AS Monaco partners Capital Block to develop NFTs

French club AS Monaco has partnered Capital Block to develop NFTs (non-fungible tokens).

The partnership marks the latest foray of a soccer team into the world of cryptocurrency and digital coins.

A growing number of football clubs around the world have launched digital coins, as the sport faces slumping revenues due to the impact of the COVID-19 pandemic.

Fan tokens are a form of cryptocurrency that allow holders to vote on mostly minor decisions related to their clubs.

Last year, Paris Saint-Germain (PSG) said Lionel Messi’s signing-on fee would include some of its own cryptocurrency fan tokens.

Similar to bitcoin and other digital currencies, fan tokens can be traded on exchanges. They also share in common with other cryptocurrencies a tendency for wild price swings, leading some regulators to issue warnings to investors about digital assets.

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