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We’ve already seen major entertainment venues such as Coachella use NFTs as a way to provide lifetime access to their services. NFTs are usually sold as digital assets in the shape of artistic portraits, videos, or songs, but there’s so much more to blockchain technology than illustrative digital art.
Blockchain works as a decentralized, tamper-proof ledger that has heralded the age of cryptocurrency, Bitcoin, altcoins, and NFTs. Despite initial disbelief in the perceived values of NFTs as an investment vehicle, they have picked up such mainstream fame that major sports associations such as the NBA have released their own NFT marketplaces or NFT collections.
NBA Top Shot is an NFT marketplace where basketball fans can purchase and trade famous basketball video clips. They are a partnership between NBA and Dapper Labs, the developer team behind the major NFT project CryptoKitties.
However, many NFT enthusiasts and crypto experts affirm that this is only the beginning of a new age for the sports industry. It’s believed that the use of NFTs, fan tokens, and ticket innovations will grow exponentially in the coming years.
For example, the use of linking game viewers with season tickets minted on the Blockchain. Essentially, game tickets would become NFTs that could be rewarded to fans, using smart contracts as their foundation.
A smart contract is a program stored on the Blockchain that runs when a previously established condition is met. This opens up the possibility for fractional ownership of game tickets, where the overall cost of the ticket is split among owners and users. This could be a new investment vehicle for coveted season tickets and streamline a reinvention of the game ticket resale process.
To support the growth of NFTs for the sports industry, media companies and sports celebrities such as Stephen Curry and Kevin Durant have supported NFT projects with collaborations or even releasing projects of their own. Sportswear companies such as Nike, Adidas, Under Armour, and others are also launching NFTs to raise awareness of the possibilities of NFTs for the sports industry.
On the other hand, the creation of Metaverses for sports will also serve as a revolution for the sports industry within Web3. B2B companies are using Metaverses to establish an online existence by purchasing virtual plots of land to construct their digital venues.
What are fan tokens?
Fan tokens are a type of cryptocurrency that provides buyers with access to fan-related perks such as voting rights for a sports club, exclusive rewards, and access to ultra-rare merchandise that represents their favorite teams. These enable sports teams to increase fan loyalty, engagement, and love by providing fans with the things they desire the most wrapped in crypto.
What is Metaverse?
The Metaverse is an alternative digital universe in Web3 where users can experience virtual encounters, purchase NFTs and interact with other Metaverse denizens. There’s more than one Metaverse and they aren’t all necessarily connected or even related to each other.
The Metaverse opens up the possibility for the construction of digital stadiums where fans from any place with a connection to Web3 could watch games and engage with their favorite teams.
Digital tickets to assist in the digital projection of games could become an alternative for fans who can’t attend a game in person but want a more immersive experience than watching it through cable TV.
What is the future of sports and NFTs?
NFTs represent unique ownership of an asset, a concept that sports fans tend to value as collector’s items and proof of their loyalty to a sports league, club, or team.
It’s safe to say that NFTs and the sports industry go hand-in-hand. The future of sports is looking bright with the advent of NFTs.
Not only will fans be able to attend games from the comfort of their own homes, but they will also be able to engage more deeply with their favorite teams and players than ever before.
Author Bio
Sebastian is a wordsmith and B2B SaaS article writer & scriptwriter for podcasts, channels and social media and Blogs He also writes for finance, entertainment and motivational clients. In his spare time, you can find him coming up with ways to improve his mental health.
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