Sporting events, memorabilia, exclusive perks and access. It’s what any die-hard sporting fan wants and is exactly what Non-Fungible Token (NFTs) can provide. Through the underlying technology, fans will be able to experience their favorite teams like never before.
NFTs will change the landscape of the sporting industry for the better.
What’s an NFT?
NFTs are digital assets that run on a blockchain. They are often associated with JPEGs of cartoon-like characters and apes. But underneath the thumbnail image, there is real technology and real use-cases. For example, sporting NFTs allow fans to interact with their favorite sports teams like never before. Where collectors would purchase trading cards, NFTs have the power to provide you with access to exclusive merchandise, in-person events and several other perks.
There are three distinct ways sporting NFTs can create value for collectors and fans alike according to this Binance Blog:
- Digital Collectibles: Sports collectibles will change from physical to digital. Whether it’s video clips of legendary sporting moments or digital trading cards, you no longer need to physically acquire a collectible.
- Virtual Access Tokens: Imagine a scenario where holding a certain NFT grants you access via in-stadium cameras into the locker room so you can listen in to the pregame speech. Or imagine holding a specific NFT that allows you access to direct conversations with your favorite player or even to sponsor them. The possibilities are endless.
- Gaming: ESports is a booming industry. Professional sporting organizations now sponsor their own eSports teams. NFTs can be incorporated into every facet of this, giving fans the ability to buy, collect and trade player cards and manage a virtual team.
Benefits to the Sporting Industry
At the most basic level, NFTs will grant the sporting teams an ability to maximize on fan engagement and experiences which will ultimately boost revenue. It will open up multiple new streams of income through tokenizing just about everything. From the athletes perspective, branding is key. Through NFTs, they can offer new and exclusive privileges to their most loyal NFT holders, of course, at a cost.
Ultimately, NFTs will be a boon for the sporting industry. NBA Top Shot is already an NFT staple. The National Hockey League has announced a major partnership with NFT distribution platform Sweet. You also can’t forget the crypto exchanges getting into the action with Binance promoting Fan Tokens.