The future of sports is almost here and it’s not what you might have expected, in a good way. This article will take you on an exploration of how non-fungible tokens (Sports NFTs) could change the face of sports as we know it.
What are NFTs?
NFTs are non-fungible tokens that can be used to represent ownership of digital assets. This means that each NFT is unique and cannot be replaced by another token. NFTs have been gaining in popularity in recent years, as they provide a way for people to own digital assets that can be traded and sold on blockchain platforms.
What makes all this possible is a clever use of the cryptocurrency technology called blockchain, which allows the creation of permanent certificates of ownership that can’t be copied or deleted. It’s the same technique that recently allowed the artist known as Beeple to sell a digital work for almost $70 million.
Sports NFTs are a type of NFT that can be used to represent ownership of digital sports assets. This includes things like digital tickets, virtual jerseys, and other types of sports memorabilia. Sports NFTs are set to change the future of sports because they provide a way for fans to show their support for their favorite teams and players while also owning a piece of the team or player’s history.
NFTs for sports are expected to hit US$2 billion in transactions in 2022, about double the figure for 2021, according to research from Deloitte.
Digital ticketing is one area where Sports NFTs are set to have a major impact. In the past, buying tickets to sporting events has been a cumbersome process involving physical tickets that can be lost or stolen. With Sports NFTs, fans will be able to buy and sell tickets easily and securely on blockchain platforms. This will make it easier for fans to get access to the games they want to see, and it will also allow them to resell their tickets if they can’t make it to the game.
Virtual jerseys are another area where Sports NFTs are set to have an impact. Fans will be able to buy virtual jerseys of their favorite teams and players that they can wear in online.
Sports and NFTs
It’s no secret that the world of sports and entertainment have been on a collision course for some time. The convergence of these two industries was inevitable, and now we’re starting to see the first signs of it with the rise of sports NFTs.
NFTs, or non-fungible tokens, are unique digital assets that can be bought, sold, or traded on blockchain platforms like Ethereum. While they’re still in their early days, NFTs are already having a major impact on the world of sports.
NBA Commissioner Adam Silver told The Associated Press: “I think we’re just scratching the surface on what the potential is for blockchain to completely transform the digital collectibles industry.”
Yes, he said “blockchain.”
One of the most notable examples is the NBA Top Shot. Launched in October 2020, NBA Top Shot is a platform that allows fans to buy, sell, and trade highlights in the form of NFTs. These highlights can be anything from dunking a basketball to hitting a game-winning shot.
To date, NBA Top Shot has generated over $230 million in sales and has more than 700,000 users. It’s also helped to drive mainstream adoption of NFTs by giving everyday people a way to easily buy and sell them.
Most moments — typically ones in heavy circulation — cost around $20 and often below $10. Of course, the biggest transactions — a LeBron James dunk recently went for $210,000 — get the most attention. Despite some early tech hiccups, the NBA says it is “thrilled” with the response from fans, who bombard the Top Shot website every time new packs of cards drop. So are some current and former NBA stars who just invested in Dapper, including Michael Jordan.
While NBA Top Shot is the most well-known example of sports NFTs, it’s certainly not the only one.
Another example – Sorare NBA
Sorare NBA is a digital trading card platform that allows fans to buy, sell, and trade cards based on real-life NBA players. These cards can be used to play fantasy basketball games. Sorare have recently launched new NFT cards in partnership with NBA.
The Sorare platform offers a unique and innovative way for fans to engage with their favorite NBA players. The digital cards are based on real-life players and can be used to play fantasy basketball games. This gives fans a new and exciting way to interact with the players they love.The launch of the new NFT cards has been met with much fanfare from the basketball community. This is a new and exciting way for fans to collect and trade player cards. The possibilities are endless for what fans can do with these cards.
So far the NBA launch has been a huge hit
And it’s not just professional sports leagues that are getting in on the action. Colleges are also starting to experiment with NFTs. The University of Michigan, for example, recently launched an NFT platform called MGoBlue that allows fans to buy, sell, and trade memorabilia.
So far, the platform has been a big hit, with over $1 million worth of sales in just its first week.
The future of sports with NFTs
The future of sports is set to change with the rise of NFTs. While some may see this as a negative development, there are many potential positives that could come from the integration of NFTs into sports.
One of the biggest potential benefits of NFTs in sports is the ability to create new and innovative ways to engage with fans. For example, teams could use NFTs to offer exclusive experiences or access to content that can only be obtained by holding a certain number of tokens. This would create a whole new level of engagement between fans and their favorite teams.
Another potential benefit of NFTs is that they could help athletes get paid for their likenesses and performances. Currently, athletes are not able to directly profit from their image or performance data. However, with NFTs, athletes could sell these rights directly to fans or to sponsors. This would provide a much-needed source of income for athletes who are often underpaid relative to their value.
Overall, the integration of NFTs into sports has the potential to revolutionize the industry. It will be interesting to see how these developments unfold in the coming years.
Conclusion
We are on the cusp of a new era in sports, one where NFTs will play a major role. Sports NFTs have the potential to change the way we experience and interact with sports, and they offer a new way for athletes to get paid for their performances. We are excited to see how sports NFTs evolve in the coming years and how they will shape the future of sports.