Cricket is an emotional affair, at least in the highly spirited hearts of its loyal fans in India. The sport has been the pride and joy of the country for some time now. It rakes up high stakes as time goes on, and the fan base grows exponentially. Their need to expand and house a plethora of individuals and sectors also grow. The sport has become its own industry as it alone generates multi-million dollars in revenue. Usually, the cricketers and the league owners are at the receiving end of the monetary gain.
Non Fungible Tokens (NFT) are one of the most recent additions to the financial industry, and they have also taken cricket by storm. NFT Launchpad Platform is a digital collectable platform that allows cricket fans to own some of the game’s most memorable moments in the form of NFT, such as playing cards, video moments, and artifacts. Fans can also trade the NFTs using the website’s marketplace.
Non-fungible Tokens are digital data units that are kept on a blockchain ledger. Every NFT serves as an authentication certificate, proving the asset’s uniqueness while also granting sole ownership to the individual who owns it. Furthermore, the NFTs are stored in blockchain, which is a method of storing data that protects it from being hacked or altered.
With NFTs in the picture in recent years, the need for monetary gain in the form of short investments grew to new heights. NFTs performed their best yet in the global market in 2021. Their use case applications and revenue-generating streams have been actively infiltrated and discovered since. Web3 and crypto have paved the way for NFTs also to adopt the decentralized ecosystem to serve the parties better.
The digital space of Sports NFT provides the freedom to build more innovative and creative streaks to integrate, market, develop, and implement any mundane task within the constraints of the possibilities of the machine. This is saying a lot since technology can achieve almost anything in today’s time or is on the brink of solving a huge breakthrough. This article looks at ways NFTs are involving themselves in the world of cricket and improving the stakes altogether.
NFTs stand for non-fungible tokens. The tokens are uniquely identifiable and stored as metadata linked to the asset on the blockchain. The metadata holds the ownership claim of the asset along with smart contracts if any since the platform is also decentralized, just as blockchain, the records are transparent and direct.
The blockchain is the online repository that records the existence of the minted NFTs. Minting is the process of recognizing the asset as a digital object and adding monetary value, token identity, smart contract, and utility to the object. The blockchain is responsible for many of the biggest technological advancements in today’s time – Web3, crypto, decentralization, NFTs, storage, and security.
NFTs have famously cut out the need for intermediaries – with scams, commissions, and interferences. They hold a peer-to-peer communication module that serves their overall appeal. The sector also has made monetization aspects of online content possible. Where usually trading, buying, and selling assets that resided on the internet was much less successful in imparting as a revenue model for most artists and businesses.
Though the use case of NFTs has jumped their application cases to existing just in the online realm. Their growth has warranted their trajectory to being implemented in the physical sense of experiencing the sector. With developments like trading physical assets, ticketing, gaming in metaverse – augmented reality in portable devices, QR codes, merchandising, and utilities.
The tried and tested concepts in the NFT sports space are doing well. Concepts like the trump cards, moments from iconic matches, and personalized assets from the sports personalities. But the aspects of a sport-based NFT can be taken a step further. Gaming aspects of the NFTs can be seamlessly imagined in the eyes of basing the game on the desired sports and avatars representing the sports stars. Any accessories that are minted – ecosystems, emblems, sports gear, avatars, and gaming levels can be monetized and traded.
Sports stars can use a no-code NFT Launchpad for games to start their dedicated NFT marketplace that represents their brand and provides one-on-one interaction with their die-hard fans. The peer-to-peer connection offered by the decentralized platform helps eliminate intermediaries and third-party interference of the platform. Famous cricketers like AB De Villiers, Sunil Gavaskar, Rishabh Pant, Smriti Mandhana, Shafali Verma, Virender Sehwag, and Zaheer Khan have started their own NFT marketplace, each providing a unique perspective and niche for fans to hold on to. These NFTs are also very good investments for the fans to bank on in secondary markets.
Fans may own some of the tournament’s most memorable moments. For example, if a cricket fan wants to relive the moment when Andre Russell hit a massive six in the CPL, they may go to the NFT Marketplace and purchase it. Similarly, through the newly created marketplace, one can obtain a collection of Russell’s sixes in CPL. These NFT Marketplaces provide NFTs of cricket moments or cricketers from the many leagues with which they have associated.
The advancements in the NFT space for sports and games come in the form of NFT gaming launchpads, where no huge investment capital is required to start a marketplace, and all the aspects of a working NFT market are presented within one platform that is left to the preference of the creator. Guardian Link is one of the big names in this launchpad space that is readily up to date in this regard.
Future sector NFTs in Sports
The NFTs in sports is the next big breakthrough in the sector. They have positively infiltrated many people’s lives with their monetary generative revenues that help creators and investors grow. Today, their utilities serve many aspects of real-world applications that are implemented in the physical realm. And this is exciting news for the sector participants to look forward to more advancements.