How is the sports industry taking advantage of NFTs?

One of the most enthusiastic audiences in the world has always been sports in any of its branches, for many years the digital manifestation of sports such as Basketball or Soccer has been very successful in video game consoles, and all kinds of products related digital. Currently blockchain technology has been particularly explored to be exploited by the sports industry with the integration of NFT.

The trigger for the massive explosion of NFT Marketing in the sports industry , was the health crisis of 2020, which slowed down sports activities almost to the point of disappearance and forced the industry to improvise new routes to maintain the commitment of fans and generate income in an alternative way.

Blockchain technology is currently a resource that helps teams monetize their fan base, and strengthen community engagement. The non-fungible tokens are the perfect way to achieve both goals in the same step.

One of the most famous examples is the use of “hobbyist NFT tokens”. Since they are highly profitable tokens that serve as a club’s currency and can be purchased with normal money. The circulation of these tokens creates a micro-economy within a team where exclusive collectibles, items and experiences can be purchased.

NFTs in sports are also utilities that can guarantee exclusive rewards or platforms for certain fans. Excellent loyalty platforms created by teams and clubs that encourage the commitment of the fans.

A NFT utility for which the sport is a pioneer, is its application in tickets to prevent fraud. One of the most innovative applications of NFTs in sports is the ability to integrate blockchain technology into tickets and to be able to verify the validity of a ticket in real time.

Sports NFTs are also a financial asset that boosts shareholder confidence, especially for esports. The level of transactions that the financing of a sport implies is enormous and generating credibility is particularly complicated.

Finally, NFT cards are the collector’s item that has made NFTs so popular in recent years, and has been a major source of income for teams from the beginning. Digital collecting was the main driver of the NFT boom but it will be for a long time the most popular way in which NFTs are used.

The blockchain gradually proves to be a technology still unknown in many ways, due to its increasing capabilities. But it will undoubtedly be hand in hand with NFTs, an element of renewal for many other industries such as sports.