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- Crypto Winter is still haunting the investors.
- Effect of this turbulence can be seen in the NFT market too.
- Sports NFTs can make a significant difference in reducing NFT speculation.
Sports Industry In NFT Sector
Organizations, celebrities, investors or even beginners, whoever you can think of, are attracted towards NFTs. Sports industry is among the sectors amazed by this space. However, recent turmoil in the crypto sector has influenced the non-fungible token market negatively. The scene is expected to stay like this for a while now.
Rising popularity of these digital tokens is attracting clubs and fans massively. Many star footballers have purchased non-fungible tokens because of this fact. Although, many think that these virtual tokens are useless. But this is not how it is. We will discuss some ways the sports industry can change the way we see NFTs.
Exclusive Memberships and Meetups
Meeting David Beckham is still a dream for a lion’s share of his fans. But what if they can actually meet him without even visiting a particular place. Yes, this is possible. These tokens can offer exclusive memberships of sports clubs. Fans can actually interact with their favorite player in a virtual locker room.
Utah Jazz, an NBA club, allowed their fans to interact in a virtual locker room. NFT holders were allowed to enter the room. Team owner Ryan Smith said, “This is a chance to show the potential of technology to the world.” These types of events help tighten the knot of trust between people and the metaverse.
Promoting Fitness
People are slowly getting acquainted with the Move to Earn (M2E) concept. It is the latest entry in the cryptosphere. The idea is to offer rewards to move in the virtual world, eventually enabling physical activities in a human body. Currently, Stepn app is trending among users in this sector.
A major percentage of people on the globe are going through obesity. A problem which is easy to gain but difficult to lose. Around 39% of the world population is going through obesity. However, Stepn can help resolve this issue from the world. It is fun to use plus it offers rewards in crypto, which can later be transformed into fiat.
Sports NFT – Resolving World Problems
Many underprivileged nations are going through various problems like poverty, hunger, etc. Proceeds from Sports NFT sales can be a major help. Recently, during the Russia-Ukraine War, Shakhtar Donetsk, a Ukrainian football club, agreed to help the war stricken nation. They announced a charity NFT drop in May 2022.
The NFT sector has witnessed mind blowing sales in 2021. Beeple’s Everydays NFT is still the highest grossing token till date. It was sold for around $69 Million at Christies. Though it’s not a Sports NFT, it shows how people agree to spend a fortune on such arts. If Beeple can sell it for such a price, think what wonders will Lionel Messi do?
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
