How NFTs will transform the world of sports
NFTs are attracting both cryptocurrency enthusiasts and riskier investors. Now, even the world of traditional sports is embracing NFT technology, especially to increase revenue and connect with fans in previously unseen ways.
Rarecubes is committed to guiding sports teams and athletes into the world of NFTs, to facilitate this transition in the best way possible. This means respecting copyright and ownership rights, authenticity and exclusivity of each product created in our studio.
NFTs have already changed the world of traditional sports collectibles forever. For example, the NBA offers limited-edition ownership of images and videos of games played within the league. These digital collectible moments stored in NFTs represent an opportunity for fans to own a piece of history of their favorite team or player.
Now, let’s talk in more detail about some possible applications of NFTs in the sports world:
· Digital collectibles
For example, NBA top shots belong to this category. Here you have all the excitement of collecting physical cards, but in digital form.
The value of the NFT lies in the licensed intellectual property (IP): in fact, official agreements are always signed with the holders of sports rights and the owners of the leagues to grant permission to use the official logos and images. So be careful and be wary of unofficial alternative NFT projects in the sports field.
· Virtual estates
What if you could own part of a virtual stadium of your favorite team? Imagine having the opportunity to possess a specific NFT seat inside an online stadium. For example, this seat could give you access to attend exclusive events!
There are sport-related entities that create their own fantasy games in form of NFTs, such as Sorare or F1 Delta Time. These are officially licensed games where you purchase NFT items to create a team and compete against other players.
Thanks to NFTs, fans will not only always be sure to own an original ticket, as they will actually be able to verify any secondary ticket purchases on the blockchain, but sporting events will also be able to accurately track sales prices and other statistics.
· Contract modernization
NFTs can also play an important role in players’ administration.
Given the unique nature of NFT technology, it could be applied to players’ contracts, so when a player moves from one team to another, all the personal data can be stored and transferred as well.
This will not only prevent data leaks, but also provide transparency behind transactions.
As you can see, NFTs are clearly providing a new way for fans and collectors to interact and spend money on their passion for sports. It’s new, it’s exciting, and there’s a perceived and real value in these digital collectibles.
One point on which Rarecubes particularly insists is the respect of the rules related to the creation, purchase and sale of NFTs. Relying on a trusted partner means being sure of having something really valuable in your hands.