The investors, who include Philadelphia 76ers president Daryl Morey, say they're close to purchasing a lower-tier English Football League club. They say NFTs can upend how sports teams are owned.
The group, WAGMI United, says it’s in the advanced stages of purchasing an English Football League club. The investors are believed to be the first group to buy a major sports franchise with cryptocurrency serving as a significant funding source.
“Owning a club is kind of like a dream as a kid, right?” Johnson said. “So this is our chance, and it’s kind of the perfect time. Everything’s hitting exactly right with what we can do with digital branding and communities and crypto.” An NFT is a unique digital asset — a piece of art, music, video or even a meme — that relies on some of the same blockchain technology and principles of cryptocurrencies. The market for NFTs has exploded among investors as rare assets have skyrocketed in value. A digital collage of hundreds of images sold at aEntire communities have sprouted around some NFT collections, such as the CryptoPunks and the Bored Apes Yacht Club.
“It’s kind of like community storytelling,” Smith said. Unlike established sports brands like the Yankees or Manchester United, he said, his group would be “starting from scratch,” allowing it to be"riskier in what you allow your brand to become. Then you can work with your community to figure out what it is together.”Smith, 38, was Yale-educated with a background in finance when he began focusing on NFTs three years ago.
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