Pete Hanson

Tue 19 December 2023 16:10, UK

Remember just a few years back when NFTs (non-fungible tokens) were all the rage for professional sports teams and athletes?

It was a craze that seemed to die almost as soon as it was launched. In fact, the Athletic produced a report in October that showed a study by appGambl, a crypto and online gambling website, showed 95 per cent of NFT projects promoted by athletes and celebrities in its sample were now worthless.

Liverpool, Manchester United, Paul Pogba, and John Terry were among the notable examples of getting involved with NFT projects, all of which fizzled out when the sector crashed.

So, it begs the question why are Tottenham still so seemingly willing to engage with new projects. Take their latest partnership with digital gaming platform Fanblock.

Explained on their official website (6 December), the new business partnership offers fans the chance to “own virtual blocks of Spurs’ digital football pitch and earn points through the real-life action that occurs in the corresponding areas during live matches”.

It adds that prizes such as: “VIP premium tickets, private stadium tours, signed jerseys, pennants and balls, pitchside visits and much more.”

Alarmingly, there are no risk warnings about the purchase of these blocks, which Fanblock offers in four packages priced at £20, £50, £100 and £300. The words “crypto” and “NFT” did not appear anywhere in the statement, though to all intents and purposes that is what is being sold here.

Serie A club AC Milan announced a similar partnership earlier this year, but it begs the question of why Spurs are dipping their toes into this sort of thing.

In Fanblock’s own FAQs, the reply to the question asking if Fanblocks last forever by saying: “You can only earn Block points on your Fanblock for one active season, however you’ll own your Fanblock beyond the season in which it is purchased as a digital collectible (or NFT), unless you sell it.”

It feels that such schemes should really bear more of a warning for supporters, who should not be expected to part with hard-earned money for prizes that by and large will be unattainable. If they wish to purchase them then fine, but more warnings about the risks involved should be prevalent.

This is not even the first venture Spurs have made into these kind of sponsorships, you only have to go back to September when Tottenham announced they had partnered with Socios.com.

The club said: “Members and Season Ticket Holders (18 years+) will be offered free non-transferable Spurs Fan Tokens from Wednesday 4 October.

“Fan Tokens will provide instant access to Club-related polls, predictors, quizzes and competitions on Socios.com, through which points can be gained to unlock rewards and experiences.”

The Daily Mail reported (29 September) that Socios tokens use the same blockchain technology as NFTs and the Tottenham Hotspur Supporters Trust criticised the club for monetising fan loyalty.

“We understand the Club needs to develop its commercial partnerships but this relationship will see engagement passed on to a third party provider enabling it to monetise fandom,” they said.

“The Club is trusted by fans and we fear many will end up in a system they do not understand that is designed to monetise their support and love for the club.

“It is important there should be no financial or technological barriers to fan engagement yet this relationship potentially creates both.

“THST expects the Club to safeguard our supporters against financial loss but this partnership seemingly does the opposite by exposing fans to potential losses.”

It seems a risky move both financially and morally to striking these sort of commercial partnerships. But at the very least, they need to come with a cautionary tale for supporters who may not understand the financial risks they are taking.

In other Tottenham news, Spurs are rightly “very happy” with one pass master.