AS Monaco Enters NFT Business, Diverse Responses Come From Supporters

AS Monaco enters the NFT business. (twitter @AS_Monaco_EN)

JAKARTA – - French League club AS Monaco announced on Tuesday, March 29 their new partnership with Capital Block to develop NFT (non-fungible token). This marks the football team's latest deal into the world of cryptocurrencies and digital coins.

"This is a first for French football since AS Monaco will be the first club to work with an NFT consultant, which will allow a Monegasque club to gain in-depth knowledge of the NFT market and thereby create a successful and sustainable offering," said Capital Block CEO, Tim Mangnall, in a statement quoted by Reuters.

Today more and more leading clubs around the world have launched digital coins, as the sport has faced a decline in revenue due to the impact of the COVID-19 pandemic.

Fan tokens are a form of cryptocurrency that allows holders to vote on most of the minor decisions related to their club.

Last year, Paris Saint-Germain (PSG) said Lionel Messi's signing fee would include several deals with the cryptocurrency fan token itself.

Similar to bitcoin and other digital currencies, these NFT tokens can be traded on exchanges. They also have something in common with other cryptocurrencies about their trend of wild price swings, which has led regulators in several countries to issue warnings to investors about digital asset.

AS Monaco supporters themselves have a different view of the club's decision.

Some of them appreciate the new way to engage them with the team and help make decisions. But this decision is only on minor issues such as the song played in the match after a goal is scored or the image used on social media.

Others dismiss tokens as a superficial form of participation that only adds to the already inflated costs of following their team.

AS Monaco, who have won eight Ligue 1 titles and were runners-up in the 2004 Champions League final, are currently in mid-table in the French League.