Non-fungible tokens (NFTs) are currently one of the hottest and trending topics in the digital world. You surely would have heard about people spending millions of dollars on NFT-powered scarce digital arts and collectibles, like short video clips (NBA Top Shot), custom sneaker images (OpenSea), and more. It is because what started as a short-term fad is now turning into sustainable long-term investment opportunities.
NFTs encompass anything tangible or intangible of value, from virtual real estate and gaming to digital sports trading cards and arts. But, what is the significance of NFTs in the sports industry? What do NFTs have for players, clubs, and fans to offer? Why should they be interested in exploring the emerging trend? Read on to discover.
Also, visit this article to learn more about what is NFT technology and how it works (Link to previous blogs)
NFT Entering the Sports Space
The web is overflowing with news of sports personalities exploring the tech phenomenon to revolutionize their sports assets. For instance, Dallas Mavericks star Luka Doncic sold his autographed collectible NBA rookie card as an NFT sports token for $ 4.6 million. New York Mets starting pitcher Taijuan Walker, two NFL superstars Patrick Mahomes and Rob Gronkowski, the U.S. Open champion Bryson DeChambeau, and legendary soccer champion Pele are among other sports personalities exploring the NFT space. NBA Top Shot is a platform that Dapper Labs has developed in partnership with the basketball league. It is also emerging as an efficient means for basketball fans to indulge in NFT for sports.
These enthusiasts believe that the NFT technology is ready to transform the definition of ownership of value in the sports world. They consider it as another marketing opportunity. It is similar to leagues selling licensed apparel, video games, memorabilia, and more. Indeed, NFTs are just another class of e-commerce, but with more potential for investment-backed blockchain technology’s security and efficiency.
NFT Beyond Digital Arts
NFT buzz is not only limited to sports memorabilia, sports cards, and images. For instance, even sports clubs, players, and fans can explore the opportunities created by sports tokenization and NFT on blockchain technology. With sports and tokenization,
- Clubs can tokenize and strengthen their royalty payments, contracts, and management of players.
- Players can tokenize their profiles, image, name, and likeness and create opportunities to join clubs globally. They can also opt for royalties for their tokenized assets and contracts. So, whenever a fan reproduces the assets, players become entitled to receive royalties in fractions.
- Fans can invest in NFT assets offered by these entities and trade them, such as signed autographs, owned cars, contracts (chance to meet and spend time with their favorite player). They can also trade these assets on the secondary market to highest the bidders.
nftdeals.io is an emerging platform that bridges the gap between NFT and the sports industry. It enables sports clubs, players, and fans to realize the potential of the innovation by providing them a range of solutions. Fans can utilize NFT collectable portals to invest in digital sports collectibles, tokens, and contracts. Players can make use of the traits of blockchain to create unalterable player profiles for global sports contracts, payments, and more. And, clubs can use Smart transfer and scouting applications to buy and sell players. Clubs can also tokenize their sports assets, clubs, and contracts.
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