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NFTs are unique code stored on the blockchain, and since these strings of alpha-numerical code can be linked to artworks, digital and physical goods, growing demand has been witnessed in the collectibles market. Consequently, several sectors are banking on these NFT collectibles to engage their customers while creating additional revenue streams.
This trend is being witnessed in the sports industry, where fans feel very strongly about their favorite player or teams. This fan engagement has compelled several sports leagues to create platforms where fans can buy, own and even trade digital keepsakes. For instance,
The platform further announced its collaboration with legendary fighters to launch an MMA collection, which is an NFT collection of martial arts. For this, the platform partnered with Fabricio Werdum as an MMA advisor and ambassador.
These video-based digital collectibles were first conceptualized by the National Basketball Association (NBA) and have been followed by several sporting agencies across the world. The officially licensed blockchain application from the National Basketball Association, NBA Top Shot, gained immense popularity in 2021.
Through this partnership, OneFootball, which is the official video moments partner of the German Bundesliga soccer competition, is strengthening its position as a major player for sports-based blockchain products. Additionally, in April 2022, the soccer media platform attracted the eyes of the investor and raised US$300 million to dive into the world of Web3 product offerings. Therefore, it is expected that its 100 million user base and partnerships of this kind will help it to become a key player in the sports-blockchain space.
Initially, in January 2022, NFTs issued at the Australian Open were integrated with match data captured by Hawk-Eye. Hawk-Eye was then the tennis tournament's electronic line-calling provider, and the on-court shot data collected by Hawk-Eye's electronic line-calling camera system were minted on the Ethereum blockchain to get these NFTs. Notably, in the Australian Open, an art ball collection of around 6,776 NFTs was issued for sports fans.
Now, Hawk-Eye will expand its live sports data integration into new digital collectibles with NFT Tech. Specifically, Hawk-Eye's cameras, which are used for replay, ball-tracking and player data collection for more than 20 sports, are expected to see significant growth in this sports NFT arena.
While in the gaming space also, NFT partnerships are seen to generate significant revenue. For instance,
Notably, StarCard Sport Games, which allows players to play card-style strategy games and support in-game NFTs, entered into a partnership with ARC NFT Marketplace at the start of the year. Both the companies aimed to educate kids and young adults about DeFi through the StarCards metaverse, which turned out to be very successful.
Since NFTs are unique, they help keep communities active and engaged. Sports companies are using this attribute of the NFTs to attract young and more tech-savvy individuals by adding more interesting ways for fans to interact with their favorite teams and players. Therefore, this new trend of sports NFTs is expected to see strong demand among fans and followers over the longer run globally.
To know more and gain a deeper understanding of the global NFT market, click here.
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