Your first thought when you hear NFT might instantly remind you of digital art sales that went into the millions. But associating non-fungible tokens exclusively with the art world would be a mistake. NFTs can range from images and video highlights to trading cards and game assets. In a word, almost any physical item can become an NFT, thus opening the doors for various industries.
NFTs are a revolutionary advent in the realm of sports. You probably wonder why. What’s so special about these virtual assets that benefit clubs and athletes? How is the sports industry taking advantage of NFTs? Below is everything you should know about the ultimate combo of NFTs and sports and the hottest digital collections available at high-end global platforms.
The Sports Industry In 2022
Our perception of sports has dramatically changed due to the COVID-19 crisis. Fans, teams, and athletes had to rethink their ways of enjoying sports. And that’s when virtual reality and NFTs came into the limelight. Leagues, brands, and media platforms recognized the opportunity and quickly embraced the trend.
A few conversation points from the past will continue to materialize in tangible, fan-facing ways. For example, venues have started utilizing blockchain technology (through NFTs) to enhance consumer experiences in and beyond the arena. Since teams have gradually brought their fans back, they are trying to boost engagement through incentives, multichannel communication, and celebrating historic milestones.
Moreover, transitioning to cashless and mobile payments urges fans to buy more merchandise. This approach supports loyalty programs and encourages spectators to redevelop the habit of attending games. Similarly, minted NFTs of memorable highlights, collectable cards, autographs, and in-game assets let fans enjoy their favourite players.
Another significant trend is the development of the women’s sports community. This movement will continue to drive the industry and increase the overall affinity for sports. Finally, it’s not only fans that benefit from NFTs. Non-fungibles allow athletes to meet their audience and offer exclusive items and memorabilia.
How Is the Sports Industry Taking Advantage Of NFTs?
Let’s consider the impact of digital assets on sports and how these ingenious items can help fans and athletes benefit in the long term.
Collectable Cards
Though physical cards are irreplaceable, their digital counterparts are quickly gaining traction. Due to the virtual nature of NFTs, fans can easily procure trading cards and in-game assets online. Platforms like Sorare are a combination of non-fungible tokens, sports and gaming. Players trade cards, play games, and win tournaments. Similarly, Autograph members can purchase sports collectables and valuable possessions of famous athletes.
Photos And Personal Files
Naturally, fans want to stay updated and know everything about their favourite athletes. Hence, anyone, including players, holding a unique photo or item of a sportsperson can mint it into an NFT and sell it. The rarer the piece, the more it will be worth. Childhood photos and other personal items not posted before are particularly attractive.
Remarkable Videos
Special game moments like goals, three-scorers, and fights are the most memorable thing one can possess. These best moments are what fans live for and remember for years. Before NFTs came on stage, we could only watch these moments on platforms like YouTube. Today, fans can purchase and own highlight video clips through marketplaces such as the NBA Top Shot. These videos aren’t ordinary but licensed digital items minted as NFTs and, hence one-of-a-kind.
Tickets And Special Events
Another benefit of NFTs is that they can resolve the problem of faked physical and online tickets. Since NFTs are unique and can’t get hacked or counterfeited, they are more secure and affordable. Moreover, minted tickets can refer to other meetings and events with players and teams.
Tokens
Sports clubs issue unique tokens to give fans VIP rights and exclusive access. Tokens might also enable fans to make decisions critical for the team. For instance, FC Barcelona and FC Milan issued tokens ($BAR and $ACM) that proved quite successful and lucrative for the clubs. Besides generating income, these virtual assets create a closer bond between fans and teams and boost the sports community.
What About Sports Collectibles In 2022?
Many world-known corporations have acknowledged the potential of non-fungible tokens. Brands like Visa, Adidas, and Nike have issued NFT collections that quickly outperformed other digital assets. Hence, it’s no surprise that the value of the NFT technology is currently at $100 billion. Non-fungibles are here to stay and reshape the sports industry.
NFT sports collectables are the perfect avenue for investing since most fans are avid collectors of memorabilia. Thanks to NFTs, they can easily find vintage sports merchandise, autographs, and other items from famous athletes online. Besides fulfilling a long-lasting dream, NFTs allow owners to make revenue by reselling.
What Are The Hottest Sports NFTs Out There?
Experts estimate that the global sports industry is worth over $500 billion. With the adoption of non-fungibles, the trend can only go upwards. So, how is the sports industry taking advantage of NFTs? Here are the top platforms offering tokenized trading cards and other digital collectables that allow holders to record their ownership rights on the blockchain.
NBA Top Shot
Hosted on the Ethereum blockchain, NBA Top Shot allows users to collect highlights from NBA history. These moments come as single entities, packs, and limited releases. Besides highlights of matches and players, users can play NBA-licenced and user-friendly games. A year after its launch, the game reached a $32 million daily trading volume.
Sorare
Sorare is a fantasy football game that enables users to buy and collect NFT sports cards of players and build virtual teams. While competing against other teams, users earn points depending on the real-world performance of each player. The cards have different values and sell as common, rare, super rare, and unique. Sorare generated $325 million in trade volume in 2021.
Where To Get Yours?
Now that we’ve explained how the sports industry is taking advantage of NFTs, let’s consider where to find your collectables.
- MLB Champions. Baseball fans can buy NFTs of their favourite athletes on the Ethereum blockchain.
- Singularifty. The best sports NFT trading platform on the Ethereum blockchain for various memorabilia.
- OpenSea. A general peer-to-peer trading platform that also features sports NFTs.
- Dapper Labs. A prominent sports NFT marketplace - the official platform for the NBA and the NFL.
- Sorare. Virtual football game with collectable NFT cards supported by the biggest soccer leagues in the world.