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Sports teams want a slice of the NFT market

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NFTs are already booming in the art and music world; there were reportedly $416m in NFT art sales in January and February this year. Now, Australian sport wants to get in on the game

For more we’re joined by Mat Cole from ACT Capital Partners

Non Fungible Tokens (NFT) are a unit of data on the blockchain that proves ownership of a digital asset such as a photo, video, or other digital file. They represent an asset with a unique identifier that can be sold or traded.

During the first quarter of 2021, sales surpassed $2 billion.

A NFT of a LeBron James dunk video sold for US$375,000 last year. The Top Shots series, which the video was a part of, totaled US$500 million in trades and sales in the first three months of 2021.

Now the National Basketball League, Melbourne Victory, and Golf Australia are some of the sporting organisations investigating how to enter the market.

Sporting organisations aren’t the only ones posed to make money in the NFT market.

Mat Cole, from ACT Capital Partners, said that athletes can make money from Non Fungible Tokens (NFT), but the secondary market for them can be even more lucrative.

“If you’re an athlete, and someone approaches you to do an NFT deal with you, you might get 100 grand upfront,” Cole said.

“What you have to be understanding of is if there is a secondary market for that NFT and you’re not a part of that, you could be missing out on 100 times what you’ve been paid up front, provided that NFT has a secondary market.”

Secondary markets include people trading NFTs after buying them to other people.

Cole argues that not all NFTs will prove profitable for traders, and people wanting to buy or trade them in a secondary market is important in ensuring that the asset doesn’t lose value.

“Is that NFT is going to be traded at a high volume after it’s initially been printed? If not it’s going to be worth $100 today and 20 cents tomorrow.” Cole said.

Sport

Update on Brittney Griner’s Moscow appeal

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A Moscow regional court has officially set an appeal date of October 25 for American basketball star Brittney Griner

Griner was sentenced to nine years in prison in Russia for smuggling drugs into the country, arrested with less than 1 gram of cannabis oil in her luggage at Moscow’s International Airport back in February.

Details about the appeal hearing have not been released,

It is expected Griner’s team will argue she did not know the cannabis oil was illegal in Russia and that she was only carrying a small amount for personal use.

There have also been rumours that the U.S. is negotiating a prisoner swap with Russia, but it is not clear if Griner is part of those negotiations.

The U.S. has not confirmed or denied the rumours.

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Vigil held for the 125 people killed in stadium disaster

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Vigil held for the 125 people killed in Indonesia’s stadium disaster, as the nation mourns

Vigil held for the 125 people have been killed in a crush and riot at a soccer match in Indonesia.

Authorities believe it is one of the world’s worst stadium disasters. Now, the nation stops to mourn the lives that have been lost.

The tragedy unfolded in Malang, in the province of East Java. It followed home side Arema FC loosing 3-2 to Persebaya Surabaya.

East Java police chief Nico Afinta said frustrated Arema supporters invaded the pitch.

Officers responded by firing tear gas in an attempt to control the situation, triggering the crush and cases of suffocation.

Afinta claimed officers had been attacked and cars damaged. He said the crush happened when fans fled for an exit gate.

300 were injured, including 22-year-old Muhammad Rian Dwicahyono who said many friends had lost their lives “because of officers who dehumanized us”.

The head of one of the hospitals in the area treating patients told Metro TV that some of the victims had sustained brain injuries and that the fatalities included a five-year-old child.

On Sunday, Malang residents gathered outside the stadium to lay flowers.

As investigations continue, Indonesia’s President Joko Widodo has ordered the Football Association of Indonesia to suspend all games in the top league.

World soccer’s governing body FIFA has requested a report on the incident from Indonesia’s PSSI soccer association.

FIFA’s safety regulations say no firearms or “crowd control gas” should be carried or used by stewards or police.

East Java police did not immediately respond to a request for comment on whether they were aware of such regulations.

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Crypto.com scraps $495m deal with UEFA Champions League

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Cryptocurrency exchange Crypto.com has cancelled a five-year sponsorship deal worth $495million with the UEFA Champions League

Major cryptocurrency exchange platform Crypto.com has officially scrapped its deal with the UEFA Champions League.

The in-principle deal would have seen the crypto company take over as the sponsor from Russian state-owned energy company, Gazprom.

Gazprom’s contract was cancelled in March, following Russia’s invasion of Ukraine.

Crypto.com scrapped the deal because of regulatory concerns in the U.K, France and Italy.

The crypto exchange has previously been involved in sports advertising over the past year, with sponsorship into Formula One and the naming rights deal for the Staples Centre in Los Angeles.

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