Credit Suisse has partnered with the Swiss Football Association to issue a non-fungible token (NFT) on Ethereum to support the women's team.
A collection of 756 NFTs linked to digital artistic renderings of Swiss national football players. Credit Suisse-backed digital asset startup Taurus helped build the infrastructure.
“With the implementation of the project, Credit Suisse will set another milestone in the development of the Swiss digital asset market,” the bank said in a press release.
The Swiss women's national team and a few young programs promoting women's football will get all proceeds from the sale of NFTs. According to the agreement, the Swiss Football Association will be the NFTs' issuer and distributor, with Credit Suisse—which was just acquired by Swiss investment giant UBS—taking care of distribution on the organization's behalf.
NFTs will be available for sale from 11 July to 31 August through Credit Suisse's CSX digital banking app. This means that NFTs are only available to Swiss residents who have a customer relationship with the bank.
Tokens fall into three categories: Unique, Rare, and Exclusive, each offering unique additional perks, such as autographed jerseys and the opportunity to host exclusive meet-and-greets with players.
Payments are only accepted in Swiss Francs, not cryptocurrencies. Buyers cannot resell or even transfer NFTs outside of the CSX app, but Credit Suisse said it plans to add this feature later.
Credit Suisse's Head of Partnerships and Sponsorships Sandra Caviezel said the money raised will not only support the women's national team, but also help develop young talent.
