The word Non-Fungible Tokens or NFTs is getting a constant spotlight since its boom in 2021. NFTs have taken their spot in every industry from Art to land registrations. The use case of the Non-Fungible token is getting a new addition every day. They included token gated community, registering real estate property, event ticketing, and more. With this, the new addition to this list is the Sports NFTs, NFT gaming platforms based on sports, and other blockchain-based sports entities providing a new level of fan engagement. You might have heard the news of NFTs all over from releasing Flight tickets and NFTs and using NFTs as a token to get something in the real-time shops. But the thing with Sports is special and it is getting an overwhelming response from sports fans. Today every sport is getting an NFT collection from Football to Cricket NFTs.
How is this sports industry taking up Non Fungible Tokens efficiently? How is it used for better fan engagement? What should you know before entering the new world of sports with NFTs? Here is an informational blog to give you all the insights on this new trend. Dive in.
Introducing Sports NFTs
The basic idea of NFTs giving ownership to digital files on the blockchain started a plethora of opportunities in the sports world. Fans always wanted to own special moments of their favorite sports star or team, trading cards, pictures, and more. NFTs made them possible and it became a boon for the fans and celebrities as well.
Gone are the days when fans used to wait in long queues to buy their favorite merchandise t-shirts and other accessories. With NFTs, everything has become digital and it is also possible to get the physical asset if you own the digital NFT of it.
Have a favorite moment of your favorite game? You can own them. Not just that, you can even play your favorite sports in the form of Play to earn or P2E NFT games. The sports industry was not confined to just minting NFTs for digital files. They did explore a lot of areas including the gaming and metaverse to bring out a better technological improvisation in the fan engagement.
Exploring the Non-Fungibles
The sports industry is one that really explored the utilities of NFTs. it started with simple clips as NFTs to museums and p2E cricket games in the metaverse. Let’s take a look at them
- NFT trading cards are similar to physical trading cards, digital cards represent a host of sporting characters. In the form of an NFT, they’re easily bought and traded on the blockchain.
- NBA top shot came out with the first-ever sports-based NFTs. they gave an opportunity for the fans to own the favorite Basketball game moments of their favorite teams as NFTs.
- Following the NBA top shot, National Football Association joined the club in giving various digital files as NFTs.
- A Fantasy Football game based on NFTs of players came out taking the industry by storm.
- In the list of Basketball, American Football, and soccer, Formula 1 racing also joined. An NFT game came out for the fans to play the racing experience in the form of Vide0 games on the blockchain with NFTs.
- Fan tokens are something that got a lot of attention among the fans. These fan tokens allow fans to vote on the internal processes of their favorite sports team or sports club. They include decisions such as choosing the team’s playlist before a game, designing a new training kit, or redesigning a club’s emblem.
- Metaverse-based games with NFTs are one that also took an important position in the list. And the first to start this trend was Cricket. Cricket NFT marketplace allowed fans to purchase NFTs and use them to get into a Play to earn game on the metaverse.
Why are fans interested in NFTs?
There are several reasons why a fan is likely to get into buying Sports NFTs. some buy it for a trading asset and some for collectibles. Unlike the usual art NFTs, these Sports NFTs have a definite purpose to serve the fans. The main reasons why people go for Sports based NFTs are
- Buying and selling rare NFTs for trading in order to make a profit out of it.
- NFTs for sports-based gaming, such as F1 Delta Time or fantasy football games, or even Metaverse Cricket games.
- Fan tokens give users real-time perks, such as tickets for important home games or team discounts, or even interaction with their favorite sports stars in person.
- Collecting the unique and rare cards and items, similar to baseball cards.
Utilities Making NFTs valuable
- The more beneficial an NFT, the more likely it is to be valuable. That is, people value an NFT more depending upon its utility and usability. The ownership history and authenticity of a sport also contribute to its NFT value. However, rarity is usually the most important aspect in determining the value and appeal of a Non-Fungible Token. Fan Loyalty is another important factor to consider when assessing the value of sports NFTs.
Sports NFTs are now getting an Overwhelming response from fans all over the world. Be it football, basketball, or Cricket, fans are always interested in showing their support to their favorite stars. In addition to that, the gaming Industry taking up NFTs and games like P2E Cricket NFT games, Fantasy Football games like Sorare, and horse racing games with the help of NFTs and blockchain. These games are now in the spotlight not only to offer fun and entertainment but also rewards in the form of cryptos giving a passive income.
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