WAGMI x Adidas x Chromie Squiggle - NFT Project Showcases Funding Opportunities
Updated: Aug 1, 2022
WAGMI United, a forward-thinking investment firm, announced its plans to launch an NFT collection in partnership with sports apparel giant Adidas. As part of this new project, the organization will look into Web3-based creative concepts and bring NFT-loving communities into the sports business world. The NFT collection will make it easier for sports fans to take advantage of club privileges, such as redeeming physical Adidas merchandise and having input in decisions on the pitch.
#1 - More on WAGMI's Partnership with Adidas
#2 - About WAGMI's takeover of Crawley Football FC
#3 - What fans and community members can expect going forward
More on WAGMI's Partnership with Adidas and Others
WAGMI's partnership with Adidas is the first of its kind in the NFT/Sports industry. The two organizations are working together to create an ecosystem that allows fans to have a say in the future of Crawley FC.
The NFT collection will provide fans with unique collectibles that can be used to gain access to exclusive content and experiences at the club. The companies also hope to attract new club supporters to increase revenue and take the small town club to the Premier League. Adidas will become the official jersey provider for Crawley Football Club, and this is the first time the apparel giant is partnering with a league two club like this.
Furthermore, the Web3 company also partnered with Chromie Squiggles, a top-tier NFT collection with a 10ETH floor price. The partnership will allow WAGMI and Adidas to release an NFT-themed jersey for the 2022-2023 season.
About WAGMI's takeover of Crawley Football FC
In June 2022, WAGMI purchased Crawley Football Club from its former owners, making history as the first Web3 group to own a football club. The deal was completed after purchasing former chairman Ziya Eren's shares for £5 million.
The company, led by Preston Johnson and Eben Smith, wants to make the League Two football team "the internet's team" by allowing NFT holders to vote on important club issues. WAGMI's co-founder Preston Johnson explained in a press release that most community-owned clubs don't live up to expectations because they lack transparency. He added that all they offered were a piece of paper that fans could "frame on their wall."
Johnson said: "We want Crawley Town FC to be a community club that reaches anyone with an internet connection. Doing that right means giving our fans a real voice in real decisions that actually make a difference on the field and meaningfully contribute to writing the next chapter in the club's storied 125-year history. So, if you've ever wanted to have a say in how your favorite team is run, this is your chance. This is your club."
In line with the announcement, the Web3 company has established a powerhouse ownership group. It includes some of the biggest names in the NFT community, including;
Gary Vaynerchuk, also known as Gary Vee—Chairman of VaynerX and founder of Veefriends
Sean Gearin, popularly known as Gfunk—Pixel Vault founder and CEO, creator of MetaHero Universe and PUNKS Comic
gmoney—a well-known NFT community leader, cultural influencer, and educator Erick Calderon, often known as Snowfro—founder/CEO of Art Blocks and a legendary NFT artist
Jacob Martin—the founder of 2 Punks Capital and one of the most highly skilled legal minds in Web3
What fans and community members can expect going forward
Through the takeover, WAGMI United is on the path to actualizing its vision of merging web3's innovative technology with sports to bring the two worlds closer together. Fans will now have the opportunity to participate in the club's decision-making process by establishing a fan council.
The council will meet with the board of directors periodically to discuss topics such as ticketing, merchandise sales, player signings, and more. Fans will also influence the club's direction directly by voting on important issues.
For instance, local fans and NFT holders can decide if Johnson and Smith retain their positions if the team doesn't gain promotion to League One after their second season in charge. This decentralized governance model is the first of its kind in the sporting world and will give fans a better and more personalized experience than what they are used to today. Their success may set a standard for other clubs looking to implement similar models.
Web3 Funding Web2
This NFT launch highlights the impact Web3 assets can harness for the Web2 world. WAGMI was able to recoup a significant chunk of the $5 million they splashed out for acquiring the club, from the sales of the NFT collection. This is a striking example on how Web2 companies can organically raise funds for their core businesses [without giving away equity], by daring to venture into the NFT world. WAGMI is not alone in realizing the value of Web3 assets. Other companies like Etihad Airways, Samsung, and Coca-Cola have leveraged the blockchain to fund their projects.
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