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FC Barcelona Cancels Marketing Agreement With NFT Marketplace Ownix

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FC Barcelona cancelled a advertising cope with non-fungible token (NFT) market Ownix on Thursday. The choice comes lower than 5 days earlier than the soccer powerhouse is scheduled to public sale its first NFT assortment by means of the platform.

The Associated Press and different publications reported that the cancellation adopted the arrest earlier Thursday of Israeli crypto mogul Moshe Hogeg on fraud involving cryptocurrencies and assault expenses. The publications additionally reported that Hogeg has ties to Ownix, which operates on the Ethereum blockchain. Hogeg lists the corporate within the Interests part of his LinkedIn profile.

“In light of information received today that goes against the Club’s values, FC Barcelona hereby communicate the cancellation of the contract to create and market NFT digital assets with Ownix with immediate effect,” the membership mentioned in a press release on its web site.

At the time of publication, the membership had not responded to CoinDesk requests for remark.

Announced simply 15 days in the past, the FC Barcelona NFT public sale based mostly on pictures and movies from the membership’s 122-year historical past is slated to happen on Nov. 24, in keeping with a countdown timer on the Ownix web site. The launch will characteristic remarks from Joan Laporta, who took over as FC Barcelona president earlier this yr and different “key members” of the membership, an electronic mail from an FC Barcelona consultant to CoinDesk mentioned.

Barça, because the group is thought, is second in worth solely to Spanish rival Real Madrid, in keeping with a ranking by Brand Finance, which mentioned the group would possibly drop down the ladder due to the departure of star striker Lionel Messi – who has his personal NFT assortment – for Paris St. Germain in a deal that additionally included NFTs.

Sports groups worldwide have been exploring NFTs as a approach of producing revenue and elevating fan engagement. FC Barcelona has confronted extreme monetary points lately with its CEO Ferran Reverter telling reporters in October that the membership was “technically bankrupt” earlier this yr and would have been “dissolved” if it had been a public restricted firm (PLC).

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