Boca Juniors, the Argentina’s Largest Soccer Team to launch a Club NFT

Boca Juniors, the Argentina’s Largest Soccer Team to launch a Club NFT

ENTERTAINMENT | Sep 30, 2021 | WOZINGA NEWS

Boca Juniors, the Argentina’s Largest Soccer Team to launch a Club NFT

  • Boca Juniors of Argentina wants to expand beyond the football field.
  • It is now planning to launch an NFT, and several companies have expressed interest in assisting.

By Elah Mae Ariate Wozinga Staff

Argentina’s most popular soccer team, Boca Juniors is attempting to score a goal in the digital token field.

The team appears to be investigating ways to capitalize on the NFT fever and is in discussions with several companies to study their proposals for creating virtual communities powered by NFTs, Crypto News.

Boca Juniors exploring ways to take advantage of NFT

In the sports business world, there are many ways to use NFT technology, and also fan tokens are perhaps one of the most popular approaches for soccer clubs.

This type of token entitles holders to certain benefits such as participation in decision-making sessions, interactions with players, and other benefits without the need for corporate rights.

Bloomberg revealed, Socios.com, a fan token development company with licenses for over 50 high-level sports clubs, is proposing the issuance of a fan token that could bring Boca Juniors $10 million in revenue.

In addition to these two large corporations, sources say there are two other unidentified bidders interested in issuing fan tokens. In fact, one of whom wants to become an official sponsor of the club by paying to advertise on the shirt.

NFT Technology in the Sports Business World

Boca Juniors hasn’t decided yet, but the companies are already revving up their engines. The team has over 16 million fans worldwide, and also Socios.com has already made Argentina a strategic market for the company.

However, this is a win-win situation, and Boca Juniors could benefit significantly from the successful launch of a fan token or an NFT collection.

Interestingly, other teams, according to the report, have used their tokens to negotiate player compensation. When PSG acquired Lionel Messi, for example, the contract included a payment in the club’s tokens in addition to the agreed-upon amount in fiat money.

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