One of Rangers commercial partners have today released a statement saying that the company has ceased trading.
The official Twitter account @sportemongo said, ‘The SGOX token has ceased trading. The community voted unanimously to redeem SGOX for L1TF token. For further partner and token information or information on how to redeem tokens please email: [email protected] or DM’
From a human point of view, this is sad to see as people will be losing money and jobs, however, it poses questions of the legitimacy of the business and whether Rangers should have been involved with them in the first place.
The NFT market is unregulated and this may cause issues for some investors down the line.
Rangers signed a two-year contract with the firm in October 2021 and the company logo was expected to appear on the kits next season.
We told last week of how the SPFL set up a partnership with rival company Sorare in a move that angered Rangers bosses who refused to be part of the deal due to the Sportemon deal.
The company also has a partnership with Hibernian.
Have you invested money into the scheme and lost out? Let us know in the comments.
