With NFTs starting to make a huge splash in the sport space, we wanted to use today’s blog to explore the possibilities of agents monetising from these digital assets and potentially changing the landscape of sports business forever.
The majority of sporting agents look at most deals with the mantra ‘if it makes money, it makes sense’, and why not? Their job is to get the best possible deals for their client, while also making a substantial cut on the side. According to reports, infamous football agent, Mino Raiola, is demanding somewhere in the region of £50,000,000 for brokering a deal between Erling Halaand and his next club. Considering the player himself has a buy-out clause of just £63.9m, the mark up from Mr Raiola is quite staggering.
Now, just imagine agents across the sporting sphere start utilising NFTs to generate some extra income. An NFT has the functionality to effectively make an individual’s career immortal, meaning the token will love long after an athlete’s swansong, generating income for years on end. They could also be a great way of spotting fresh early talent, while even being used to bring an iconic career back to life.
Let’s use the official Michael Jordan NFT as a hypothetical example. Largely known as the best to ever play basketball, and now the face of iconic Air Jordan footwear, the man who stands at six-foot six is a sporting hero to so many. If this particularly NFT was marketed correctly, and had the backing of all the appropriate people, you just know for a fact that there would be a huge hoops fan waiting in the wings to purchase this for what would then be a steal.
Purchasers could also take on a Football Manager-like strategy, picking out the best budding talent and getting those NFTs purchased early as an investment. Just imagine how much you could have got a Jude Bellingham NFT for three years ago, in fact, being a Birmingham City fan myself, I’d have probably bought it. And if I did, who knows what it could be worth now?!
Another one that jumps out at me is Emma Radacanu, a little-known quantity this time last year but now the winner of the BBC Sports Personality Award. It would have taken a keen tennis fan to spot her incredible potential 18 months ago, a fan who now, in the world of NFTs, would have been rightfully rewarded for their impressive knowledge and nous of the sport.
Look, the possibilities are endless when it comes to NFTs in sport and I think they have the potential to make a permanent mark on the industry and how professional monetise within it. They’re already being utilised by clubs such as Manchester City, Rangers and Leeds United to name a few, and we expect more to follow suit in the coming months. Surely then it won’t be long until agents follow these money-making machines.
Right, that’s all from me for now as I just need to go and improve my knowledge of football academies across the country, as I look to cash-in in on this NFT boom in the near future!