Recently, you might have heard about Sports NFTs from the sports sector or one of your favorite sportspeople. You might be wondering why suddenly, NFT is buzzing everywhere and what is NFT? Your curiosity is valid, so let me brief you about this new revolutionary concept for Art lovers.
What is NFT?
NFT is simply an abbreviation for non-fungible tokens.
After the evolution of blockchain technology, one new concept was developed along with crypto for digital artists. Every digital artist can create, sell or auction their work in the form of NFT on the blockchain, and in return, they get the price they deserve.
These NFTs can be any digital form like it can be alluring digital painting or it can be motion picture or GIFs or video or sportscard.
These days, NFTs do not limit themselves to digital artists. Many sectors are taking a dive into the NFT world after knowing its benefits and potential future. From celebrities to Sportspeople, everyone wants to connect with the emerging concept.
You might be thinking about how NFTs are useful for Sportspeople? Or how NFTs benefit sports? To get the exact answer to these questions, enjoy reading this article.
NFTs Helps To Monetize To Iconic Moments
Do you remember the header goals of Cristiano Ronaldo against Sevilla??? What an outstanding performance!!!! I’m pretty sure that you’ll never miss a chance to collect anything from that stunning match. Fortunately, in the modern world, NFTs give you a chance to claim your ownership over such stunning and historic moments from your favorite sports as digital collectibles.
A Sportsman always finds a way to recognize their achievements in prolonged history. Nowadays, NFT marketplaces are helping athletes, sports companies, and individuals to monetize their works and moments. Recently, numerous sports individuals and associations have locked up/ signed/made a deal with top NFTs platforms.
These sports celebrities can create any sort of NFT, which can be a tweet or a video from their balcony or an image with their pets. Everything that they will create at the market will definitely fill their pockets. Nowadays, NFT marketplaces are becoming “branding agencies’ for athletes and teams for their promotions.
There are immense examples, which establish the digital collectible potential in the modern world. Recently, many big associations in the sports world have locked up a deal with the leading NFT marketplace. In this list NBA, NFL, NASCAR are also included.
As I said earlier, NFTs marketplaces are gradually replacing branding and marketing agencies as a middleman, which ultimately helps sportspeople to execute their goals in a more beneficial manner.
Like most sportspeople contact marketing agencies or branding agencies to get deals from the companies. Then the agency approaches different products and companies to promote their products. This long process demands precious time from sportspeople or associations, or teams.
NFTs resolve this ‘time barrier’ as one can create their own NFTs at any time, at any place without any third party. Also, created NFTs can sell at fixed-price or they can auction them, for fans to place bids over them.
Now the question arrives: why would fans prefer NFTs over regular collectibles?
The answer is simple, NFTs are unique and cannot be duplicated and thus provide a unique item for fans to possess.
To understand how Non-fungible tokens are able to do this, let’s first try to understand what is fungible???
Let’s assume you have $100. Now, if you need 5 notes of $20, you can easily exchange your $100 paper currency with $20 notes. Which means you can ‘replace’ it.
Now, just think you’ve got a white t-shirt with Messi’s signature on it. Will you exchange it for any other piece of clothes??? (Until or unless you are a fan of Ronaldo) probably, you’ll never do it, right?? Cause you know that t-shirt holds significant importance and you can’t duplicate it. Means that t-shirt is “irreplaceable”.
NFTs work on the same logic. Every single NFT carries a specific identity on blockchain and once created, it’s next to impossible to duplicate it. Also, you can check the authenticity of the previous transactions.
Sportspeople, league, or association can rely on NFTs marketplace because of its ‘no duplication’ demeanor. On the blockchain, they can assure buyers that what they are purchasing is unique, authentic, and holds value.
New way to interact with Fans
Sports is all about the game/ play and Audience. Sports morale increases when the audience supports their teams in the stadium or outside of the stadium. That’s why sports brands and associations always introduce new ideas to attract a crowd. With the boom in blockchain technology, NFTs marketplaces now attract many sports associations and individuals.
Exclusive NFTs such as players’ cards or historic moments allow players to establish significant importance to entice sports lovers. With NFTs, buyers also get attention from sports persons whose NFTs they bought, Which can give the buyers the chance for buyers to interact with their favorite players.
Recent NFTs collection from Sports
- LeBron James
The National Basketball Association released an NFT collection in 2019, and since then it is among the top listed collections. This year, it has accumulated $180 million in sales. From this collection, LeBron James “Cosmic” Dunk NFT was sold for a whopping $208K on 22 Feb 2021.
Yes, you read correctly. A beat of the millions of hearts, Lionel Messi has also jumped into NFTs world to praise his fans. Messi has announced the NFT collection “Messiverse”, by doing a collaboration with Australia-based digital artist BossLogic to design the crypto art with his image.
The world’s fastest man and eight-time gold medalist in the Olympics have recently announced a partnership with NFT platform Autograph to launch his collection.
- Tom Brady
Famous National Football League player, Tom Brady has also shifted on Autograph to narrate his early career under the title “Live Forever: The Tom Brady Origins Collection,” through NFTs.
What I want to suggest to you is that don’t resist yourself from buying sports NFT if you are fond of sports. Whatever you collect from your favorite player is authenticated and it will stay forever on the blockchain. You can also resell these NFTs on the Secondary marketplace such as Opensea, Rarible, or others. I’m not forcing you to make an investment in NFTs, but all in all, it’s worth it to have sports NFTs in your crypto wallet.