The tremendous growth of Bitcoin in the 2010s demonstrated the potential of blockchain technology. Different blockchain-based use-cases, such as NFT, are on the rise. NFTs are fostering a digital collectibles culture in various industries, including arts, fashion, and gaming. NFTs are now being used in the sports industry to add value and impact. BigONE would like to talk about the impact of blockchain technology and NFTs on the sports industry with you.
What are NFTs?
NFTs can be compared to Bitcoin for collectibles. They are digital asset ownership tokens stored on a blockchain representing various collectibles such as digital art, football highlights, and much more. Because NFTs are one-of-a-kind items, they can be interchanged. NFT purchases can be traced back to the first owner and the supply chain.
How NFTs are transforming the sports industry?
The market value of NFTs is determined by another person’s willingness to pay for them. The value of NFT is derived from scarcity and exclusivity. From a signed jersey by your favorite football player to a signed Air Jordan by your favorite basketball player, the sports industry has a long history of collectibles. The implementation of NFTs has greatly enhanced this culture, and BigONE would like to examine and discuss how NFTs are transforming the sports industry with our users.
● Athletes are introducing their own Digital platforms
Sportsmen and women are using NFTs to collaborate and build their own digital platforms. A variety of brands are also collaborating with athletes to develop digital platforms. BigONE believes that this advancement will help athletes connect with their fans more effectively.
● The introduction of fan tokens
Fan tokens were implemented with the innovation of the NFTs. These utility tokens empower fans to influence decisions made by their favorite sports team. It also allows fans to receive VIP treatment, but unlike NFTs, fan tokens are tradeable and swapped like cryptocurrencies. Owners of fan tokens have the ability to influence decisions such as the design of the team’s jersey, among other things.
Fans can use NFTs to determine whether the team jersey they purchased is an original or a replica. They can also confirm the authenticity of their team’s sneakers, boots, and so on.
● Introduction of NBA Topshot
The introduction of NBA Topshot made many basketball fans feel more involved and in sync with their respective teams. “Moments” are video highlights of famous basketball players taking shots, dunks, and other plays stored in a file format. These “highlights” can be purchased and traded by fans via the NBA Topshot platform. NFT-validated digital collectibles can be purchased and sold by fans.
Even though some of these implementations are still limited to a subset of the sports industry, BigONE believes that the use of NFTs will pervade the entire sports industry with time. NFTs in the sports industry has aided in creating a channel for fans of all sports to connect with other fans and the team they support. BigONE believes that NFT will continue to add value to the sports industry as it ushers in a new era of digital collectibles.
In our next article, we would be discussing how NFTs are impacting the music industry.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.