OliveX Holdings Ltd (NSX:OLX) and Resources Capital Football Club (RCFC) have joined forces to auction the first-ever non-fungible tokens (NFTs) created for an Asian football club.
This is another iteration of OliveX’s ability to combine premium content, artificial intelligence, gamification, analytics and new products to engage and motivate consumers.
The auction will take place from 10.00am, Tuesday, October 12, until 10.00am, Wednesday, October 13, 2021 (HKT).
There are excellent synergies between OliveX, the Hong Kong-based digital health and fitness company and RCFC, which plays in the Hong Kong Premier League. Together the companies are working hard to change the sporting landscape via new technology.
“There is huge excitement amongst the Asian football community as we open up the market for NFTs and other digital innovation in the region,” OliveX CEO Keith Rumjahn said.
“Passionate fans drive sport forward and we’re immensely proud that OliveX is the first company to create a range of NFT collectibles for an Asian football club in the Hong Kong Premier League.
“This initiative is being closely watched by other sports clubs around Asia, not just football clubs, and we’re aiming to be one of the leading creators of sporting NFT collectibles across the region.”
What can fans expect
RCFC is hoping to achieve better connection between the fans and club on and off the pitch.
NFT collectors will be able to bid for a wide range of tokens, some with real-life perks including direct engagement between with the players and club. This will be done via the new Cantonese language website dedicated to Hong Kong football club NFTs, HK Football NFT or via a dedicated page on English language OpenSea - Hong Kong #1 Football NFT.
The perks highlight the benefits of being an NFT collector.
The full range of individual ‘Player NFTs' are available, with the most prestigious being captain and goalkeeper Lam Chun Kit’s ‘Legendary Card’.
‘Player Boxes’, containing either one player card or three player cards, which are randomly selected and delivered, so buyers won’t know which player cards they get until they draw their package, are also available.
How will the special promotions work?
Free access to all of RCFC’s home football matches is the highlight of the first promotion.
It will be awarded to whoever successfully bids for the team captain and goalkeeper Lam Chun Kit’s Legendary Card.
The second promotion is for whoever collects the whole series of RCFC football NFTs.
Winner of promotion two will enjoy the opportunity of getting a t-shirt with players’ autographs and a face-to-face meeting with a team member or even the chance to train with the RCFC team.
The promotions come with limited availability opportunities, so it is a first in, best-dressed scenario.
OliveX is also creating a set of epic autograph NFT cards as gifts for the RCFC football team players and management team to demonstrate its support for them.
How the auction works
The way the auction is held means the highest bid wins at the end.
Fans can connect a MetaMask or Portis crypto wallet to the website and once the auction starts, can place a bid for the one-of-a-kind Lam Chun Kit Legendary Card.
Bidding price for the card will start at 1 Ethereum and bidders can place a bid for the number of WETH (a wrapped form of Ethereum) for the NFT.
Being "wrapped" means the crypto can be traded and converted into another bitcoin of a similar type.
From the second bidder onwards, the minimum increment is 5% more than the last bid. There is also a reminder showing the end date of the auction when the winning bidder will be notified.
Each digital card is registered as a unique token on the Ethereum blockchain, where all the transactions are recorded. Players can buy and sell cards from other players.
Read more about the RCFC NFT auction process: RCFC NFT Bidding Tips
Innovative partnership to change the game
OliveX has been hard at work innovating in the NFT space.
Its founding shareholder Animoca Brands recently announced its own NFT and digital assets rights deals with Manchester City men’s and women’s teams, Melbourne City FC and Queens Park Rangers FC.
RCFS chairman Harry Tang said: “We’re excited to partner with OliveX to see how our innovative NFT strategy can help transform the future of the club both online and on the pitch.
“Our ‘Dare to Challenge’ club motto is at the heart of everything we do and we believe our fans will embrace this new technology as a way of supporting their club and give them a chance to own a unique piece of the club and its history. We think this move into NFTs is going to be hugely popular with Asian football fans.”
RCFC captain Lam Chun Kit said: “The whole team is excited about being the first Asian club to launch NFTs and no doubt there will be some good-natured competition between the players to see whose cards are most popular!”