After months of noncompliance, Digitalbits has disappeared from the match jerseys of Roma and Inter. Smart Contract technology (used by ChainOn), could prevent such situations.
Inter F.C. and A.S. Roma need no introduction. Digitalbits, on the contrary, until recently was probably known to those familiar with the world of cryptocurrency, but decidedly less to the “general public.” Except, precisely, for being the sponsor featured on the jerseys of Roma and Inter.
The Digitalbits brand (a company founded in California in 2017 and specializing in the cryptocurrency business), as of the Serie A soccer matches on Saturday, April 28, has disappeared from the jerseys of the Giallorossi and Neroazzurri. Why? Because it is not fulfilling its contractual obligations: in other words, it is not paying the planned sponsorship. So that’s why Inter played the last few matches without the jersey sponsor, while Roma sported the evergreen and identifiable “SPQR.”
Already at the end of 2022, the situation was beginning to cause concern in the neroazzurra house: despite the fact that the planned tranche had not yet been paid, Zhang’s club had still decided to leave the brand on the Serie A match uniform. Different, however, was the case related to the Capitolini, who had signed the agreement in 2021 and never until last month had faced an insolvency problem. In an analysis by calcioefinanza dated 14/02 (the time when payments to As Roma were respected) it is analyzed how this difference, probably, also arose by virtue of the different amount of the contracts that Digitalbits signed with the two clubs: if for Inter the total figure for the four-year sponsorship (the first year – last – on the sleeve, from the second as main sponsor) was € 85mln + bonus, the three-year agreement with the Giallorossi was set at € 35mln total.
In the two photos, taken from the web: back and forth, Roma and Inter with and without “DigitalBits” on the jersey front.
The affair probably did not end there, because in recent days Digitalbits made it known, via an official tweet, that “To date, all sponsorship agreements involving the DigitalBits brand with soccer teams have been negotiated and managed by Zytara Labs […] which builds digital products on blockchain protocols, including the DigitalBits blockchain and has no control or representation, nor has it ever had, over the DigitalBits Foundation.” And the question then arises as to who is responsible for the breach.
In situations such as these, not the first and (unfortunately) not the last in any sport, at any level, a technology that underlies the agreements that are signed by the parties on ChainOn can be crucial: the use of Smart Contracts, real contracts with legal force, but through computer code they simplify and make the agreement processes transparent. Through smart contracts, for example, a Company has a way of verifying, in real time and at any time of the season, that an investor is in a condition to comply with the economic fulfillments of the contract stipulated, and there is the sending of alerts in the case of non-payment, with automatic procedures realized by contract of sending penalties or termination of existing agreements.
The Inter and Roma case is glaring and has caught everyone’s attention: an interesting case to understand and realize how much ChainOn can change the world of sponsorship for the better.