the NFT marketplace. Barcelona revoked the agreement because Ownix was connected to a crypto business owner, Moshe Hogeg. Hogeg had been recently arrested for perpetrating fraud. 

Through the collaboration with Ownix, the Barcelona Football club had hoped to create digital collectibles, however, the deal ended prematurely. 

Recent Struggles with Finance

The announcement comes at a time when the football giant has been mired by financial constraints. According to reports, FC Barcelona closed in 2021 with more than $550 million losses. Additionally, the Spanish club was forced to release global star Lionel Messi from its wage roster last year, alongside other high-wage earners.

2022 has started on a comforting note for the club, with a possible Spotify or Polkadot partnership on the horizon, as well as new crypto developments.

Crypto Continues to Gain Sport Traction

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Crypto has experienced a rapid uptake in the sports industry in recent months. 2021 Q4 saw to Crypto.com’s record-breaking purchase of the naming rights to Staples Arena for  $700 million. The new year has equally seen interesting developments, with three major exchanges making appearances at the last Super Bowl.

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