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NFTs Face Premier League Legal Battle While Crypto Sports Firm Iqoniq is Liquidated

Gavel with Cryptocurrency Tokens on KeyboardThey have been billed as the future model of how sports fans will interact with and invest in their favourite teams and athletes.

But the so-called Web 3.0 community has had a week to forget as it seeks to legitimise cryptocurrencies, non-fungible tokens (NFTs) and the blockchain in the hearts and minds of potential users.

John Terry could be heading for hot water thanks to his ceaseless promotion of NFTs via his social media channels. The former Chelsea and England defender is very much on board the hype train of digital art, and has been sharing a range of designs created for him that feature the Chelsea badge and the Premier League trophy.

Unfortunately JT had failed to factor in the various copyright laws that he might be breaking, and both the Premier League and UEFA – another design featured imagery of the Champions League trophy – are said to be considering their legal options.

“UEFA takes the protection of its intellectual property rights seriously, and we are investigating this matter further,” the governing body said ominously.

Terry’s Twitter avatar, one of the offending images that featured a picture of the ‘Ape Kids Club’ mascot with the Premier League trophy, now been deleted.

There is a clear Chelsea connection to the NFT craze, with Reece James confirming he owns his own unique image and former Blues frontman Tammy Abraham welcomed into the fold by Terry himself.

Any use of intellectual property owned by the Premier League is subject to strict commercial licensing laws, and so Terry and his former Chelsea colleague Ashley Cole – who has also become embroiled in the story – may have a case to answer.

Iqoniq Liquidation Could Cost Sports Clubs Millions

Red Negative Stock Figures

In other news, the cryptocurrency exchange Iqoniq has gone into liquidation – potentially costing a number of British sports clubs and their fans millions.

Iqoniq was another firm that allowed fans and investors to buy tokens in a particular sports club, with the likes of Crystal Palace, the McLaren F1 team and Essex cricket club just three of their clients.

The writing was on the wall for the company when they began missing payments as Palace’s shirt sponsor, and the London club has now commenced legal action to try and recoup their losses.

Iqoniq, who were able to operate without any form of regulation or licencing requirements, also reportedly owe Spanish La Liga side Real Sociedad more than £700,000, and any sports fans that own the company’s crypto tokens have been warned that they are now essentially worthless.

Premier League chiefs have confirmed that they have no regulatory powers in place to manage crypto and NFT involvement with their clubs, and you wonder how long this catastrophic oversight will continue.