Jan 02, 2022 - FAS
Selangor FC on December 12 announced our involvement in the world of Non-fungible Token, or NFT, by releasing two products on two separate platforms.
Our first NFTs; branded as the Red Giants Non-Fungible Collections (RGNFC) have been marketed on international NFT marketplace OpenSea, and premier Malaysian NFT channel pentas.io. While all 10 of the pentas.io-sold Genesis series, in the form of the current club crest which also included the signature of club Chairman, DYTM Tengku Amir Shah ibni Sultan Sharafuddin Idris Shah, were sold out within 45 minutes of their release, the Selangor FC 85 Years Anniversary Series, that are sold on OpenSea are still available. This series is in the form of the original FA Selangor crest that was first used 85 years ago.
But what is NFT and why have we ventured into this business?
NFTs are a form of digital art, which in the sports industry can be marketed and traded as memorabilia, just like signed jerseys or trading cards. But while digital art can be duplicated, each NFT comes with a unique ownership code that is possessed only by the buyer, courtesy of blockchain.
The ownership of NFTs can be purchased and sold, and it has been growing into a lucrative business online, even in this country, with several Malaysian NFT artists minting high-valued NFTs that have been traded well.
For example, almost all of the Genesis Series RGNFC have been picked up, with one of them currently being resold for 20 times the price it was first sold by us.
But that does not mean that RGNFC is only issued as a way for Selangor FC to diversify our revenue. After all, NFT is increasingly becoming a tool of community building.
RGNFC owners, or holders, are eligible for several perks such as digital activities, digital special events, digital poll and exclusive merchandise.
“While these had been listed in more general terms at first, we have delivered the first activity scheduled for our new RGNFC holders; a meet-and-greet session with new club signing, goalkeeper Sam Somerville on Thursday, December 30, which was well received by the participants,” according to Project Associates, Amal Arif Hatta.
While the Genesis Series have been sold out, there are a few left of the 85 Years Anniversary Series on OpenSea, but they are limited as only 85 of them were minted. The unsold NFTs will be burned away soon, which will render the sold ones even more rare and sought-after. Fans who are interested in owning any RGNFC products can buy them through the two platforms, but be advised that they will have to make the purchase using a cryptocurrency wallet that can be signed up for there.
The current focus of the RGNFC initiative is to deliver the perks promised to Genesis and Anniversary series holders, but according to Program Director Ridwuan Mahamud, fans will not have to wait long for the next RGNFC drop.
"Before we roll out our next drop, we want to focus on giving the perks to the current holders first. But we're looking at producing the next range of RGNFC sometime in the first quarter of 2022."
Our Chairman explained the reasoning behind the RGNFC initiative:
"We progress as we explore new possibilities, and the digital world out here is full of new ideas that present us with endless opportunities. As a football club, we see the NFTs as the future for sports collectibles and fan memorabilia. With the introduction of these first ever Selangor FC NFTs in the club's history, I believe it is the next step to establish our presence in the digital space. This is the future and we are here to connect our 12th player with Selangor's legacy."
More information regarding RGNFC can be obtained from the official Selangor FC Discord channel, which is another of the club’s recent initiatives.
While our conventional social media outlets have been a great medium to disseminate information to our fans, the new Discord community offers a two-way mode of communicating with our loyal supporters. Fans can engage in chats with each other on topics concerning the club, with club staff playing the role of channel administrators.