Despite the fact that reigning European champions Manchester City will relinquish their title after a surprising defeat to Real Madrid, there is some good news for fans on the horizon.
As well as being in with more than a good chance of retaining their English Premier League and FA Cup titles, news that Manchester City are set to partner with OKX to release digital collectibles will have fans talking.
The world of soccer has already embraced digital technology. Betting expert Kane Pepi explains that the popularity of crypto betting continues to rise thanks to the raft of benefits it offers consumers, including anonymity, security, and faster payments.
The quality of the digital sports betting market has paved the way for clubs to explore other digital avenues to increase revenue, and Manchester City is leading the way.
Manchester City
Manchester City’s dominance in recent years is in no small part down to the financial backing of owner Sheikh Mansour. Fans will remember spending the 1998/99 season in the old Division 2 (Now League 1) following a disastrous few years. Since then, the Manchester team has climbed the leagues and not only established themselves as a Premier League team but become the team to beat, winning seven of the last twelve championships.
Following last season’s historic treble, Manchester City is in a great position to secure their eighth Premier League title this year.
Current manager Pep Guardiola has created a team with some of the world’s best players including Kevin De Brune, Erling Haaland, and Rodri. The ability to invest in the squad has made them a force in Europe and the team won their first Champions League last year.
The ability to spend is not only based on how much a club’s owner has but the ability of a club to generate money. Financial Fair Play (FFP) rules are in place to maintain the integrity of the sport and ensure clubs spend sensibly to mitigate the risk of going into administration.
Manchester City is currently embroiled in an FFP case after being charged with 115 breaches of FFP regulations. By exploring new revenue streams, Manchester City is actively looking at ways to avoid breaching these rules in the future.
There are five different charges with multiple breaches that Manchester City have been charged with. The first dates back to the 2009/10 season and goes up to 2017/18 and accuses the club of failing to provide up-to-date finances with a total of 54 breaches.
They have also been accused of failing to report accurate financial details on manager and player compensation for the same time period 14 times.
The remaining breaches include 35 counts of failing to cooperate with investigations carried out by the Premier League, 7 counts of breaching Premier League regulations on profitability and sustainability, and 5 counts of failing to comply with UEFA regulations that includes FFP.
With Nottingham Forest and Everton already being sanctioned by the Premier League this season, it remains to be seen what action will be taken against Manchester City.
Potential points deductions could affect European qualification so it makes sense that the club would begin taking measures to safeguard itself financially.
By teaming up with OKX to explore the lucrative digital market, Manchester City should benefit in the coming years.
OKX
OKX is regarded as one of the world leaders in Web3 technology and is owned by OK Group. They have the second largest crypto trading platform in the world based on trading volume and offer consumers a variety of products including the OKX Wallet that provides greater control over digital assets.
The company was founded in 2017 by Star Xu and has offices around the world including the U.S., Malta, Hong Kong, Singapore, the Bahamas, and the UAE.
The company already enjoys several global sponsorship deals including being one of McLaren’s primary partners and the official sponsor of the Tribeca Film Festival.
The Tribecca deal also includes the exclusive rights to create NFTs and also launched an NFT Lab at the 2023 festival. This allowed attendees to create and mint their own NFTs with generative AI.
The latest linkup with Manchester City is not the first dealings the company has had with them. They were officially announced as the team’s official cryptocurrency partner in 2022 and went on to sponsor the training kits for the men’s and women’s first teams.
Deals with individual players have also come from the partnership with Alex Greenwood, Jack Grealish, Ruben Dias, and Ilkay Gundogan all having endorsement deals.
2023 saw OKX become Manchester City’s sleeve sponsor in a deal reported to be worth just under $70 million over three years.
Manchester City and OKX’s NFT Project
The latest collaboration between OKX and Manchester City will see the club launch a range of commemorative shirts that can then be minted as NFTs. Each shirt will be assigned different levels of rarity, ranging from classic to rare and ultra-rare.
Those who get involved in the project and mint digital collectibles will also have the opportunity to win shirts, tickets to a game, and the opportunity to play at the Etihad Stadium.
One of the major benefits of launching a digital collection for fans is the potential for global reach. Football is an international business and the biggest teams have fans all around the world. Manchester City’s global fanbase will be able to engage with the club via Web3 and the metaverse.
This exciting new chapter for Manchester City could also pave the way for fans to make use of OKX’s crypto facilities. With cryptocurrency being one of the best ways to make deposits and receive payments from gambling sites like these, more fans could be set to explore offshore betting markets.
Manchester City’s success on the pitch could be jeopardized by potential sanctions from official bodies and the club will be eager to learn their fate. By investing in developing technology and revenue streams, they appear to be safeguarding the financial future of the club.
