NFTs’ potential to increase fan involvement in the sports industry

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Last Updated on July 30, 2022 by Bitfinsider

Since the launch of CryptoKitties in 2017, nonfungible tokens (NFTs) have become much more well-known, and over $800 billion is predicted to be traded in the industry over the next two years.

Play-to-earn gaming ventures and picture-for-proof initiatives like the Bored Ape Yacht Club are two of the most well-known use cases for NFTs. The professional sports leagues have created their own platforms for fans to interact with their favorite teams or players because NFTs have drawn interest from the sports industry as well, although that will be covered in more detail later in this article.

NFTs are one-of-a-kind, non-transferable bits of code that are kept on the blockchain. These alphanumeric code strings can be connected to assets like artwork, digital and tangible items, and other types of property. The method of minting, which produces NFTs, allows for a cap on the quantity that can be produced, thus fostering scarcity.

Due to their physical construction from limited resources, physical assets have always been subject to the phenomena of scarcity. However, since digital commodities are easily duplicable, scarcity has never applied to them. This has altered as a result of NFTs, and the market for collectibles is now expanding in the digital sphere.

Using NFTs for Fan Engagement

Sports fans interact with their favorite players or teams in every manner possible because they care so deeply about them. Engagement can take the form of watching or going to live games, purchasing goods, or going to signing events. Sports teams and leagues have potential to increase revenue since fans want to be near their favorite teams and players.

Sports leagues in particular have realized the importance of fan interaction and have developed platforms where fans can purchase, possess, and exchange digital mementos. The National Basketball League’s NBA Top Shots NFT marketplace, where fans can buy, sell, and trade basketball video clips, is one well-known example. Each of the NBA Top Shot moments—video clips posted on the platform—displays a different moment from a basketball game. The NBA and Dapper Labs, the company behind CryptoKitties, collaborated to create the market in 2020. Within a year of its inception, it made more than $230 million in sales.

When it comes to sports leagues creating their own interaction platforms, the NBA is not alone. While Major League Baseball has already made its NFT marketplace available, the National Football League, National Hockey League, and others are developing their own NFT platforms.

Not only have sports leagues created fan engagement platforms, but non-sports league organizations are also finding success with the idea. For instance, the upcoming platform Fanzee received $2 million to create a market and environment where sports fans can complete tasks like quizzes and games to enhance their fan level and exchange NFT items.

There is a gamification component, similar to NBA Top Shots. To gauge how carefully supporters have followed the game, sports teams can provide interactive challenges like quizzes based on prior matchups. Fans can also gain NFTs and experience points based on how they interact with the game. Fans’ “fan level” is increased through experience points and is shown on a scoreboard where they can compete for rewards.

Future Changes to the Sports Industry as a Result of Fan Engagement Platforms

The Web3 area is being expanded by real-world companies like collectibles thanks to fan engagement networks. The inclusion of contemporary ways for fans to interact with their favorite teams and players as well as the creation of new revenue streams for sports leagues make nonfungible tokens a perfect approach to draw in younger, more tech-savvy people.

If used properly, digital assets could have a big impact on how attached sports fans are to their favorite teams. Fans will find it simpler to follow the teams and athletes they care about most. Sports companies now have the opportunity to make the most of digital assets. In the upcoming years, it won’t be shocking if the majority of sports leagues have their own NFT platforms where fans can engage with blockchain-based assets.

But rather than trying to make a quick money by merely selling tokens, the emphasis should be on fan involvement. These platforms can experience increased adoption by putting more of an emphasis on fan engagement because fans are more likely to refer new users to the platforms. Fans will utilize these platforms for their own enjoyment rather than to try to make money by selling tokens or other digital assets they have purchased, which will further increase user retention. If the bear market has taught us anything, it is that when the market stops rising, speculative users inevitably leave.

When it comes to fan engagement platforms, systems with a user-first philosophy that prioritizes high engagement and user retention will succeed the most. These platforms will also help users better understand how NFTs can aid in bringing the sports business into the Web3 area. The possibility for businesses in the sports industry to deliver blockchain-based assets to their customers is excellent given that 76 percent of die-hard sports fans globally are interested in knowing more about NFTs.

By putting offline activities online, NFTs have the potential to transform the sports industry. Fans used to trade printed-out images of their favorite players as well as trading cards, footballs, and T-shirts that their favorite players had signed. Younger fans will discover new ways to interact with their favorite clubs and players using blockchain technology as the world becomes more digital.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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