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What is an NFT?
NFT stands for non-fungible token. Non-fungible means assets that cannot be replaced due to unique attributes. For example, the Mona Lisa – it's rare, unique. NFTs are non-duplicable digital certificates owned by an assigned digital asset, such as art, audio, video, or items in video games. They are stored on a secure distributed database called a blockchain – the same decentralized digital ledger technology that underpins cryptocurrencies like Bitcoin, BXR Blockster and Ethereum. NFTs are publicly verifiable intellectual property authenticated on the blockchain. There are many NFTs that are based on Ethereum, but other blockchains, such as Tron, BXR and Neo, also support NFTs. And now let's explain more about NFT in sport. On the other hand, fungible items can be exchanged as their value defines them, rather than their unique properties. For example, US Dollars, Bitcoins or Ethereum.
Possibilities in the brand experience space
We're going to see more of this seeping into the brand experience space. For example, Kings of Leon released a limited number of albums in the form of NFTs that would grant owners a lifetime of perks when attending their upcoming events. Another example is NBA Top Shot, a proprietary platform that changes fandom culture. This is where player highlight videos are sold in 'bundles'.
NFTs can build communities. Brands can create unique, dynamic NFTs for specific experiences. Within an event, when the audience interacts or certain outcomes occur, different digital collectibles can be unlocked. Brands can start driving audience behavior and engagement using these features. For example, if Steph Curry scores 20 points in the first half of the game, he will unlock a Steph Curry NFT highlight from that game that only live audiences receive. At a conference, if certain topics are raised during a panel discussion, a collectible NFT can be unlocked for the public. Brands can encourage consumers to attend events using the NFTs incentive and even create unique collectibles. With time,
NFT's potential in sport
Open wallets = social currency
NFT marketplaces have the potential to be the new Instagram, Facebook or even Bumble – a new era of social media platforms. In NFT markets, you can browse, buy, sell and trade; you can see what other people have bought or are collecting, which is a window into your interests and passion points.
Artists and Creators
NFTs allow the original creator and brands of digital assets to profit each time the token is being traded. And the amount depends entirely on them. The victory here is for the 'artist' – you are directly supporting the creator and his work. From an intellectual property point of view, there are also no disputes over who went first. As long as music, art or other media is added to the chain, it will remain there forever and the story of when it was created is clear.
NFT in sports is giving brands the opportunity to enrich the customer experience with the brand. It's a trend that has opened a new door for brand storytelling and consumer interaction. It's changing the way brands engage customers, enabling them to maximize the value derived from their relationship. As for longevity, only time will tell – but brands that can successfully connect digital experiences to the IRL using NFTs will be at the top, and we're looking forward to that.
Author bio
I am seo and digital expert. I have 9 years of experience in the market. Now I am running my own seo firm. My company site is Signpex.Com
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