NFTs are no longer a passing hype. Since the explosion of digital currencies, users have started understanding the underlying importance of blockchain. The explosion of NFTs into the market influences our need for ownership in a less than private digital environment.
The topic of NFTs has gained a lot of mainstream attention. We are shifting from a global obsession as NFT artwork sold for over $69 million to discussions about the actual financial and intrinsic value of NFTs. Social investor Gary Vee, highlighted the technological novelty brought forth by NFTs, which no longer belong to a substrate of blockchain technology. Gazprom, the Euro Soccer Championship Sponsor, will award the Best Goal Scorer with an NFT trophy.
A Mainstream Attention For NFTs.
GazProm has been a UEFA sponsor since 2012 and has recently extended their partnership through a three-year contract as an official UEFA National Team Sponsor until 2024. As part of extending the functioning partnership between UEFA and Gazprom, the European football governing body and the energy giant will reward the player with an NFT trophy following the end of EURO 2021.
UEFA will award a trophy for the best “European Championship goal” for the first time in 2021. Specifications about the assessment criteria are still in the works and require further detailing. The winner will be awarded the trophy at the Swiss headquarters after the EURO event, ending on July 11. The EURO final will take place at the legendary Wembley stadium, while the games will be held in 11 cities across Europe which, among others, include Russia, Romania, or Italy. The tournament will kick off at Stadio Olimpico in Rome in a game between Turkey and Italy.
The NFT trophy will portray a well-known Russian artist’s artwork; however, the artist’s identity is still unknown. The art piece will be “physically created” in the Saint Petersburg fan zone. According to a statement,” the artwork would be scanned to 3D animated video” before being destroyed at the end of the event. Additionally, the winning player will also be awarded a fragment of the artwork, which the organizers aim to keep and award to the player. There are currently no reports of the size of the artwork nor the name of the author.
The NFT market is rapidly evolving, and both corporate and retail investors intend to seize onto the technological momentum. The value NFTs bring to the digital landscape is unprecedented as it allows proof of ownership and convergence of physical assets into digitally owned and verified assets. The Gazprom UEFA trophy will be delivered to the winner in using a cryptocurrency hard wallet. There is no telling yet, the network and type of token used for minting. Additionally, the name of the trophy winner will be “coded into the trophy.”
Reports about NFT hype and the fear of a bubble are becoming dismantled as NFTs are integrated by top-level corporate entities. Thus, our views of digital ownership are redefined as mass cultural events reinforce the technological advantages by combining and using NFTs. UEFA’s endeavor into the NFT space is one of the many instances where NFT can prove lucrative. They become normalized as a new standard for using and transacting digital art products.