Overview:
- Non-fungible tokens are unique digital assets that verify the ownership of the respective assets.
- The NFT marketplace is a special platform that is used for trading non-fungible tokens.
- The sports-based NFTs are the highest revenue generators in terms of NFT based digital space.
The trend of non-fungible tokens is spreading around the digital globe like a wildfire. Everyone who has invested their time into the digital space would have heard the term called NFT at least once during their time in the digital platform. Non-fungible tokens are digital assets that cannot be destroyed or replicated by external intermediaries since they are built on blockchain technology. This notion has been circulating around the business industries for quite some time and many industries have decided to merge with NFT to gain high profit. The sports industry has put this crypto concept to great use and has experienced humongous revenue.
NFTs In Sports Industries
The term “Sports” means adrenaline and goosebumps for people. It has been a great influencer of the community in astonishing levels. Everyone on this planet loves sports. It is hard to find a single person who hates sports. The cultural influence is very powerful. Sports are never dying and they are always on-trend. The NFTs, on the other hand, has been trending in the digital space for a while. The integration of these two dominant platforms is expected to produce a great revenue generator.
The NBA Top Shot is a sports-based NFT marketplace platform created by Dapper Labs. This platform has been the pioneer for the NFT marketplace to be combined with the sports industry. The NBA Top Shot marketplace is exclusive for NBA moments to be converted into non-fungible tokens. This sports marketplace showcases the golden moments executed by NBA legends. Similar to NBA Top Shot, there are many sports marketplace platforms respective to their sports domains. For example, Sorare is an NFT based football fantasy sports game. In this fantasy game, the trading cards of individual players are represented as NFTs, where users can build their team by trading NFTs within the game.
The non-fungible tokens presented in the marketplace are represented in terms of image files, GIFs, and short videos. For example, the NBA Top Shot platform sold a majestic short video of Lebron James Dunking the ball against the Sacramento Kings was sold for more than $200,000 USD, which is still now the highest grossed sports NFT in the digital space.
Create An NFT Marketplace Exclusively For Sports
The success of NBA Top Shot has cleared up the roadblock for business models that want to pursue a business venture into the domain of NFT sports. The concept of NFTs can be created as an advantageous system for business entrepreneurs by developing their own NFT marketplace platform by including the notion of sports. Since the entire world is striving towards the domain of digitization. The sports industry suffered a minor setback but NFTs have thrown them a lifeline by enabling them to digitize. Thus, NFT marketplace development for sports has been a match made in heaven due to their extreme success and the ability to gain high traction between the creator and the collector.
After the NFT marketplace for sports has been launched into the digital space. The investors can elevate the market visibility of their marketplace by showcasing various NFT based sports collectibles such as digital awards, memorabilia, trading cards, short videos of historical sports moments, etc. The primary reason to create your own NFT marketplace for sports is because of the unique virtues these two prominent domains possess. Every sports moment is unique just like NFTs and the most beneficial factor is that these NFTs are heavily influenced by the athletes who are presented in the respective digital asset. For example, by considering the NBA Top Shot marketplace, a short video of Stephen Curry shooting a three-pointer is more valuable than a short video of Anthony Davis shooting a three-pointer. Depending on the type of sports collectibles, business entities can boost up their NFT sale and experience great profit.
NFT For Fantasy Sports
Fantasy sports have always been a gaming platform that makes every sports enthusiast’s dream come true, that is to manage their favorite team or create and manage their own team. The concept of NFT is perfectly applied to this domain by creating Sorare. It is an NFT based fantasy game that has been trending in the digital space for quite some time now. This game is entirely based on football. The cards inside the game are represented by non-fungible tokens. When users buy the cards inside the game, basically, they are purchasing NFTs. This game allows users to build their own teams and play against their opponents. This notion is applied to many fantasy sports games that focus on managing teams.
Conclusion
The sports industry and NFTs are the perfect recipes for exceptional success and revenue generation. The domination imposed by these domains together in the digital space has been phenomenal. They have positioned themselves as a perfect roadmap to achieve high revenue. This would be an innovative opportunity for business models to get a grip on it, and explore the universe of non-fungible tokens and the sports industry as a single digital marketplace platform.
