Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Turning goals into collectibles: K League, Chiliz transform fan engagement with blockchain
FC Seoul winger Lucas Rodrigues da Silva poses with the game ball he scored with in a match against Jeju United FC at Seoul World Cup Stadium, Aug. 16. Courtesy of K League
By Lee Yeon-woo
On a sweltering evening, Aug.16, at Seoul World Cup Stadium, Lucas Rodrigues da Silva of FC Seoul scored a crucial goal. Around 12,000 fans rose from their seats, some groaning in despair while others cheered in delight.
Immediately, the chief referee handed the ball to Lee Jae-won, Chiliz's head of business development in Korea. Lee then placed the ball in an NFC-enabled case in the stadium. After the match, the autographed ball was promptly listed on the Match Worn Shirt website, an auction platform in which Chiliz holds a 20 percent stake.
The entire process was broadcast live and recorded. Anyone who scans the NFC can watch the replay of the goal, a video of the player signing the ball, and access an NFT verifying its authenticity.
Fans eagerly bid against each other to purchase the ball, which eventually sold for $992 after 17 bids. The highest price fetched so far in the K League was $2,485 for a goal-scoring ball from Ki Sung-yueng, surpassing even the price of a Serie A Super Cup final goal ball.
Jung Sung, a strategic business manager at K League, said it's crucial for a league to create as many opportunities as possible for fan engagement and experiences that spectators can truly enjoy.
"The ultimate goal is to enhance the value of K League, and collaborations like this are key to achieving that," Jung said.
Jung Sung, left, K League's strategic business manager, and Lee Jae-won, Chiliz's head of business development in Korea, pose next to a ball Lucas Rodrigues da Silva scored with during a match against Jeju United FC at Seoul World Cup Stadium, Aug. 16. Courtesy of K League
"This game-scored ball is something completely new (in Korea)," Jung continued. "Among the leagues currently selling similar items, K League's ball prices are set quite high. This reflects the strong desire fans have to own these unique pieces."
"What's impressive about the K League is that, unlike other leagues around the world, such as the EPL, La Liga, or Serie A, where player image rights and club relations often lack unity, the K League truly excels in fostering harmony and collaboration among its items and players," Lee said.
The project is part of collaborative initiatives between K League and Chiliz, announced on Feb. 19. The two entities have agreed to foster mutual exchanges and development between the sports and blockchain industries.
"During the MOU signing, our CEO made a promise: as Korean football expands globally, we will support the exceptional talent of K League players in gaining opportunities with overseas clubs. Although we are not promoters or agents, we have strong relationships and connections which can be helpful in the process," Lee said.
Fans of FC Seoul cheer in delight as Lucas Rodrigues da Silva scores a goal during a match against Jeju United FC at Seoul World Cup Stadium, Aug. 16. Korea Times photo by Lee Yeon-woo
Founded in 2018, Chiliz is a blockchain provider that collaborates with over 170 sports clubs worldwide, including FC Barcelona, Tottenham Hotspur FC and Paris Saint-Germain FC. Its technology offers sporting organizations new opportunities to connect with and reward their global fans.
The most notable method is fan tokens, which can be purchased using Chiliz's cryptocurrency, $CHZ. These tokens allow supporters to vote on minor team decisions, such as the design of players' entrance tunnels and the goal celebration songs played at the stadium.
According to Lee and Jung, the ultimate goal is to create fan tokens with the K League, which can turn passive fans into active participants. They are currently waiting for the Virtual Asset User Protection Act, implemented on July 19, to become more firmly established.
"I see the game-scored ball as just the beginning, a starting point for our partnership," Jung said. "As we expand this collaboration, we want to provide fans with new and exciting experiences."