From NFTs (non-fungible tokens) of trading cards to virtual pre-game events, sports and blockchain projects have become natural partners in the past few years. Sports franchises have much to gain from Web3, including unprecedented revenue and fan engagement opportunities, and sports blockchain companies are eager to help. Here’s how some sports teams are using blockchain technology to reach new markets.
Cryptocurrency in sports is no fad. Since the earliest mainstream crypto partnerships in the mid-2010s, the two markets have grown increasingly intertwined, and for good reason. Cryptocurrency’s rising profile has made it especially popular among fans left out by traditional sports engagement tactics. Here’s how some of the most recognizable franchises have broken into cryptocurrency.
Yesterday, Instagram hosted a Twitter Space revolving around all things NFT, digital collectibles, creators’ experiences and the future of the metaverse with four NFT creators who participated in Instagram's minting platform. What we thought was the most compelling part of the conversation was surrounding the subject of NFT adoption and utility, two things that are incredibly important to us at Dibbs.
The explosive growth in NFTs took even tech fiends by surprise, and that demand has been especially strong when it comes to sports tokens. An impressive 24% of American households have already purchased a digital asset, but if you’re looking at sports fans specifically, that number jumps to 34%. Sports organizations are eager to enter this market but need reliable partners who understand the nuances of blockchain.
Sports collectibles are as old as the games themselves, with memorabilia like trading cards, apparel, and autographed equipment preserving the history of these beloved pastimes while deepening the personal connections fans develop with their teams and players of choice. Now, NFT (non-fungible token) sports collectibles offer brands and fans alike the chance to push their passions into the future, deepening their bond and driving revenue along the way by turning those items of historical record into eternally preserved digital collectibles.
Whether it’s a video of Aaron Judge’s 62nd home run or a Kobe Bryant-inspired digital art collection, NFTs in sports are here to stay. Fans, players, and professional leagues have embraced NFTs as a new way to engage with each other and create content around their favorite sports.
As NFTs grow more and more popular, forward-thinking brands across numerous industries are warming to the revenue possibilities these digital tokens represent. Each industry benefits from its own particular advantages and tokenization in sports is a prime example. By taking real-world objects and tying them to NFTs, brands can more deeply engage fans even as they open up new revenue streams.
In a largely pseudonymous industry where NFT holders can be hard to reach, we felt uniquely positioned to tap the highly engaged users of our marketplace to understand broader sentiments around the evolving NFT industry and what the future of ownership looks like alongside the growth of Web3 and the metaverse.
With almost 60% of avid sports fans participating in NFT (non-fungible token) trades, the time is now to bring your own sports brand to Web3. Thankfully, you don’t have to go it alone; tons of new sports NFT companies are coming along for the ride, each with a unique spin on how to capture this growing market. Before we get into breaking down five of the most promising examples, let’s define what we mean when we talk about “sports NFT companies.”
If sports collectibles are part of your brand, overlooking NFTs (non-fungible tokens) is an increasingly costly mistake. According to financial experts, this technology will help drive a 600% increase in the sports merchandise industry over the next decade — that’s almost $200 billion by 2032! That growth might be even faster, if not for an understandable lack of blockchain expertise among athletes and sports associations.