Sports NFTs are digital collectibles or trading cards of favorite players from any sports. Over time, NFTs have out grown its conventional forms and have associated with them.
How do they work?
In most of the cases, sports NFTs come as collectible cards. Here are a few examples of collectibles:
Memorabilias like trophies, awards and auto graph can be bought as NFTs.
- Video/ audio clips
Iconic moments from the field or behind the scenes can be sold as NFTs. Audio of conversation between two players or athletes or match commentary can be made available as NFTs.
- Sports kits and Merchandise
Sports kits include socks, wrist bands, boots etc. Since these items are tokenized, the ownership and the value of these NFTs are secured.
- Trading Cards
Trading cards are quite famous in sports like baseball, hockey and football. Apart from the nostalgic connect that we have with these cards, they are a great way to support your favourite sports star.
What do NFTs do to the sports industry?
- Connect with fans and sport stars: The decentralised aspect of NFTs remove the intermediaries and help the fans connect directly with their favorite star. This enables the fans to build a connection with their fans and buy their digital merchandise, kits etc.
- Royalty : The original owner of a sports NFT will get royalty on resale of a particular NFT.
- Adding value: Tokenizing a particular digital sport asset will add more value to the asset.
Sports industry has evolved over the years. Players and athletes have adopted new ways to engage with the audience and create an identity for themselves. Sports NFTs have helped the players and athletes create a connection with the community and establish a brand and identity for themselves in the digital realm.