FC Barcelona terminates NFT deal with Onyx after allegations of fraud

FC Barcelona, ​​one of the world’s biggest football clubs by revenue, has decided to cancel a deal it made earlier this month with non-fungible token (NFT) marketplace Onyx, which will be owned by Israeli crypto mogul Moshe Hogg. is a consultant for the NFT after his arrest. Market. The termination came in the form of a brief statement from the club via the club’s website, a few days before the club’s first NFT collection was scheduled on the auction stage. FC Barcelona claims that the relationship with Onyx has come to an end with immediate effect.

Police arrested Moses Hogg, who reportedly has ties to Onyx, on suspicion of involvement in an alleged large-scale fraud related to cryptocurrencies. He was arrested along with seven others. Hogg is the co-founder of Sirin Labs – the same company that launched the much-hyped blockchain smartphone In 2019, and also the owner of Israeli football club Betar Jerusalem.

FC Barcelona’s cancellation statement said, “In the light of information received that goes against the club’s values, FC Barcelona hereby announces the cancellation of its contract with Onyx to create and market NFT digital assets with immediate effect.” Is.”

In response to the cancellation, Onyx issued A statement that is distancing the company from Hoggag and stating the ‘incidents’ happened years ago. It claims that he has terminated his consulting agreement with Hoegg, apparently at Hoegg’s request. While sources in FC Barcelona claim that Hogg was merely an “external advisor” to Onyx, the NFT Marketplace refrains from revealing whether Hogg has an ICO (initial coin offering) token called Onyx that was created in late July. had gone.

FC Barcelona’s deal with Onyx included the launch of NFT which focused on improving its financial standing while improving relationships with its global fan base. The series was designed to showcase a digital trinket of historic moments from the club’s 122-year history, including a spectacular trophy cabinet containing 95 domestic and international awards, including 26 domestic league titles and five UEFA Champions League titles. Are included.

Although the club and Onyx occupants have not written a proper plan, the club wanted to allow fans to bid on clips of highlights in an online auction enabled through Onyx’s own marketplace. The fans then had to bid on the club’s most iconic events of the year that were caught on camera to keep a piece of the footage for themselves. Meanwhile, Onyx said that the Barcelona NFT would be selected by a “special joint committee” and then mined, first as a unique one-time auction and later as a comprehensive collection.

Soccer brands and clubs with massive global fan bases are exploring NFTs as a way to generate income and increase fan engagement. In September, Spain’s La Liga became the first of Europe’s top football leagues to offer NFTs of all its players through the French digital soccer collectibles platform Sorare. Porto, AS Roma and Liverpool’s other European clubs have announced NFT deals in the past.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


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