Billy Hogan: Liverpool might look to explore NFT market again in near future
Earlier this year in March, Liverpool FC had come out with an LFC NFT Collection. It received major backlash from the supporters of the club as it was a very volatile, unregulated market. It also causes the environment a great deal of harm, because of the energy required to ”mint” an NFT.
Even with so much retaliation, Liverpool FC CEO Billy Hogan is of the belief that the scope to invest in the NFT market will come again. A dissatisfying launch in March earlier this year does not seem to put Hogan off the train in The NFT sector.
As of last month, The LFC Heroes Club collection had sold only 11,000 of 171,000 pieces. Even with such a low volume of sales, it generated £1.1m in revenues, £300,000 of which was channelized towards The LFC Foundation.
Many clubs and leagues joined the bandwagon of NFTs in the last year, to create a new channel of income. With the market exploding last year, many clubs and leagues joined the bandwagon to claim a share of the pie.
As quoted by Liverpool Echo, the Reds CEO saw the “positive aspects of the project” wherein it generated a substantial amount for the club’s foundation.
“There was some criticism, but there was also a lot of support for it. I think it probably split opinion, to be fair. I think from our perspective, it was it was an important opportunity to try something that was new and different.”
Hogan added that Crypto and blockchain are new areas the club will definitely “look to explore”. It will give the fans a chance to engage with the club digitally.
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Fans would not mind the club getting another stream of income, as the revenue might help us show more ambition in the transfer windows. In the modern game, every cash stream makes a difference. No matter how minute.