Art, sneakers, fashion, music, gaming…Is there a world the NFTs didn’t break into? Guess what these non-fungible token’s current league is? No it’s not food. Maybe one day but not now. I guess? It’s the world of Sports! Now believe it or not, sports NFT are the new great thing on the blockchain, and we’re letting you in on all the tea!
What Are Sports NFT?
In a nut-shell, non-fungible tokens (NFT) are blockchain-run crypto collectable digital assets. Now how does that fit into the Sports NFT?
With blockchain technology, many collectable forms of NFTs emerge: memorabilia, gifs, video highlights, game badges, and more.
What Do NFTs Offer Fans in the Sports World?
Want it brief and short? Everlasting experiences.
Now how do these NFT Sports utilities all work? Here’s a breakdown :
Have you ever fantasized about OWNING the moment your favorite player scored that epic win for the team? Sports digital collectables are the NFT breakthrough in which you can own video highlights from games. FOREVER!! For example, a video clip showing LeBron James reenacting the famous Kobe Bryant dunk sold for almost $400,000 in an auction in April 2021.Just saying.
Virtual Collectible Tokens
Think of the old-school loyalty programs and fan club perks. Now add metaverse with its digital assets to the mix. You got the picture? Briefly, owning these Virtual Tokens entitles a fan to:
- Unlock VIP videos from the stadium’s player cameras.
- Listen to behind-the-scenes conversations between the team and coaches.
- Interact with different sports players and fellow supporters directly in the metaverse.
- Sponsor their favorite players.
- Allow overseas fans, unable to be present in person, to participate in a unique viewing experience.
- Special access during games.
- Give holders special fan-club perks.
- Get players’ autographs and limited-edition jerseys.
- Get exclusive discounts on game tickets.
NFT tickets may be the one that makes the most sense. It’s an innovative way to
standardize and simplify the process of purchasing and redemption. It also serves as an easy way to cut down on counterfeiting by providing proof of ownership and the legitimacy of the ticket sale or resale. This gives fans a trust-worthy way to get sports tickets that come with exclusive rights.
In-stadium perks exist to further hype up fans’ enthusiasm. NRG’s The New Collectables report highlights the following NFT benefits fans are most excited about:
- It allows them to meet or interact with current or former players.
- Shorter lines or discounts on concessions.
- They obtain access to rewatch a game of which they previously attended.
How Are Sports Fans Reacting to NFTs?
You guessed right, they’re so into it!
Sports fans were surveyed in The New Collectables report by NRG,and the top reasons for using NFTs were:
- (72%) A way to make money
- (42%) An investment vehicle
- (30%) The ability to own something that was limited edition and considered rare.
SportTechie broke down the findings from this research into two realizations:
- (41%) want to combine their hobbies with a way to make money.
- (38%) want to start or expand a collection.
How do NFTs Benefit the Sports Industry?
NFTs have revolutionized the marketing and money-making scheme of sports organizations.
Athletes’ Personal Branding
To better engage their fanbase, individual athletes issue their own NFT. As Sports NFT creators they can receive royalty fees from the resales of their NFTs. Something like a smart retirement scheme ,to keep earning money off of their previous success.
New Stream of Income
Usually, a sports business’ revenue mainly comes from ticket and merch sales, media rights, and sponsorships. With NFTs, the opportunities are endless. For example, teams can choose to tokenize game tickets. Stream live games to token holders.Organize holder-only events in the metaverse.Basically, make money out of thin air.
Who Are the Leading Sports Players in the Universe of NFTs?
Top Shot is an online exchange that sells highlight video clips of top-class basketball games. Yes, it’s licensed by the NBA..NBA Top Shot has received around $500 million in sales so far.
Sorare is a popular fantasy football game that integrates NFTs.It partners with world-class football clubs like FC Bayern Munich and Real Madrid C.F to bring players on its NFT cards. Fans can buy, collect, and trade these player cards to manage a virtual team and compete in tournaments.
The NFT vibe in the Sports realm seems to go “old-school but make it meta”! It’s getting clear that the NFTs industry is going nowhere. With Sports NFTs showcasing a breakthrough in the use of NFTs, this might just be the beginning of a new era.
Keep an eye locked on the ChainWitcher, as we keep you up to date with the latest news in the NFTs wild universe!