The future of sports includes NFTs and tokenization


A new report from PwC has placed NFTs and other digital assets among the top ten trends in the sports industry.

The report, which details the sports outlook for North America, reveals that the future of the sports industry lies at an intersection with non-fungible tokens.

Citing various factors ranging from changing the technology infrastructure of sports to boosting fan engagement, the report highlighted three main use cases for NFTs in the sports industry.

Collectibles

The first of these uses is collectible NFTs, which refer to platforms that sell collectible, authenticated and limited-edition digital content, which we have already started to see adopted in mainstream sports.

Specifically, the report mentions the scanning, minting, and trading of player trading cards, match tickets, and other items or materials that can be placed on the blockchain. These collectibles could inadvertently be displayed or even shared across the metaverse.

We have witnessed the success and longevity of this as Dapper Labs continued to popularize this app with NBA Top Shot. This NFT symbolizes nostalgia and some of the NBA’s greatest memories and highlights in history. In 2021, Dapper Labs accounted for almost $827 million in transactions, showing that other games besides Axie Infinity can certainly grow and have potential in the space.

Tokenized Passes

Besides its collectible use cases, NFTs could also take fan loyalty and the fan experience in sports to the next level by providing season subscribers with verified token passes.

While season ticket holders already have access to special privileges from their clubs, having NFTs as well could allow them to get digitized tokens from the matches they attend and also gain access to their special benefits. even if they lose their physical cards.

Virtual access tokens

Finally, NFTs can provide virtual access tokens to sports fans who prefer the virtual experience that comes with the space. With interest in the metaverse and related spaces reaching new heights, these virtual tokens would become much more in demand.

They can be likened to the virtual version of the season ticket offering holders benefits such as player cameras, bench cameras or even virtual access to dressing rooms.

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