Cryptocurrency and blockchain technology are getting more and more attention in mainstream media. Recently, the concept of art written in the form of NFTs and sold for thousands, if not millions, of dollars has been gaining more and more interest. Many people across different industries want to earn money using the potential of blockchain technology and NFTs.
Due to the growing popularity of NFT tokens, many artists, musicians, and sportspeople began to see them as a gateway to selling their own work. Now, NFTs are widely used in arts, music, or gaming. NFTs have also found use in different sports, such as football and basketball. NFTs are also coming to cycling, with the new NFT cycling project by Team Qhubeka NextHash.
Here's What You Need to Know About NFT Mania
With each news about NFTs being sold for millions of dollars, a question arises: what exactly are NFTs? Why do people pay millions of dollars for them?
First of all, let's define what an NFT is. NFT is an abbreviation of "non-fungible token," which in other words means "non-exchangeable token." This means that each NFT is unique and has no identical counterpart. NFTs differ significantly from cryptocurrency in that they are non-convertible. NFTs are tokens based on blockchain technology. An NFT is a kind of digital certification of originality and ownership. The holder of a specific NFT becomes its rightful owner when it is assigned to them in the form of a digital asset. The NFT is stored as a data file on the blockchain.
In other words, NFTs represent the rights to specific physical or digital items. These items include works of art, musical pieces, or collectibles. Non-fungible tokens are used as assets based on real works, such as trading cards, songs, paintings, photos, or even music videos. NFTs can also be used in the form of fan tokens which give their owner the right to participate in the life of their favorite celebrity or sports team. Recently, numerous celebrities, famous athletes, and artists have been creating and selling their own NFTs.
So, why are NFTs so valuable? Why do people pay so much money to become rightful owners of NFTs? Many works of art were initially underestimated and considered worthless throughout history, only to achieve a high-level status years later and be sold for millions of dollars. The situation of NFTs is very similar. Anyone can create their own token. It can be a work of art or a fan token offering unique benefits to the owner. If the NFT is considered extremely valuable by someone, it can be easily sold for thousands, or even millions, of dollars.
NFTs in Sports
Recently, NFTs have begun to revolutionize the sports industry. The representatives of more and more disciplines are using cryptocurrency and blockchain technology to generate more revenue for their clubs and teams. Due to the COVID-19 pandemic, many sports clubs started looking for additional revenue. Although blockchain technology has been around for a while, it has only been finding its use in the sports industry in the last few months. For example, some clubs have begun to accept bitcoin as a payment method. In addition, more and more teams and clubs have been using cryptocurrencies in their activities by creating and selling NFT sports tokens worth millions of dollars. Some clubs also decided to offer their players the option to receive a part of their salary in bitcoins.
If you're a sports fan, you may have heard about fan tokens introduced by many clubs. Recently, more and more NFT football, NFT basketball, or even NFT cycling tokens have been appearing on the NFT sports marketplace. These tokens are liquid assets that carry almost no risk, which is an excellent way to generate significant revenue. In addition, fan tokens allow professional teams to create more engagement and interaction with their fans. By leveraging these NFTs in sports, clubs can monetize their fanbase and add some degree of gamification to their fans. As a result, fans become part of the decision-making process. For example, they can choose the theme song or the color of their favorite team's uniforms. Moreover, thanks to the fan tokens, fans can receive additional VIP benefits. These can include access to exclusive behind-the-scenes meetings with their favorite athletes or signed autographs.
Are NFTs Coming to Cycling?
Although NFTs are mainly used by football and basketball teams, representatives of other sports are starting to research the crypto market. Since blockchain technology and NFTs are gaining popularity, more and more cycling clubs and teams are interested in entering the cryptocurrency space. Creating and selling their own NFT cycling assets has a huge potential to generate more revenue for the teams who decide to jump on this emerging trend.
Cycling teams and charities are starting to see the opportunity to incorporate NFT cycling assets into their activities. With the recent partnership between Qhubeka, a South African cycling team, and NextHash, a cryptocurrency, and blockchain platform, a new market for NFT cycling tokens is opening. Team Qhubeka NextHash plans on creating NFT cycling tokens to introduce the world of cryptocurrency and NFTs to cycling. For Qhubeka, creating their own NFT project means being able to raise more funds for their activities by providing their fans with a way to interact and engage with the team.
Team Qhubeka and NextHash - NFT Cycling Project in the Making
Team Qhubeka, supported by NextHash, is one of the first sports teams to introduce NFT cycling tokens. Through their recent partnership, NextHash and Team Qhubeka are on a mission to leverage the cryptocurrency world and blockchain technology in order to support underprivileged people in Africa. NextHash makes it possible for Team Qhubeka to accept customer payments and donations in cryptocurrency by providing a secure blockchain-based payment processing platform.
NextHash also provides Team Qhubeka with the possibility to create NFT cycling assets. These NFT cycling tokens will be available to the team's fanbase through the NextHash platform. The introduction of NFT cycling assets will offer Team Qhubeka's fans the opportunity to participate more in the decision-making process and life of the team.