Introducing Tokenized Soccer Players; Brazilian Figer Group Invests in Decentralized Sports Management

News / 06.03.2020

Quick Take:

  • Brazilian Figer Group to start tokenizing soccer players around the world
  • The initiative will connect investors and talented players in need of financial support
  • Crypto adoption in worldwide soccer management increases in popularity

On 6th March 2020, Cointelegraph reported that the renowned Brazilian sports management company, the Figer Group has launched OLE sports, a blockchain-based platform to tokenize soccer players around the world.

According to entrepreneur and Vice President Andre Figer, Olecoin will support and encourage new soccer players, majority of whom abandon their dreams, despite being talented, due to lack of funding.

Figer Group will use its digital token Olecoin in its ecosystem for micro-investors to purchase players’ tokens and be able to participate in future player receivables, market contracts, and salaries.

As one of the most influential sports management companies in Brazil, Figer Group has been countless in talent deals with major clubs like Barcelona, Real Madrid, and Guangzhou.

Tokenization Will Create Opportunities for Young Soccer Talent Anywhere In the World

Figer stated that FIFA statistics indicate that approximately 265 million people in the world play soccer, and Brazil holds the highest record of all football stars. However, since billions are spent on a few international soccer club transactions, countless talent goes unrecognized and disappears somewhere along the way.

Blockchain, according to Figer, is the solution that will ease the frustration and lack of financial support for such talent. He added that desperation drives parents to the point of almost auctioning their talented children, to give them a chance to follow their dreams.

 “We need to understand that the desperation on the part of the father and the family in general, in being able to help the son to continue his career, causes this to happen.”

Good for Investors, Good for Upcoming Soccer Players

OLE sports club seeks to revolutionize the soccer industry using blockchain by bringing soccer fans closer to the clubs. By encouraging young players from around the world to get involved professionally in soccer, OLE Sports will facilitate the creation of new opportunities for a better society:

“Ole will use blockchain to validate new talent information with real resources, reward users for data collection effort, store immutable digital contracts, discover and recruit new talents, and directly link investors and the talent in a transparent manner.”

Players will be entitled to 40% of the tokenization distribution, 40% to assure buyers investment, 20% to the holder community, and the remaining 10% to OLE sports. Figer added:

“Initiatives like this project that I am a part of can give more chances to these players because some are really good, but due to conditions, just do not have the opportunity.”

Tokenization Is Fast Gaining Popularity In The Sports Industry

Socios.com is another blockchain project helping sports clubs to launch their own fan tokens, including the recent launch with Paris Saint-Germaine and another one with Juventus.

Last year, Portugal’s most popular football club S.L Benfica partnered with UTRUST to become the first major football club in Europe to accept crypto payments.

Arsenal also became the first football club to sign a cryptocurrency deal in 2018 by partnering with Cashbet Coin, which became the Club’s official blockchains partner.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.