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How NFTs are transforming the sports industry?

nfts in sports
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What are NFTs?

Features of NFTs

How are NFTs reshaping the face of the sports industry?

  • Fan token and engagement
    NFTs, find a unique application in the form of fan tokens in the sports industry. These fungible utility tokens offer access to fans and can influence certain decisions undertaken by sports teams, VIP rewards and promotional activities. Unlike NFTs, fan tokens are exchangeAble and tradeable. These tokens resemble the trading capabilities of cryptocurrency. Fan tokens are in great demand because owners of these tokens can influence certain club matters like the selection of uniforms, valuable players, etc.
  • Athletes launching own digital platforms
    Athletes are also not behind in driving the innovative NFTs to become their media platforms. The small and large unions of players have contributed to monetizing the stars apart from their teams. Also, different marketing ventures have joined hands to collaborate with unions representing athletes associated with different games.
  • NBA Top Shot featuring “Moment.”
    One significant example of a digital collectible is a “Moment” sold under the NBA Top Shot platform. Moments comprises a video clip of players making a play like a shot, steal, dunk or block, and key players stats located in proprietary file format. It is possible to purchase the moments in “packs’ directly from NBA Top Shot and then sell or trade individually like traditional basketball or baseball cards. These moments are completely digitized and stored in software wallets. Hence, fans of all major sports get the ability to buy, collect, sell, and trade digital collectibles secured by NFTs.
  • Incorporating physical goods with digital tokens
    NFTs are playing a crucial role in driving the sports businesses. Most sneakers manufacturing companies like Nike patent a method using NFT to verify products’ authenticity, also known as cryptokicks. On buying a pair of cryptokicks, the customers receive a digital token that ensures the authenticity of shoes while moving from buyer to buyer.
  • Linking computer games to NFTs
    Linking computer games to NFTs also provides interesting possibilities. For football games like Sorare, players take on the role of managers for buying and selling footballers for their items. NFTs also help strengthen the partnership with various clubs, which allow the platforms to offer players of those teams for sale in the game.
  • Memorabilia
    The history of ownership brings about significant value for all collectibles. As NFTs offers a great level of transparency, assets, it offers easy verification of ownership. The generation of value through the gameplay and the in-game economy requires careful design and balanced games.



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