The Brazilian Football Federation (CBF) signed a deal with Turkish blockchain startup Bitci to launch non-fungible tokens (NFTs) and fan tokens on BitciChain’s platform. The licensing contract is for three years.
Many sports teams currently have NFT and fan token deals. NFTs and fan tokens are frequently licensed to different providers since they serve different purposes and some companies specialize in commercializing only one technology. Bitci is one of the first platforms to launch both NFTs and fan tokens for the same sports entity.
NFT collectibles sometimes require a deeper financial commitment as their scarcity pushes the price up, but they enable fans to participate in collecting and trading activities and enhance the sense of community and commitment towards the club. For the clubs, NFTs provide a new line of products to commercialize and promote interest.
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