Liverpool Football Club is launching their inaugural collection of non-fungible tokens (NFTs) for fans to buy and sell. Through these coins, fans will gain access to a community forum, experiences, virtual hangouts, competitions and discounts on merchandise.
On March 30 to April 1, NFTs will be sold during an online sale that runs for three days from March 30 to April 1. They come in two varieties – Legendary and Hero Editions.
What is an Nft?
Table of Content
An Nft is a non-fungible token, or ‘one-of-a kind’ item. This differs from traditional fungible currencies like dollar bills which are equivalent and can be exchanged for any other currency of similar value.
Tokens are a new type of digital asset that could revolutionize how we do business in the future, such as financial services and trade. They’re created using blockchain technology and can be backed by various assets like legal documents or signatures or even just digital art pieces.
NFTs contain a unique code or address stored on the blockchain, an online ledger of transactions. This protects ownership records from being falsified or altered. Furthermore, it creates a digital trail which can be verified from one owner to another.
Liverpool FC Heroes Club NFTs are 24 one-off collectables that showcase members of their men’s team as cartoon superheroes, bringing their “individual and superhero characteristics” to life. These NFTs will be sold via an online auction from 30 March until 1 April with bidding starting at $100 (PS75).
Liverpool Football Club and Sotheby’s have joined forces to launch this first official collection of NFTs, which will raise money for the club’s charitable foundation and feature illustrations featuring 24 players, manager Jurgen Klopp and staff. This initiative marks a partnership between both institutions – Sotheby’s being the world’s leading fine art auction house – and will benefit both organizations simultaneously.
Although the release of NFTs has drawn much criticism, supporters argue it was a necessary learning curve for Liverpool and an important step in bringing digital assets into the mainstream. They hope it will enable the club to engage with their fans and gain their support before releasing any further ranges.
At present, sales figures for the launch are far below what Liverpool had hoped to make. They had hoped to make around $11.2 million with half of the proceeds going towards charity and half being paid back through non-fungible tokens (NFTs).
What is the LFC Heroes Club?
Liverpool FC Heroes Club, Liverpool FC’s inaugural official NFT collection, gives supporters the unique opportunity to own digital collectibles inspired by 24 of their favourite players. Launched with Sotheby’s, these digital items will be distributed through Metaverse NFT marketplace powered by Polygon.
From March 30th to April 1st, Sotheby’s Metaverse will offer two categories of collectables – ‘Hero’ and ‘Legendary’ – in both limited edition sales and 1/1 auctions. The ‘Hero’ editions will be randomly generated so buyers won’t know which player image they own until it arrives at their wallet – like opening a pack of football cards!
There will also be 24 unique ‘Legendary’ one-of-one NFTs featuring Liverpool stars at their most powerful, each depicting a player with their own superpower. 50% of all proceeds from both these limited edition items – both 1/1 proceeds and 10% of ‘Hero’ limited edition proceeds – will be donated to the LFC Foundation, helping it fulfill its mission to deliver life-altering charitable and community projects.
Finally, the LFC Heroes Club offers supporters a range of advantages such as access to an innovative fan community with access to forums, unique experiences, virtual hangouts and retail discounts. Furthermore, they can contribute towards the LFC Foundation – the club’s official charity – in recognition of the incredible work done off the pitch day in and day out by heroic staff members.
In celebration of Liverpool FC’s 130-year history, they have joined forces with Sotheby’s and Nike on this unique initiative. To showcase some of Liverpool FC’s most renowned players – such as Virgil van Dijk, Mohamed Salah and Jordan Henderson – the club commissioned artwork that features some iconic images.
These images will then be scanned, digitized and stored on the blockchain as non-fungible tokens (NFT). These NFTs can then be traded on the Ethereum network to purchase other NFTs or services within Polygon’s ecosystem.
NFTs are non-fungible, which means they cannot be replaced with another token and thus possess unique qualities. Furthermore, NFTs boast high energy efficiency when it comes to distributing and storing digital content on the blockchain.
How can I buy an Nft?
Non-fungible tokens (NFTs), also known as non-fungible coins, are digital assets that can be bought and sold online using blockchain technology. Although they’re relatively new in the cryptocurrency space, NFTs have quickly gained popularity within it. NFTs often get compared to trading cards due to their similarities.
Though widely popularized, NFTs remain little-known to most. They have long been associated with financial speculation and large money gains – with rare NFTs changing hands for substantial sums of cash. This has caused controversy as many are wary about investing their hard-earned funds into this type of activity.
Liverpool are the first Premier League team to jump on board this craze and have launched their own NFT collection with Sotheby’s. Over three days, they will offer 24 NFTs of their players as superheroes for sale with prices starting from $100 (PS75).
The club have also joined forces with French sports startup Sorare. Sorare produces licensed digital sports cards which can be used in fantasy sports games. They have agreements with 15 different leagues and have already signed a number of teams.
Liverpool have taken an innovative approach to engaging with fans, but this approach does come with some risks for the club. To mitigate any potential issues, they conducted a survey and held a meeting with supporters union Spirit of Shankly to discuss their plans.
Once the results were in, Liverpool made a decision to launch their NFT collection. They wanted it to be beneficial for both the club and fans.
To accomplish this, Liverpool commissioned a team of specialists to create an array of NFTs that could be purchased by fans. Doing so gives them access to an exclusive community forum, experiences, virtual hang-outs, competitions and discounts on Liverpool merchandise.
At LFC Heroes Club, there are two ways to purchase NFTs: during a three-day online sale or via an app available on iOS and Android devices. During this three-day event, buyers can choose between Legendary or Hero edition NFTs.
How can I sell an Nft?
In March, Liverpool unveiled a collection of non-fungible tokens (NFTs) depicting their men’s team and manager Jurgen Klopp as superheroes. These NFTs were created through an algorithmic art algorithm from images of 23 Liverpool players and Jurgen Klopp’s charismatic manager and sold for $75 each with exclusive access to forums, virtual hangouts, competitions, and retail discounts courtesy of LFC Heroes Club members. All NFTs included membership to this online fan community with forum access, virtual hangouts, competitions, discounts on merchandise purchases etc.
The sale was held to raise funds for Liverpool’s charity, the LFC Foundation. This local, independent organization offers assistance to underprivileged children and young people throughout Liverpool with its programs in education, health, wellbeing and youth interventions.
According to a press release, Sotheby’s auctioned the NFTs for six days beginning April 1. Unfortunately, only 9,721 of 171,072 NFTs were sold – far below the projected sales figures.
Liverpool have defended their decision to sell NFTs, saying they have a responsibility to their global fanbase. A representative stated in an email sent to The Athletic that Liverpool will continue exploring new technologies that will “deliver innovative experiences” for customers.
However, the decision to launch an NFT collection drew criticism from many supporters and gamers. NFTs are typically sold on cryptocurrency exchanges, which has caused much anxiety among investors and resulted in numerous crypto crashes. Furthermore, there is no regulation over these digital assets since they lack oversight from any governing body and lack regulation themselves.
To sell an NFT, a buyer needs the NFT’s blockchain identifier (BPI), which can be easily located by searching on an exchange. Furthermore, they must confirm ownership of the NFT by providing their name, address and bank details.
Supporters will then have the ability to sell NFTs on an exchange and receive payment in currency that can be used to purchase goods or services. The transaction will be recorded on blockchain, a type of distributed ledger that keeps track of every action taken.