Considering the impressive benefactors of NFTs, there are expected to be multiple sports-based NFT platforms allowing users to trade non-fungible sports collectables effortlessly. These digital trading cards are not the only applications of NFTs within the sports industry; we are already seeing leagues, teams, and athletes using blockchain creatively, with more projects on their way.
The growing adoption of NFTs has sparked excitement throughout the entertainment industry, especially with concert promoters, movie studios, sports marketers, and top athletes, creating digital-only content aimed explicitly at ticket buyers and fans. Other entertainment industries, such as live music, embraced NFTs even faster than the sports world. In its April 2022 report, Deloitte recognised NFTs as the next revolution for the sports industry. The study by the fintech giant Deloitte revealed NFTs are catalysing a merging between the physical and virtual worlds in sports, predicting more than $2bn worth of sports-related NFT transactions just in 2022.
As part of a report from Deloitte Global, Deloitte Global predicted player cards and limited edition video clips would be the most common and profitable applications for NFTs within the sports industry this year, with values varying depending on an athlete’s status, the importance of the event, and similar factors. In 2022, the most common and profitable applications of NFTs in the sports industry would likely be limited-edition video clips or the sale of game-related cards. The value of each NFT will vary depending on the athlete’s visibility, the event’s significance, any complementary content included in an NFT and demand. Several sports-based events, heavy hits, memorable moments, superkicks, and other exclusive content could translate into an NFT, and the market for an NFT could generate trades.
Non-fungible tokens (NFTs) are a goldmine of revenue for the sporting world and a fantastic method for sports fans to interact with their favourite teams, athletes, and historical occasions. People have long wanted to own sports memorabilia, and NFTs are now providing a new digitised means to do so. The digital extension of NFTs opens up numerous creative possibilities that were previously restricted to the physical world. Fans may now gather clips from stunning moments, digital NFT merch, digital tickets to significant sporting events, and a variety of other innovative technologies through their digital wallet.
Football has seen a significant reduction in income over the previous two years, which has contributed to clubs and federations seeking new funding streams. Because of their adaptability, NFTs may be used to represent a wide range of creative activities. These digital assets may widen a company’s market and provide new revenue streams, giving extra revenue streams.
