Fans will be the biggest losers from this toxic relationship between football, cryptocurrency, and NFTs.
Clubs and players are taking money in exchange for endorsing crypto products in a dangerously unregulated market that many people are unfamiliar with.
A new cryptocurrency linked to Netflix’s South Korean phenomenon, Squid Game, was launched toward the end of the Squid Game craze.
Squid Game is a gruesome thriller series that tells the story of a group of people drowning in debt who are chosen to play a secret, deadly game with the chance to win a life-changing fortune for the few remaining members of the global population who have yet to see it.
In South Korea, it received mixed reviews, but it enraged Westerners, who couldn’t get enough of the idea of poor people being sadistically murdered as they tried desperately to pay off their debts.
Squid, a cryptocurrency that claims to be required to play a new video game, began trading at one cent in late October.
Its value soared to (dollar)2,856 (£2,125) in less than a week.
I first learned about it when a story about how the coin’s value had increased by 45,000% appeared in my Google News feed.
That didn’t exactly scream “hurry up, I need to invest now to ride the rest of that crypto wave!” My initial reaction was “huh, that sounds pretty dodgy.”
As it turned out, this was the case.
There were a few red flags, such as buyers being unable to sell their tokens and the company’s website being riddled with typos and grammatical errors.
Then, a week later, a company that appeared out of nowhere and persuaded people to hand over millions vanished.
According to reports, the owners walked away with around £2.5 million.
A “rug pull” is the term used to describe this action.
Despite the fact that stories like these emerge all the time, people can’t seem to stop staring up at that giant shining piggy-bank full of money and believing that if they just play one more time, the prize could be theirs.
Football, on the other hand, isn’t doing much to help.
Players are quick to promote dubious schemes and non-fungible tokens (NFTs) that they have no knowledge of, while clubs are enticed by lucrative sponsorship deals in a dangerously unregulated market.
Crypto is thought to be gradually displacing the morally dubious but lucrative revenue stream from gambling sponsorship, as well as many other elements.
News summary from Infosurhoy in the United Kingdom.
Fans will be the biggest losers from this unhealthy relationship between football, cryptocurrency, and NFTs.
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Football, cryptocurrency and NFTs: Why fans will be the biggest losers from this unhealthy relationship