PSV is also participating in the NFT hype, but is guarding against the risk of injuries

Technology17 Jun ’22 16:05Updated 21 Jun ’22 13:57Author: Aaron Loupatty

It was supposed to remain a surprise, but thanks to an alert PSV supporter, it was clear before the launch of the new away shirt that the football club was starting a new NFT project. As many NFT projects with Noorderzon disappear with large revenues, the Eredivisie club wants to approach it differently. The club is aware of the negative nature of NFTs, but tries to set a positive example. “There are more bad examples than good,” said Damian Bott, the club’s marketing and media manager.

The new PSV away shirt was presented at the Van Abbemuseum on Thursday evening.  Parts of the presentation are converted to NFTs.
The new PSV away shirt was presented at the Van Abbemuseum on Thursday evening. Parts of the presentation are converted to NFTs. (PSV)

The text ‘nft landing page’ in the link to the live stream of the launch of the away shirt made it clear a few hours earlier that PSV wants to release NFTs. While the NFT hype has largely cooled at the moment, the football club expects parts of the NFT world to remain. ‘We are still at the very beginning of Web3.0 and all the development it entails. But based on PSV’s DNA, the innovative character we got when it was founded by Philips, we want to continue it’, says Bott. ‘Initiatives come and go in the crypto landscape. We believe that things will remain.’ This is what the club wants to prepare for with this project.

No idea what NFTs are? Scroll down for an explanation!

Of course, PSV is a commercial organization and the club also sees it as a future revenue model, acknowledges the marketing manager. But the purpose of these NFTs, which are based on the presentation of the away shirt, is to introduce the followers to this part of the crypto world. Of the 101 NFTs developed, the club will raffle 100 NFTs to supporters who have purchased the away shirt. Those supporters can then possibly keep the digital collector’s item in their possession or sell it on. With this, the club wants to draw a resemblance to the old football pictures. Bott: ‘If elected, we will ensure that NFTs are transferred for free. For example, they don’t have to own any cryptocurrency (which usually requires buying an NFT, ed.). If you don’t like NFTs or even oppose them, we won’t try to force it on you. It’s a low-threshold way to let the supporter get in touch with NFTs, says the marketing manager.

Also read | Eredivisie players make money from their own matches in crypto gambling

Negative character

In this way, PSV also wants to remove the negative character that the digital objects now have. ‘People don’t get it sometimes, it’s complex and a show far from your bed. In fact, there are more bad examples than good examples, none of which helps. We must therefore first update our knowledge in order to get the attitude towards NFTs a bit more positive.’

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The 101 NFTs that PSV will release – in collaboration with shirt sponsor Puma – are based on the presentation of the PSV away shirt. That presentation is divided into 100 NFTs. The one NFT that remains is the ‘masterpiece’ and represents the entire presentation as a ‘work of art’. ‘We’re putting it up for auction right away, to learn from it.’

Podcast | Cryptocast: Is the NFT hype over yet?

Income

PSV is also transparent about its own interests behind the NFTs. For example, PSV along with Puma and the developer of the NFTs receive ten percent of each transaction if an NFT is resold. ‘NFTs are also meant to protect the creators in a way. So the artists also share in possible financial success. We think it is important to also make this transparent up front.’

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For supporters, an NFT is not meant to remain a useless piece of digital property that can eventually be sold. PSV also gives owners free access for two people to the PSV museum for a year, where the artwork can be viewed through video mapping.

Also read | Broadcaster PowNed wants to sell NFTs; the supervisor knows nothing

‘miss the board’

The football club ensures that the plan does not have a negative impact and damage the club’s name. ‘We are careful about which initiatives we start. Because we see that if we miss once, it will be very difficult to get things going again. That would be a shame,” Bott said.

Also read | FC Groningen duped by questionable bankrupt crypto company

What is an NFT?

    NFT stands for non-fungible token, which basically means that it is a digital object that is on the blockchain and therefore cannot be exchanged. Yet NFTs work differently in many cases. It is often not so much digital items that you buy, but simply a receipt that you buy. That receipt then contains a link to the digital object. Nowhere is it recorded what the object looks like and what properties it has.

    NFTs can be bought and sold on major trading venues where payment is made with cryptocurrencies such as Ethereum. Often high costs have to be paid for this. Also, money almost always goes to the developer of the NFTs when the product is resold. This fact makes it interesting for artists who can always receive compensation for the work they have done.

    Still, there is a lot of scam around NFTs. Due to the big hype at the moment, many projects are developed to make money quickly. There is a lot of social media promotion going on for a project, which creates hype and people want to be there fast. If all NFTs are subsequently sold, the team will not speak again and the promises made will not be fulfilled. The buyers are then left with worthless NFTs.

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