How are the sports industry and fans utilising NFTs?
Sports NFTs can be trading cards or digital collectibles of your favourite sports or sports star. Today, almost all the sports have entered into the NFT scene. Athletes and players are individually releasing their own NFTs. This helps them in building an identity for themselves in the digital world. The decentralised nature that the Sports NFTs offer eliminates the middlemen and helps the players and athletes directly connect with their fans .
In some cases, the Sports NFTs serve a purpose that is far and beyond just collecting them. Sports NFT marketplaces have unique NFTs that come with utilities attached to them. The sports industry has used NFTs for promotion, ticketing etc. Let’s look at how the sports industry is using NFTs in different ways.
NFTs as collectibles
Trading cards and collectibles has been the craze of every sports fan. With the entry of NFTs, the digital collectible cards have more value added to them. These cards sometimes have some utilities attached to them, leading the owner to experience something new in the sports world.
NFTs for ticketing
Using NFTs for ticketing a tournament or a match has proved to be very effective. Using NFTs for ticketing will help in standardising the ticketing process and help in removing any forging or counterfeiting since each NFT would hold an unique value. Owning certain sports NFTs will lead the owner to enjoy some special experiences. NFT that comes with special privileges attached to it will give access to the fans to be part of an exclusive match or tournament.
NFTs for Virtual Real Estate
With the advent of Metaverse, sports experiences have translated to the virtual world as well. Virtual Real Estate is an entirely new concept in the world of NFTs. For example, a piece of land or space owned by a team can be sold to the fans. This will enable a piece of space for the fan in the virtual stadium.
Closing thoughts
NFTs have truly motivated the sports industry to think of new ways to monetize their resources. Both the players and the fans are getting benefitted at the same time. Few best Sports NFT marketplaces serve as a repository for some unique and valuable NFTs.