NFTs Are Taking Sports by Storm!

Hey readers, been a couple of slow news days lately, but we have still curated the latest and greatest, so let's get started!

WeChat Banning Accounts Related To NFTs

You may not be familiar with WeChat, but with 1.1 billion daily active users in China, it is one of the largest internet platforms in the world, as it includes messaging, social media, digital payments, and facilitating online commerce. Unfortunately, they have just updated their terms and conditions against Crypto and NFTs. This is not all surprising considering China completely banned Crypto trading and mining in 2021 and even had previous steps to halt trading NFTs by imposing the use of China's fiat currency Yaun for NFT transactions, but new WeChat rules take it to another level. To summarize the change; WeChat public accounts which involved in the issuance, trading and financing of Crypto and NFTs will have limited function or be banned. This means WeChat accounts around Crypto and NFTs and even discussions on NFT trading will be subject to account bans. With WeChat's lack of end-to-end encryption, moves like this make it extremely difficult for buyers/sellers to organize secondary sales let alone promote or share their NFT projects. This just adds NFTs to a long list of censorship in China that includes the likes of Google, Youtube, Facebook, Netflix and Spotify; so I wouldn't worry about this hurting growth too much.

France Set To Adopt NFT Ticketing

Back in May, there was a significant ticketing problem at this year's Champions League Football Final in Paris due to a mass counterfeiting operation, as a result, it has forced France's sporting authority to explore more secure forms of ticketing. Naturally, with NFTs offering full traceability and ownership of digital items, it has risen as a very employable solution. The France inter-ministerial envoy for the Olympics and other sporting events Michel Cadot, has recommended using blockchain technology for ticketing in major sporting events that the country will host in the future. In a report from Michel, they found as much as 10% of the 15,000 Liverpool tickets were counterfeit, he pointed out that this could have been prevented if the tickets were issued as NFTs, and so for the upcoming 2023 Rugby World Cup and 2024 Olympics, Michel advised the Prime Ministers Office that NFTs for all major sports events is a must. In the current landscape where a majority of people don't understand the use case of NFTs, this story is an excellent look into the future adoption, as NFTs start becoming implemented in peoples day to day life.

WAGMI United Launches Utility Football Fan NFTs

On Morning NFTea, we have reported on many stories that have implemented NFTs into the sports industry, next up the ranks is a new partnership with Adidas to launch a NFT collection based upon its subsidiary and English League One club Crawley Town. The NFT is meant for fans who will gain utility with Adidas-branded physical and digital merchandise, but more importantly, holders will receive exclusive club perks through joining the ‘fan council’. This is a world-first for a football club as it allows decisions within the football club to be made in a decentralised way, granting decision-making powers to the fans and community. One of the first tasks of the ‘fan council’ is determining the fate and direction of the club's chairman and co-chairman for the next football season. NFTs have always theoretically offered communities more power and control, so it is great to actually see implementations like this that bring utility past their pure monetary value.

Founder of Baller Apes Club Facing Up To 40 years

Unfortunately, the NFT space is full of rug-pull scams that have usually gone unchecked, until now. The US Department of Justice has announced criminal charges against the founder of Baller Apes Club Le Anh Traun, and five others who were involved in crypto scam cases. According to the DoJ, the accused made several misrepresentations about their platform and fraudulently guaranteed returns to their investors.Specifically, these charges are “one count of conspiracy to commit wire fraud and one count of conspiracy to commit international money laundering” which could add up to 40 years in prison if convicted. Train allegedly collected $2.6 million from the Baller Apes Club (a ripoff on BAYC) launch, only to instantly delete the project's website and do some “chain-hopping” which means converting funds into different cryptocurrencies across different blockchains (this is the blockchain version of money laundering). As the NFT world is constantly plagued by rug pulls and scams, this story shows that things are being done to hold people accountable for their actions, and we are one step closer to a safer Metaverse.

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None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.