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From NFT (non-fungible token) art galleries featuring the late Kobe Bryant, to digital trading cards, to the renaming of the Staples Center to Crypto.com Arena — blockchain technology in sports is here to stay. The opportunities within this exciting space are only continuing to grow.
The NFT (non-fungible token) space over the last twelve months has been anything but boring. In fact, it has seen more than its fair share of twists and turns and ups and downs — and many got more than a bit lost in all the action.
Sports cards have been a staple of sports fandom since at least 1909, the year American Tobacco stashed its first cards as freebies in cigarette and tobacco packs. The industry has grown significantly since those early days, and technology has matured alongside it. Now, the blockchain provides the perfect meeting point for the two.
Sports and cryptocurrency are a match made in marketing heaven. Sports and their attendant franchises have long enjoyed mainstream popularity in cultures the world over, and they’ve monetized that popularity with plenty of multifaceted merchandising. Crypto, on the other hand, grants the venerable institution of sports access to new revenue streams that are particularly attractive to younger, more tech-savvy fans. The complementary nature of these two sectors makes it only natural that they should find success by their powers combined. From the dozens of sports crypto projects on the market, we’ve picked out five of the most successful to highlight how they hit their impressive results and what lessons you can take to inform your own crypto play.
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.
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.