How NFTs Can Boost Fan Engagement in the Sports Industry

An overview of the many ways non-fungible tokens are being used to increase fan engagement in the sports industry.
Analysis
Non-fungible tokens (NFTs) have grown in popularity since the release of CryptoKitties in 2017, with the industry expected to move over $800 billion over the next two years.

Some of the most well-known use cases for NFTs are image-for-evidence projects such as the Bored Ape Yacht Club and game-for-earning projects. NFTs have also caught the attention of the sports industry, with professional sports leagues creating their own platforms for fans to interact with their favorite teams or players, but that will be discussed later in this story.

NFTs are unique, non-interchangeable pieces of code stored on the blockchain. These alphanumeric code strings can be linked to assets such as works of art or digital and physical goods. NFTs are created through a process known as minting, and creators can set a limit on the number of NFTs they wish to mint, creating rarity.

Scarcity is a phenomenon that has always applied to physical assets due to their physical construction with limited resources. However, scarcity has never existed with digital goods because they can be easily replicated. NOT...

Crypto Jul 30, 2022 0 87 Add to Reading List

How NFTs Can Boost Fan Engagement in the Sports Industry

An overview of the many ways non-fungible tokens are being used to increase fan engagement in the sports industry.

Analysis

Non-fungible tokens (NFTs) have grown in popularity since the release of CryptoKitties in 2017, with the industry expected to move over $800 billion over the next two years.

Some of the most well-known use cases for NFTs are image-for-evidence projects such as the Bored Ape Yacht Club and game-for-earning projects. NFTs have also caught the attention of the sports industry, with professional sports leagues creating their own platforms for fans to interact with their favorite teams or players, but that will be discussed later in this story.

NFTs are unique, non-interchangeable pieces of code stored on the blockchain. These alphanumeric code strings can be linked to assets such as works of art or digital and physical goods. NFTs are created through a process known as minting, and creators can set a limit on the number of NFTs they wish to mint, creating rarity.

Scarcity is a phenomenon that has always applied to physical assets due to their physical construction with limited resources. However, scarcity has never existed with digital goods because they can be easily replicated. NOT...