What is NFT? Serie A becomes first football league to offer official NFT

Earlier this month, reports claimed that Serie A will release a special collection of NFTs in commemoration of the 2021 Coppa Italia Final. The highly-anticipated Coppa Italia Final will be played between Juventus and Atalanta at the Mapei Stadium, Reggio Emilia on Wednesday, May 19. However, netizens have been curious to know more about what is NFT and why Serie A opted to use NFT in football for the Coppa Italia final.

What is NFT? NFT meaning explained

NFT stands for Non-fungible token. An NFT is basically a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. While anyone can view them, buyers have the status of being the official owners.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. According to reports, a staggering $174 million has been spent on NFTs since November 2017. In sports, fans can collect and trade NFTs relating to a particular player or team, for example in the form of video highlights from games.

Serie A NFT deal to make history in football? 

Earlier in May, the leading cryptocurrency platform 'Crypto.com' announced a strategic partnership with Lega Serie A to be the official sponsor of the 2021 Coppa Italia Final between Atalanta and Juventus. Serie A chief Luigi De Siervo described the deal as the first of its kind for a football league, “We are the first football league in the world to sign an agreement in this new market which is extremely innovative and relevant,” he said in a statement. 

De Siervo emphasised that through the NFT release, Serie A aims to further promote its brand internationally and expand its global audience, which exceeded 1 billion viewers during last season. "The Coppa Italia Final will offer millions of fans around the world an exciting experience not only on the pitch but also before and after the game, thanks to the many commercial and marketing initiatives that we will organise with our partners,” he added. 

After a successful year in the Italian top division, Bergamo-based Atalanta will now challenge Juventus for the Coppa Italia on Wednesday, May 19. With 13 Coppa Italia titles so far, Turin’s Juve are the tournament’s most successful club. However, the Old Lady are currently fifth in the Serie A standings and risk missing out on Champions League football next season. 

Image Credits - Juventus, Milan Instagram