Fan engagement and NFT-focused company, Iqoniq, recently went into liquidation, leaving sporting organisations around the world awaiting sponsorship payments and fans with NFTs worth essentially nothing.

The main sport which has been affected the most by the liquidation is football, with the LaLiga, LaLiga club Real Sociedad, a number of Premier League clubs including Crystal Palace, and Ligue 1 club Marseille all holding significant commercial partnerships with the brand.

Notably, The Times reported Real Sociedad are currently owed €820,000 (AUD$1.3 million) for their major shirt sponsorship by Iqoniq, while Crystal Palace had suspended their partnership with the brand in February 2021 due to missed sponsorship payments, six months after the brand signed on as the club’s shirt sleeve partner.

Crystal Palace has recently also begun a legal action over the missed payments.

Outside of football, Iqoniq also holds sponsorships with the McLaren Formula One team, EuroLeague Basketball, several teams in the Super League Europe rugby competition, the European Handball Federation, and the Essex County Cricket Club.

Despite the news, Iqoniq CEO, Kazim Atilla, has said the company is still in operation and has plans to move to another country, with the company currently based in Monaco.

Atilla said the company had been impacted severely by the COVID-19 pandemic, and despite the value of Iqoniq’s cryptocurrency tokens dropping to near zero, Atilla claimed the tokens would soon bounce back in value.

Atilla had previously stated his goal was for Iqoniq to become the “world’s number one fan engagement platform” by 2025.

The liquidation and collapse of several partnerships have left several sporting organisations across Europe asking for regulations over the stability of cryptocurrency-based partnerships.