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(Alliance News) – Mobile Streams PLC on Monday said it has signed a three-year contract to be the exclusive global producer and provider of non-fungible tokens for the Mexican National football team.
Shares in the London-based mobile content provider were up 3.9% to 0.26 pence each in London on Monday afternoon.
Wholly-owned subsidiary Streams Data and the Mexican Football Federation have entered into a licence agreement whereby Mobile Streams has the global exclusive right to use Mexican national team’s commercial and IP property for the sole purpose of the production, promotion and commercialisation of NFTs and blockchain products globally. The contract will begin on September 1 and last for three years.
“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.
Under the contract, the company will produce a large range of collectable trading card NFTs for the Mexican National Team, for an undisclosed amount.
Mobile Streams said 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.
The Mexican National team is currently the ninth highest ranked team in the world, Mobile Streams said, and will be playing in this year’s FIFA World Cup, which starts in November and will be hosted in Qatar.
Mobile Streams added that the World Cup is expected to be the “biggest event in football history” and will be watched by five billion people across the world. It therefore is an opportunity for the company to drive revenue from NFT sales and increase its brand awareness, it explained.
The company also said that the NFT market is expected to be worth USD122 billion by 2028, with more than USD35 billion in sales expected to be generated in this year alone.
The sports NFT market is “the fastest growing sector within this space”, it added.
Back in July, Mobile Streams said it has signed a five-year contract to be the exclusive global producer and provider of NFTs for Pumas football club. Club Universidad Nacional AC – Pumas – is one of the “big four” football clubs in Mexico with a fan base primarily based in Mexico and the US.
Chief Executive Mark Epstein said: “It’s a privilege to work with such a great footballing nation, especially in a World Cup year, and this latest contract is a testament to the work and dedication of the whole team.
“This deal, coming shortly after our recent Pumas announcement, is further evidence of our ability to compete at the highest level and to deliver on our strategy,” Epstein added.
By Sophie Rose; email@example.com
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