Are you a sports buff and enjoy collecting sports cards? Now you can create and trade your sports collectibles with NFTs (non-fungible tokens). So, the next question would be how to create a marketplace for sports using NFTs. While that is a good question to ponder on, if you are a sports organization, sports club or a team, it is time to consider an integrated SaaS platform to manage day-to-day operations and transactions.
Sports NFTs are digital collectibles in a decentralized medium like BlockChain that adds intrinsic value to the sports digital assets. The digital assets can be a trading card, a video, a song, or a simple tweet from a famous personality. NFT can be defined as a certificate that proves the object (digital asset) belongs to you and that it only exists once as an original, and that everything else is just a copy. The information about that is stored in a decentralized directory called Blockchain.
With the largest fanbase of any sport, NFTs and football are bound to be a very attractive combination. A recent report by Deloitte said that up to five million sports fans will purchase an NFT in 2022, which will generate more than $2 Billion in transactions.
Lionel Messi’s NFT collection, ‘Messiverse’ is one of the most expensive football NFT collections garnering $3.4 Million on the first day. As per Cryptopolitan, Binance has partnered with Cristiano Ronaldo in a new NFT deal.
The process and purpose of NFTS
NFTs are individual tokens of valuable information that reside on a public ledger like a Blockchain that holds a database of transactions. Since they function as a holder of value, they can be bought and sold like any other asset. The tokenizable assets in the Sports NFT marketplace are:
- Accessories: Jerseys, shoes, balls, caps, and everything from a favorite sports player is a digital asset that can be tokenized. Converting it into NFTs can be a good revenue generating exercise.
- Trading cards: The traditional sports trading cards attract huge crowds for unique player card collections. For instance, the NBA’s top shot is the officially licensed digital collectibles from the NBA.
- Memorabilia: Memorable awards, trophies from tournaments, autographs, and sports accessories of sports players are unique digital assets. San Francisco-based NBA team, the Golden State Warriors have released their own NFT collection of limited-edition digital versions of championship rings and ticket stubs.
- Video Clips: Incredible photographs and video clips of favorite sports players is a huge trend setter for the sports NFT marketplace. Sports Icon plans to partner with a variety of athletes to develop NFTs of iconic moments from their sports careers.
The benefits of Sports NFT Marketplace:
Sports NFTs provide a new channel to generate sales and engage the audience, and the popularity of non-fungible tokens continues to surge within the Sports Software Market. With NFTs, sports teams, athletes, clubs, and leagues can receive a new source of revenue. The most interesting benefits of the Sports NFT marketplace are outlined below:
- Liquidity: Sports NFTs offer immediate liquidity, with many users buying/selling collectibles for profits. With the increased number of users drawn to the sports NFT market, sports trading has unlocked a new level.
- Brand marketing: Brand marketing becomes efficient through the contribution of players, by elimination of intermediates, and by encouraging transparency between players and fans.
- Scarcity: Greater the demand, the greater the supply. Tokenizing the sports digital assets into a single unit adds value.
- Royalties: Offers royalties for the players, for their unique NFTs. The craze for sports attracts a huge crowd for the NFTs.
