All you want to know about Sports NFT in detail

We are living in a new era post 2020 which is full of uncertainty, fear and mixed emotions due to novel coronavirus which seems to become a part of our life as one variant followed by another and despite vaccination all the health experts are clueless till date about the extinction of this pandemic.

What this pandemic has done it has given us time to relax and reflect on our life, it has taught us to not to take our life for granted and use digital medium either for doing transactions, purchasing any commodity or watching any sports shows, movies on different streaming platforms.

In Short our entire life in last 2-3 years has completely become digital now and the latest to join the digital revolution bandwagon is NFT which stands for “Non Fungible Tokens” that can be used to purchase any asset whether it is audio, photos or clips digitally and it is based on block chain technology.

One thing we need to understand as reader that NFT is different to cryptocurrencies like Bitcoin due to their lack of Interchangeability.

Sports NFT have gained popularity in the recent past where using NFT you can purchase any digital memorabilia and based on the report from Dapper Labs, who have become one of the largest Sports NFT marketplaces all over the world saw a huge profit in their organisation as their revenue doubles up to $700 million in 2021 from $361 million in 2019.

Some of the most valuable NFT all over the world includes Statue of Lebron James a popular basketball player for $21.6 million followed by MLB Champion Brett Gardner for $21.28 million.

When it comes to India, recently a film released at the Box Office known as 83 which was based on the famous India’s 1983 world cup journey where they were underdogs but they went to win the marquee event under the leadership of Kapil Dev. According to quote from NFT Social Swag who said that their current auction of cricket collectibles related to Sports movies was sold for whopping amount of INR 10 Lakh within an hour they debut on the platform which clearly signals the craze of NFT in today’s youth in India and it will keep on increasing day by day.

“While we were expecting purchases mainly from metros, cities such as Jabalpur, Kanpur, Nagpur, Thiruvananthapuram, and Solapur, took the lead in accepting the buzzing culture of NFTs,” said Atharva Sabnis, who is serving as the Chief Executive of NFT labs.

NFT aren’t fungible unlike cryptos which means there is no facility of replacing one token to another in a block chain.

NFT can simply be described as digital assets which can clearly be minted, purchased and transferred using block chains using unique identification codes.

NFT can also be used in Fantasy Sports league applications where every NFT can represent a player who is taking part in long competitions. They have huge potential to enhance fan experience this is something right holders can look into as they can engage fans who acquire Sports NFT of a particular team to have a say in deciding the player of the month or what song can be played in the dressing room.

Most Sports NFT in 2022 with the dawn of digital revolution is likely to take place in those sports which have massive fan following and Sports like Soccer, Baseball, American Basketball, Cricket and Ice Hockey can be benefited mostly from it.

It doesn’t mean that barring these sports other games will also not have presence of NFT in future.

However, the major initial consideration when it comes to NFT will be whether these activities are best carried out at the league team or athlete level.

The other way how NFT are looked at purchasing ticket for a particular game and physical collectibles. They can be applied on physical collectibles like autographed cricket and football jerseys, and technologies can be enhanced to gain monetary benefits from sports entities.

The 2021-22 season could be marked as debut season for NFT in global market if the result of early adopters turns out to be positive it will gradually open the doors for others to follow which in turn will improve the market and become an important part of globalisation and commercialization of fan experience.

The launch of Meta Verse has ensured huge boom in NFT and Web 3.0 as many of you know would not be aware about Web 3.0 just to explain this new term in simple words would be the new version of Internet unlike Web 2.0 which will be decentralized and expected that many people would use this Internet on a larger scale.

Web 3.0 is based on block Chain which allows user to use safer internet than what most people are using in today’s time.

Web 3.0 will not need your private information to provide or promise any services to you hence “Privacy” is the most vital thing which matters in this new version and based on the quotes from different industry experts the future of Web 3.0 looks bright and realistic.