What Are NFTs and How Are They Being Used in the World of Sports?
One of the best ways to keep sports fans interested in your team is by using modern technology. Pairing with a company like Fanisko will allow you to use the latest tools in the world of gamification and augmented reality to engage with loyal fans. Recently, Fanisko was named in the top 100 AR companies powering Web3 and the Metaverse.
Perhaps the most important item you will find on Web3 is Non-fungible tokens (NFTs). Below is more information about what NFTs are and how they are being used in the world of sports.
What Is An NFT?
A non-fungible token (NFT) is a digital asset that acts as a representation of a real-world object. These objects are generally things like videos, in-game items, art and music. These digital assets are bought and sold exclusively online. On average, these transactions are funded with a variety of cryptocurrencies.
The coding used to construct NFTs generally mimics the code used in the development of cryptocurrencies. However, this is where the similarities between NFTs and cryptocurrencies ends.
While art has been one of the biggest NFT markets to date, the world of sports is starting to get in on this technology. Many professional sports teams are starting to roll out their own digital collectibles in the form of NFTs. These digital assets allow fans to get something special and allow sports franchises to further monetize their brands.
Details About How Sports NFTs Work
There are several ways sports teams can and will use NFTs in the future. Here are just a few examples of how this technology can be used by your sports team to make money and engage with loyal fans.
Selling Video Clips As NFTs
Well-known events like The Miracle on Ice and the Chicago Cubs winning the 2016 World Series have a special place in the hearts of fans. Many sports teams are taking some video clips of the most iconic moments in franchise history and turning them into NFTs.
A New Take On Sports Memorabilia
For years, collectors have searched for sports memorabilia like awards, autographs and trophies. Taking memorabilia and turning it into NFTs is a fresh take on an old industry. In the future, you are sure to see many sports teams taking a digital approach to memorabilia distribution.
Sports Kits Are Extremely Popular
Most sports kits include boots, socks, wristbands and jerseys emblazoned with a team’s logos. Putting these kits on the blockchain in the form of an NFT provides buyers with secure ownership rights and the sports team with more money.
NFT Trading Cards
NFT trading cards can be created on a blockchain. These cards can be more valuable than traditional trading cards due to the scarcity factor. While these digital trading cards are less tangible, they provide buyers with clear ownership.
As you can see, there are many ways a sports franchise can use NFT technology to boost revenue and engage with fans.