IRFU appoints advisers as it weighs launch of digital NFTs for Six Nations

Six Nations Rugby Limited is asking its members to review all aspects of the potential project, including checking the arrangements with players to make sure the use of their images can be licensed.

The IRFU has appointed professional advisers to investigate the potential launch of digital NFTs, or crypto tokens, that the Six Nations Rugby Unions may use for a wide  range of commercial initiatives such as merchandising, season ticketing, and players’ images, the Irish Examiner has learned.

The initiative follows a request from the Six Nations Rugby Limited and comes despite the huge market collapse for crypto assets this year that severely knocked the value of the so-called non-fungible tokens, or NFTs, and various crypto currencies, such as the well-known Bitcoin.

Six Nations Rugby Limited is asking its members to review all aspects of the potential project, including checking the arrangements with players to make sure the use of their images can be licensed, the Irish Examiner understands. 

NFTs had until this year seen spectacular growth in many US sports where commercial organisations sell the tokens linked to sporting memorabilia, players’ images, ticketing, video clips, and VIP seasons tickets. Fans buying the NFTs get digital ownership rights over one or more assets. 

In the US, the tokens are often traded on crypto exchanges, but with no guarantee their value won't fall sharply, as happened this year.

The Six Nations Rugby Limited — which is owned in equal part between the IRFU, the five other unions, and the private equity fund CVC Capital Partners — is looking collectively on the many elements that go to make up the digital tokens.                   

"The IRFU and our partners in the Six Nations are looking at the whole area of NFTs, the work continues and we are keeping an open mind," Stephen McNamara, director of communications at the IRFU, said in a statement to the Irish Examiner. 

"There is a lot to it so best not to comment or focus on any one area," Mr McNamara said.  

Six Nations Rugby Limited acts as an agent for the unions and CVC Partners to commercialise the media rights and sponsorship packages relating to the Six Nations, autumn internationals, and other commercial rights. 

The IRFU is not the first major Irish sporting organisation to consider weighing in with an NFT. The GAA had probed an initiative this year but has since suspended a potential launch date, the Irish Examiner reported in June.