The NFT market will also be designed to manage virtual, or rather digital, assets. However, the economic and above all legal implications are certainly more realistic And as such they should be treated. With all the advantages and risks of the case, it is useful to know for those who want to try their hand at this new generation of copyright.
Especially, When it comes to NFTs related to the world of sports, Emotional value greatly influences technical value in investment decisions. In fact, according to Sports Pro Media, the sector will grow to $75 billion by 2025. This is mostly due to the boom in sports icon sales. Already in 2022, transactions are estimated at more than two billion dollars thanks to five million buyers.
Football is already in the game
NFTs have become a potential financial resource for the entire sports industry and especially the football industry – explains Leon Ziliu, attorney in charge of the sports department at Rödl & Partner. It is not surprising that tennis player Serena Williams recently joined the board of a major fantasy football platform on the blockchain.”
Football is referred to as one of the most interesting sectors and the most interesting prospects for the world of NFT. For the football club is expected A new source of income added to the traditional sources Sponsorships, ticket sales and television broadcasting rights. With the added advantage of being able to gain more and more loyalty among their fans.
However, from a legal point of view, It’s not all as easy as it may seem at times. “One potential legal effect is related to sports sponsorship contracts – continues Zilio -. Sponsors are asking and will increasingly be asking for assurance that the vision given to their brands, logos and brands in the real world is consistent with the same presentation in the virtual world.”
For example, the sponsor’s logo on the players entrance tunnel to the pitch It must also exist in the same default context Travel by propeller in augmented reality.
Effects that should not be underestimated
Equally accurate talk when it comes to buying and selling. « NFT buyers are limited to getting a file Metadata Encrypted using a work, such as a photo of an athlete caught making a mathematical gesture, potentially subject to copyright protection. By purchasing the metadata, the buyer does not acquire the work itself, and therefore does not have any intellectual property rights to the original work.”
In addition to, It is necessary to evaluate the legislation on image rights. A club intending to sell NFT to third parties must ensure that it has acquired the corresponding right of economic exploitation from the player himself.
Finally, there is consumer protection. “The latter cannot ignore the basic information related to the process of buying and selling these digital assets – Lawyer Zilio warns –. On the one hand, there is a need to make the general terms and conditions of sale usable and understandable, and on the other hand to deal with the complexity of the matter that does not allow the written application of consumer protection regulations.”
for example, The right of withdrawal does not apply to the sale of NFT from the consumer. In fact, once the purchase is completed, there is no longer any way to terminate the contract and return the merchandise with the consequent refund of the amounts spent.