The Premier League’s management has approved ConsenSys to lead part of its NFT initiatives, according to The Athletic on Monday (March 14, 2022). This decision was made during the EPL board’s most recent shareholders meeting.
ConsenSys will be in charge of still image NFTs in the EPL’s official NFT ecosystem, which will be divided into two categories: stills and movies. According to sources, Dapper Labs will be in charge of the video NFT efforts, but no formal confirmation has yet been made. Dapper Labs is the author of the popular NBA Top Shot NFT collection, thus it has a lot of experience in the sports-related video NFT arena.
The EPL’s NFT will apparently be marketable among owners, whether stills or videos, implying that the change is geared more towards fan involvement. Clubsides in England, according to The Athletic’s story, have expressed concerns over intellectual property (IP) rights.
EPL clubs are also said to be concerned about revenue sharing and the reputational risk that comes with a significant franchise like the league joining the NFT area.
Squabbles over intellectual property rights have become a common occurrence in the NFT world, with some collections receiving copyright infringement accusations. Due to these concerns, major markets such as OpenSea have been forced to delist popular collections.
The EPL, on the other hand, insists that its NFT efforts will be limited to low-risk ventures that are unlikely to run afoul of these issues.
The EPL cooperation with ConsenSys for NFTs comes at a time when crypto collectibles appear to be regaining appeal after a mid-Q1 downturn.
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