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(Alliance News) - Mobile Streams PLC on Wednesday said it has signed a five year contract to be the exclusive provider of non-fungible tokens for La Liga football club Cadiz Club de Futbol.
Mobile Streams is a London-based mobile content provider. Cadiz Club de Futbol is a Spanish professionAL football club based in Cadiz, Andalusia. It competes in Spain's top-flight football league La Liga, "one of the world's top sporting leagues."
Under the contract, Mobile Streams will be the exclusive provider of NFT products for Cadiz CF.
"NFTs are digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. In effect the company's products are digital merchandise," Mobile Streams explained.
The NFTs will be sold via a primary marketplace that the company is creating for the club, as well as via Mobile Streams' telco contracts globally, its LiveScores sites and apps, and the MOSMetaverse website.
Mobile Streams added that it has agreed with Cadiz a target revenue figure over the five-year contract, of which the company's share is around EUR3.7 million.
Mobile Streams explained that revenue from the NFTs will come from both the sale price of the NFT and a royalty generated from them each time they are traded in perpetuity. These royalties are typically between 5% and 10% of the sale price, it added.
Looking ahead, Mobile Streams said it is actively engaged in progressing further NFT deals globally and announcements on these will be made when appropriate.
The company also said that the NFT market is expected to be worth USD122 billion by 2028, with more than USD35 billion expected to be generated in this year alone.
Chief Executive Mark Epstein said: "We are delighted to have signed this contract with Cadiz. They are a hugely popular team with a great fan base. It's a privilege to be working with such a great club as our first in La Liga"
Shares in Mobile Streams were up 1.0% at 0.13 pence each in London on Wednesday afternoon.
By Sophie Rose, Alliance News reporter
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