There is no shortage of news about the popularity of NFTs in the global sports industry. Together with show business and computer games, sports seems to be the key factor behind the NFT boom. As a company offering a White Label Crypto Wallet for professionals, we cannot overlook this phenomenon. After all, with one of the most advanced solutions of this kind fiat-to-crypto transactions, Visa and MasterCard options, and crypto-to-crypto exchange capabilities integration of NFTs was a must for us. So here is our perspective. 

NFT: Definition 

NFTs, aka non-fungible tokes, are unique pieces of data “on a blockchain that can be linked to digital and physical objects to provide an immutable proof of ownership.” 

As such, they can be used in any domain, be it digital art or fashion accessories. However, sports by definition — with its focus on team brands and individual players — has been long prepared to absorb such a phenomenon. 

If you think, say, of baseball cards as collectibles, merchandise, and souvenirs, you will realize that the sports industry can’t help being friendly to NFTs. 

NFTs In Sports: Stats

As early as in August 2021, the figures covering the “importance of non-fungible tokens to the commercial strategies of sports organizations” globally were as follows: 

  • 8.3% said they had already launched some NFT products

  • 15.4% reported they were actively developing “prioritized products”

  • 29.1% admitted they did “see the potential” 

A year has passed since then. What is the current situation? 

As Deloitte states, 2022 is going to be a year with two major milestones: 

  • First, NFTs for sports media will generate over $2 billion in transactions this year

  • Second, up to 5 million fans will buy or be gifted a non-fungible token 

Hence, one can say that NFTs are a game-changer for both teams, anthelets, and their management on the one hand, and sports fans one the other hand. 

The figures mentioned above leave no doubt. Why is this happening? 

NFT acceptance: Rationale

Why are NFTs a lucrative option for sports organizations and federations? As the Deloitte experts stress, there are two main driving forces: 

  • NFTs do generate new alternative and significant revenue streams

  • NFTs also generate a previously untried channel to ‘enhance relationships with fans’ and boost their loyalty

As for the fans, the greatest factor of importance is described by the PwC specialists this way: Digital assets are capable of thoroughly transforming the way sports fans “interact with their favorite teams”, with more channels to “meaningfully connect with teams and athletes than ever before.”

Everchain White Label Potential 

Being able to deal with NFTs, in a secure and reliable fashion, is one of the key advantages of the Evercode White Label Wallet. With it, you can ‘send, receive, store, and collect NFTs’ via any of the all major marketplaces.

P.S.

Which kinds of sport should you try to reach with your NFT options right now? As experts point out, you should focus on those with the greatest fan bases and revenues. That is to say, it is going to be about football, American football, basketball, baseball, and ice hockey.