A series of non-fungible token (NFT) releases for the Coppa Italia this past weekend resulted in a high sale of €3,500 for a one-of-a-kind virtual trophy designed by artist Diego Perrone, according to blockchain records. The item has been re-listed online for €57,000.
In an attempt to appeal to a younger, more tech-savvy audience, Lega Serie A partnered with cryptocurrency marketplace Crypto.com to release limited-edition digital collectibles related to Juventus' 2-1 cup win over Atalanta. Among the items were match highlights, rotating medals and a view of the victory ceremony, as well as the unique Perrone imagination of the Coppa Italia trophy.
But the set has not quite matched the success of NFTs stemming from other industries, such as a recent series unveiled by car maker Aston Martin. There is still time, however, for that to change.
Why does it matter?
Lega Serie A, the governing body for Italian football, created the NFT partnership to gauge interest from football fans in the crypto-driven market. If the project is deemed successful, it could invite Serie A clubs to release far more virtual collectibles in the coming year.
While the NFT drops from the weekend didn't generate an immediate bidding war of epic proportions, the €3,500 sale for the most scarce item available still indicated an initial price point that could surprise people not familiar with the rapidly growing market.
However, total sales from all Coppa Italia NFTs have not yet come close to the Aston Martin licensed drop from April that sold digital tokens worth well over €2 million.