The Football Association (FA) has faced severe criticism for planning to release NFT. Despite the recent depreciation occurring in the cryptocurrency marketplace, the association has been met with opposition to the plan to launch NFT.
Deals with NFT, which are usually in the form of digital assets sold through crypto, are rising as the government begins to prepare to clamp down on gambling advertising, which is another huge controversial source of revenue in sports. In addition, many other elite clubs have been in partnership with cryptocurrency players to raise revenues.
Matt Zarb-Cousin, the director of Clean Up gambling, has expressed his shock of FA considering joining the NFT crypto minting community despite how many NFT projects have suffered severe loss, especially those in conjunction with sporting organisations.
FA Plans to Launch NFTs Regardless
The FA’s Chief Executive, Mark Bullingham, insists that his organization will take advantage of the sector solely because it will be in the right way. Earlier this week, he stated that NFTs is a new sector worth exploring, especially when sourcing for revenue.
However, Zarb-Cousin, the director of Clean Up gambling, expresses worry about NFT. He says, “Premier league clubs and footballers have rightly come under scrutiny for flogging glorified jpegs and fan tokens to supporters – the FA should stay well away from sports-washing such volatile investments.” With partnerships with multi-million worth by Europe’s top clubs and even the Barcelona football star, Lionel Messi, critics have pointed out some things to the clubs.
Martin Calladine, an author who stands against Fan Tokens, referenced Arsenal. During the launch of its partnership with Socio, Arsenal had described its investment in crypto as buying foreign currency when one goes on vacation. However, early in 2021, the cryptocurrency had a significant decline which critic has regarded as a consequence of dealing in high-risk unregulated financial products.
Zarb-cousin has urged the FA to reconsider getting a partnership with the NFT market. He stated that the timing is wrong for the association to join the market due to the latest crashes that have occurred in the NFT and cryptocurrency ecosystem leading to the loss of people’s life savings.