Non-fungible tokens in European football: financial opportunities and governance challenges

Purpose This study aims to examine the dual role of non-fungible tokens (NFTs) in elite European football by assessing their financial relevance for clubs and their governance-related implications for fan engagement and legitimacy. It explores how NFTs operate at the intersection of digital revenue innovation and contested issues of transparency, accountability and participation. Design/methodology/approach The study adopts a mixed-methods design. Quantitative financial data were drawn from the Deloitte Football Money League for the top 20 European clubs over the period 2021–2024 and analysed to assess the scale and distribution of NFT-related revenues. Qualitative data were collected from publicly accessible social media platforms and fan forums, focusing on discussions related to NFTs, fan tokens, governance practices and perceived risks. A thematic analysis was conducted, and findings from both data strands were integrated to enable triangulation and contextual interpretation. Findings The results indicate that NFT-related revenues remain economically marginal and uneven across elite European football clubs, with no clear evidence of a stabilising effect on financial sustainability. At the same time, qualitative analysis shows that NFTs carry social and governance significance that exceeds their direct financial contribution. Fan discourse consistently frames NFT initiatives in relation to transparency, cultural meaning and accountability, revealing tensions between club-led digital monetisation strategies and supporter expectations. Practical implications The findings suggest that NFT initiatives require careful strategic and governance consideration. While NFTs may offer limited supplementary revenue opportunities, their implementation has implications for fan trust and institutional legitimacy. Greater transparency and clearer governance arrangements may help align digital innovation with supporter expectations. Originality/value By integrating financial analysis with fan discourse, this study offers one of the first systematic examinations of NFTs in football that connects economic outcomes with governance and legitimacy concerns. The findings contribute to debates on digital innovation in sport by demonstrating that the significance of NFTs lies less in their financial scale than in their institutional and social implications.