Live

Repeat: OTB AM

10:00 AM-12:00 PM

Repeat: OTB AM
Advertisement
Soccer

"A lot of people will lose a lot of money" | David McWilliams on the growth of crypto in football

Crypto and NFTs are all over the place..

Enda Coll
Enda Coll

18:13 18 Jan 2022



Soccer

"A lot of people will lose a lot of money" | David McWilliams on the growth of crypto in football

Enda Coll
Enda Coll

18:13 18 Jan 2022

Football is the perfect industry for cryptocurrency and NFTs to run rife, according to economist David McWilliams.

The term 'NFT' was essentially meaningless up until about a year ago, but it's something we're becoming more familiar with in recent months as it takes a foothold in the world of football.

Shorthand for Non-Fungible-Token - NFTs are essentially a piece of data, usually in the form of a digital image or song, which can be purchased with cryptocurrency.

More recently, the football world has become rife with cryptocurrency sponsorship and players selling their own NFTs. Even former Chelsea player John Terry has got in on the action.

But, while those involved in the unregulated market are vocal in their acclamation of the industry, economist David McWilliams says that people should be weary.

"Football sponsors are moving from gambling, online betting to crypto and NFTs, it doesn't surprise me because it's broadly the same neck of the woods." McWilliams told Off The Ball. 

"My own sense is that a lot of people will lose a lot of money, because ultimately, all these cryptocurrencies are not backed by anything."

"Now people will say that the dollar is only backed by a promise by the United States. But a promise by the United States is also backed by the revenues of the state, the tax, the credibility of the states, so that's a lot."

While cryptocurrencies have been on the market for a while now, NFT's have only made an impact over the last two years.

The growth of NFTs within football can be seen within the individual clubs - like Arsenal who have started selling club tokens - to individual players who are selling their own NFTs.

It has also come in the form of a Fantasy Football game called 'Sorare' which operates in a similar manner to the Premier League's fantasy football, except the players purchase and NFT of the player they want to select in their team.

And it's in NFTs where McWilliams sees the real danger.

"The prediction I will make is that NFTs will be the scene of some of the most outrageous cases of fraud the financial market has ever seen, and the financial markets have seen many."

"I would think that this is, in writing the great novel about speculation in the early 21st century, I think this has to be part of the opening chapter of when things go really quite mad."

Football on Off The Ball, brought to you by Sky.

All the football you love in one place across Sky Sports, BT Sport & Premier Sports.


Read more about

Arsenal Crypto Football Nft Premier League

Live: Title

Description

Added to queue
Removed from queue

On Air

Share

Share

Next up in queue

Title
Description
Duration

There are currently no podcasts in the queue

Go to podcasts

On Air

Repeat: OTB AM

Repeat: OTB AM

10:00 AM-12:00 PM

Share

Up next

Highlights on Off The Ball

Highlights on Off The Ball

12:00 PM-01:00 PM

Share

OTB Gold

OTB Gold

01:00 PM-02:00 PM

Share

Highlights on Off The Ball

Highlights on Off The Ball

02:00 PM-03:00 PM

Share

LIVE: Friday Night Racing

LIVE: Friday Night Racing

03:00 PM-04:00 PM

Share

Highlights on Off The Ball

Highlights on Off The Ball

04:00 PM-06:00 PM

Share

OTB Gold

OTB Gold

06:00 PM-07:00 PM

Share

LIVE: Off The Ball

LIVE: Off The Ball

07:00 PM-08:00 PM

Share

Repeat: Friday Night Racing

Repeat: Friday Night Racing

08:00 PM-09:00 PM

Share

Team 33

Team 33

09:00 PM-10:00 PM

Share

Repeat: Off The Ball

Repeat: Off The Ball

10:00 PM-12:00 AM

Share

Repeat: OTB AM

Repeat: OTB AM

12:00 AM-02:00 AM

Share

Repeat: Off The Ball

Repeat: Off The Ball

02:00 AM-05:00 AM

Share

Repeat: OTB AM

Repeat: OTB AM

05:00 AM-07:00 AM

Share

Highlights on Off The Ball

Highlights on Off The Ball

07:00 AM-01:00 PM

Share

00:00:00 / 00:00:00

Share on