Alternative sports organization Fan Controlled Football (FCF) has raised $40 million in Series A funding from cryptocurrency and blockchain companies to support the league’s expansion plans, including four new teams and the NFT (Non-Fungible Token) project.
FCF was founded in 2017 by Sohrob Faroudi, Patrick Dees, Ray Austin and Grant Cohen and spent its first season in the Atlanta bubble at the height of last year’s pandemic. The FCF has an indoor version of American football in a seven to seven player format and the games are streamed live on Twitch.
The league’s uniqueness lies in the fact that teams are controlled by their fans, who have the right to vote on everything from acquiring players to playing in a game, building a brand, and choosing a team. In the upcoming season, NFT teams will play a key role in the half-team voting process.
$40 million Series A funding round led by NFT and crypto firms Animoca Brands and Delphi Digital. The money will be used to expand the league from four to eight teams in the 2022 season, as well as launch an NFT called the Ballerz Collection.
All four new teams are owned by characters associated with the NFT projects, with the Bored Apes and Boys Cats being the latest teams announced since the introduction of Knights of Degen and Team 80KI (owned by DJ and NFT supporter Steve Aoki) in October.
The FCF is releasing 8,888 Ballerz NFT avatars for each new team that fans can join and be eligible to vote for their team. NFTs will vary in rarity and value, with higher-priced tokens offering greater benefits such as increased volume, exclusive content, and game tickets.
All Bored Ape Yacht Club or Boys Cat NFT hodlers will receive a 50% discount on Ballerz NFT purchases if they purchase tokens from these teams. NFT is expected to decline later this month, with a total staking value per token of 0.1776 Ether (ETH), or around $580.
Four new commands for FCF: fcf.io
Speaking to Cointelegraph, Animoca brand chairman and co-founder Yat Siu confirmed that fantokens can allow fans to directly participate in their favorite sports:
“One of the most powerful things a token does is unleash the energy of fans in tangible forms of value and meaning, and we see this impact in NFTs and social tokens as well.”
“Fan controlled football is an evolution in which the game is in the hands of the fans from the very beginning, and the introduction of blockchain technology will give it a deeper meaning and purpose for all fans playing FCF,” he added.
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In an interview with Forbes on January 12, FCF co-founder Faroudi stated that the organization is “testing” the format and will continue to do so to see what works best for fans and the league.
“We don’t know exactly what will work and what won’t. But we don’t have a players’ union. We don’t have 30 owners at the table saying no. “We’re going to do some experiments to see what works and what fans like,” he said. “.