Flamengo is one of Brazil’s largest sports teams. On Thursday, it revealed that it would release a number of web3 products through a collaboration with MoonPay that will last for several years. A report states that the fiat on-ramping service, which is now a web3 infrastructure provider, will try to get fans more involved with the football club through ticket sales, marketing, and merchandise.
The business said that the scope of the collaboration could include loyalty programs, unique experiences, and free offers, like personalized food and drink options during games.
“NFTs and web3 technology have helped increase fan engagement and loyalty as well as create new revenue streams worth hundreds of millions of dollars for sports teams around the world,” said Ivan Soto-Wright, co-founder and CEO of MoonPay.
When asked about the value of the deal, a MoonPay representative told The Block that the two will split the money they make.
As during pandemic, it’s been easy to see how football clubs make money, since sports have been shut down almost completely and games have been played in empty stadiums. According to the Deloitte Annual Review of Finance, the total income of European clubs went down by £3.4bn ($3.8bn) to £22bn ($24.7bn).
This is MoonPay’s first move into the sports market. Other companies, like Socios, have already done so. Socios is known for launching fan tokens in partnership with football clubs. These have been criticized in the past for being risky and for being a way for fans to lose money.
This year, MoonPay released HyperMint, a platform that lets brands make and mint their own utility NFTs. In September, it said that an NFT scavenger hunt would be held in person at Universal Studios Theme Parks. It also used to sell expensive NFTs for celebrities through a “white glove” concierge service as a side business.
During a recent funding round, MoonPay was given a value of $3.4 billion.
Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday Leave this field empty if you're human: