Getty Images
Turkish-based blockchain company Bitci has moved to deny that the Brazil Football Confederation (CBF) has terminated their non-fungible token (NFT) partnership.
A report earlier this week from Brazilian sports business outlet Máquina do Esporte claimed that the CBF had terminated the agreement after a series of delayed payments over several months from Bitci.
There has been speculation about the health of the partnership since it was noted that Bitci’s branding was missing from the sponsors’ backdrop used for the Brazilian squad announcement for the Qatar 2022 World Cup earlier in November.
However, Bitci has now moved to emphatically deny that the deal has been cancelled. A statement from the Turkish firm said: ‘The contracts between the Brazilian national team and Bitci are valid and in force. There has been no notice of termination to Bitci.’
The CBF initially signed up Bitci as the official cryptocurrency of the Brazilian national soccer team in June 2021, with the agreement also meant to cover the women’s and national youth teams. In September 2021, the blockchain firm launched the Brazil national team Fan Token (BFT), a series of NFTs based on the Seleção and its players.
Bitci’s statement also sought to clarify that those NFTs would still be valid, regardless of whether the sponsorship deal had been terminated or was still in place.
‘Even if the sponsorship agreement somehow ends, this does not change the reality that BFT is the legitimate and only Brazilian national team fan token,’ the company added.
‘In other words, the offering, listing, trading and circulation of BFT are all legitimate and lawful. No crypto asset on the secondary trading market is subject to the continuation or expiration of a sponsorship agreement.’
Bitci additionally stated that it had begun ‘criminal and civil proceedings’ against Alexandre Dreyfus, the chief executive of rival fan token firm Socios. Dreyfus had shared the initial article claiming the agreement’s cancellation on Twitter and has been critical of other fan token platforms in the past, without explicitly naming Bitci.
‘Alex Dreyfus does not engage in fair and honest competition, but rather hopes to harm Bitci and its investors through unfair attacks,’ Bitci said.
A Socios spokesperson confirmed to SportBusiness that the accusations from Bitci ‘are without any foundation’.
Enjoying SportsPro content? Create your account and get enhanced access to all the latest stories.
Have an account? Log in
Already registered?
Don’t have an account?
