The world of professional sports seems to be in love with non-fungible tokens. Falling in line with celebrities and video games, this industry is also contributing to the NFT boom. As a top-ranked provider of White Label Crypto Solutions for companies, we are fully aware of this trend. That is why we regard the NFT functionality we offer as one of our key competitive advantages. In fact, we believe NFTs are a must for any modern crypto wallet. That is why we have decided to post this brief overview.
NFT: Definition
NFTs, also known as non-fungible tokes, can be described as exclusive and one-of-a-kind pieces of data. They are available ‘on a blockchain that can be linked to digital and physical objects to provide an immutable proof of ownership.’ In theory, they are usable in any domain that might require such certificates, be it digital art or virtual fashion items. It is no surprise that professional sports are also naturally inclined to adopt NFTs. For teams, players, and managers, non-fungible tokens are just a new stage after baseball cards, collectibles, paraphernalia, and souvenirs.
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.