It was a tantalizing match for sports fans and traders in the City of London: football and cryptocurrency, together at last! One was an all-consuming passion that only fans could understand, and the other was football.
With their huge overhead costs, including player payrolls, football clubs are always looking for new sources of revenue. In the heady days of early 2021, crypto in all its forms (sponsorships, NFTs) was an attractive new source of funding, especially as the pandemic threatened traditional revenue streams. Newly wealthy crypto evangelists, for their part, seemed to relish the opportunity to gain exposure through sports with mass appeal.