Quick take:
- FC Barcelona has announced it is launching its own cryptocurrency and NFTs.
- Joan Laporta, president of the financially troubled football club said Barcelona opted against joining up with other companies in this new initiative.
- Laporta is trying to create new channels of revenue generation to claw the Catalonia club out of debt.
The world’s largest football club by revenue FC Barcelona is looking to create more channels of generating income amid its dire financial situation. As of October last year, FC Barcelona had financial obligations amounting to 1.35 billion euros.
The Catalonia club has announced it is launching its own cryptocurrency and non-fungible tokens (NFTs) to ease the debt situation.
Barcelona previously planned to venture into NFTs last November before cancelling NFT marketing plans later that month.
However, the Spanish footballing giant has now decided to go it alone in the exciting world of NFTs and the metaverse.
Commenting on Barcelona’s new initiative, club president Joan Laporta said Barca is creating its own metaverse, which is why it rejected the chance to be associated with any cryptocurrency enterprises late last year.
“We want to create our own cryptocurrency and we have to do that ourselves. We are different because we survive financially from what we can generate through the industry of sport,” Laporta said.
He said due to a lack of big corporations and shareholder backing, the football club has resulted in becoming more “imaginative, innovative, brave,” leaping into all creative ideas of generating income from the sport.
Barcelona is creating its own metaverse that will be filled with Blaugrana branded products. Blaugrana is a popular term in Catalonia used to pay tribute to Barca’s colours, blue and deep red.
Speaking at the Mobile World Congress in Barcelona this week, Laporta said the popular sporting brand will be launching a range of NFTs in a bid to monetise its massive fanbase that follows the club globally.
“It’s something we can share with our fans around the world — around 300 million of them. I could announce something else, but I have to be prudent because it’s confidential still.”
Laporta said the players are already aware of the initiative with some of them already having their own NFTs.
“There are clauses in their contracts related to the NFT world and the metaverse,” he said.
Laporta maintained that despite the backlash that mainstream brands continue to receive for venturing into NFTs and crypto, FC Barca’s priority is to compete at the highest level winning titles and making the fans happy.
“But we also have to profit from opportunities in the sports industry,” he concluded, calling it a “matter of survival”.
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