by BSC News
July 12, 2022
Sporting NFTs will alter the way fans and teams interact, generating new revenue streams and creating fan experiences.
Sporting events, memorabilia, exclusive perks and access. It’s what any die-hard sporting fan wants and is exactly what Non-Fungible Token (NFTs) can provide. Through the underlying technology, fans will be able to experience their favorite teams like never before.
NFTs will change the landscape of the sporting industry for the better.
NFTs are digital assets that run on a blockchain. They are often associated with JPEGs of cartoon-like characters and apes. But underneath the thumbnail image, there is real technology and real use-cases. For example, sporting NFTs allow fans to interact with their favorite sports teams like never before. Where collectors would purchase trading cards, NFTs have the power to provide you with access to exclusive merchandise, in-person events and several other perks.
There are three distinct ways sporting NFTs can create value for collectors and fans alike according to this Binance Blog:
At the most basic level, NFTs will grant the sporting teams an ability to maximize on fan engagement and experiences which will ultimately boost revenue. It will open up multiple new streams of income through tokenizing just about everything. From the athletes perspective, branding is key. Through NFTs, they can offer new and exclusive privileges to their most loyal NFT holders, of course, at a cost.
Ultimately, NFTs will be a boon for the sporting industry. NBA Top Shot is already an NFT staple. The National Hockey League has announced a major partnership with NFT distribution platform Sweet. You also can’t forget the crypto exchanges getting into the action with Binance promoting Fan Tokens.
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