The team would release an NFT collection with the average pricing for all its fans to participate in. It is also doing this with Sotheby, a 277-year-old auction house, which has become a significant player in NFT sales. Liverpool is the latest addition to the football teams that are releasing NFTs.
Liverpool is the Latest EPL Squad to Enter the NFT Game
Liverpool is the latest soccer club to enter into the world of non-fungible tokens, as they announced on the 24th of March that they would be partnering with the Sotheby metaverse, which is based in Polygon. The team plans to release a collection of artwork, including generative imagery of its 24 players.
According to the press release, the club stated that this collection would be an ‘innovative way to celebrate being an LFC fan from anywhere in the world.’ There would also be 24 ‘Legendary’ NFTs, one-of-one editions, with one for each player. The NFTs would depict each team member with superpowers, and the bids would start at US$100. It would also show the star players posing with a cape or accessory to portray their personalities. After the auction, the highest bidder would receive a still image and animation. The NFT collection would be auctioned individually on the 30th of March.
The other NFTs in the ‘Hero’ collection would be sold at more affordable prices, starting at $75. There would only be still images of a player or manager, with different traits determined by a computer algorithm. The club’s representative stated that this decision was so that the digital collectibles would be available for more fans. But, there has been some backlash over the new collection as fans will not know which player image they are buying until they purchase.
The auction is expected to last between the 30th of March and the 1st of April. If all the NFTs are purchased, the club will earn up to 10 million euros, and they plan to donate 10% to the LFC Foundation. For the Legendary NFTs, 50% will be donated instead. The sales would take place on Sotheby’s Metaverse, the dedicated NFT marketplace for the auction house.
Sotheby Has a Fast-Growing Web-3 Arm with over $100m in Sales
The partnership with Liverpool is the newest for Sotheby, the famous auction house standing for 277 years. In 2021, the auction house reported over $100 million in NFT sales as its clients continue to respond to their digital experience.
The NFTs have attracted a new demographic of collectors since Sotheby began to sell. They have also made notable sales like the single CryptoPunk, which went for $11.8 million, and a Bored Ape, which went for $3.4 million.
Located in the Upper East Side neighbourhood in Manhattan, the auction house has a physical location where it also hosts crypto sales. In November 2021, it hosted the popular ConstitutionDAO auction and recently had a single-lot sale of 104 CryptoPunks available, but it was pulled a few minutes before the bidding time.
Sotheby’s Metaverse has stated that it wants to expand its operations beyond desired collections like Bored Ape and CryptoPunks. This explains the new deal with Liverpool. Even Sebastian Fahey, the auction house’s managing director, stated, ‘Prior to this project, [Sotheby’s Metaverse] has been focused mainly on crypto-native art. But we can see this project driving into sports; we can also see this in entertainment, fashion, and music in the future.’
Premier League, Top Squads Also Signing NFT Deals
In the sports and NFT scene, Sorare is the current leader in this field, as the fantasy sports NFT marketplace is valued at over $4 billion. Liverpool has joined the latest teams to sign NFT deals in terms of conventional football teams.
Rangers already released their NFT Champions Collection in November 2021. Earlier this month, Manchester United and 19 other clubs in the Premier League announced the possible launch of NFTs for the official clubs. It is expected that teams like Manchester United and Liverpool, and 18 other teams, would benefit from this mega 434 million pounds deal.