At present, each and every sector is getting digitized one way or another. From various cashless payments to digital currencies like cryptocurrencies, everything is following the footsteps of digitization. And among this extensive revolution, the concept of digitization and blockchain has joined forces to turn everything into paradise by just touching them. Sports memorabilia like NFTs are entering this trend inevitably. The enthusiasm of sports fans is entering into something special. It is now similar to walking into a store and laying hands on sports assets like trading cards, posters, magazines, and such but, the only difference is that it is done virtually on an NFT marketplace. The sports NFTs provide proof of top-tier equity of an image file, short video, or other impressive digital assets from the sports sector. Sports-based non-fungible tokens are becoming one of the most trending NFT collectibles in the blockchain space. It can take a wide range of forms, such as images, cards, collectibles, clips, and the list goes on.
Sports NFTs- A Brief Introduction
Blockchain space, trading cards, non-fungible tokens, they all sound pretty enthusiastic and interesting. Before we could have a complete insight into this platform, we have to know the perfect meaning behind non-fungible tokens.
Non-fungible tokens are distinct and non-interchangeable entities that are recorded on a digital ledger called the blockchain network. These tokens are connected to digital assets that are reproduced into image files, videos, audio, etc. It is a virtual decentralized ledger that furnishes the audience with a public certificate of authenticity. NFTs are completely unique and different from blockchain-based cryptocurrencies like Bitcoin, ether, Dogecoin, etc.
Sports NFTs are steadily gaining popularity and fame over the years. And the sports enthusiasts who have been participating in this trend, believe that the year 2021 was just a beginning and still a lot more to see as years go by. In recent years, the sports NFT market is expanding rapidly and they are expected to do so in the foreseeable future. The revenue is estimated to rise to an astonishing number of $75 billion by the year 2025. Among these impressive record-setting businesses, dapper labs are considered to be pioneers in this sports NFT sector. They have been seeing the revenue being doubled as years go by and have solidified their name as one of the best development sectors in the NFT space.
Top Sports NFT Marketplaces
Sorare is one of the best sports NFT marketplaces in the digital world. This is a trading card platform where the users get the opportunity to build their own fantasy team and compete for more NFT cards against their opponents. Sorare is officially collaborating with more than 150 football teams at the present time. This includes a wide range of top-tier teams like Real Madrid, AC Milan, Manchester City, etc. This platform enables the users to assemble a 5s team of the trading card that is being bought. These trading cards are categorized into many types depending on the value. These values are initiated by representing the real-life value of the respective players on the field. Thus, it is a very secure platform for trading NFT football cards and earning profits exceptionally.
- NBA Top Shot
NBA Top Shot is an NFt marketplace that is developed on the Flow blockchain. This NFT platform is exclusively created for the National Basketball Association(NBA). This marketplace was created by Dapper Labs. This is said to be the pioneering sports NFT marketplace in the crypto space. This marketplace is filled with a wide range of NBA memorabilia and assets. These assets range from a simple trading card of a player to a short video of a player. The value of the assets is completely dependent on the value possessed by the respective players on the court. Hence, a Lebron James NFT is much more valuable than a De’Aaron Fox’s NFT. These NFT assets have been scorching the digital market. The revenue generated by this marketplace is enormous and it is said to be exceptionally high compared to other NFT marketplaces. This is all primarily due to the popularity of the league all around the world and the immense fan following of the league have led to these impressive circumstances.
- F1 Delta Time
F1 Delta time is a blockchain-based NFT platform that brings in an extensive amount of formula one fans to the stage. This NFT platform allows the fans to collect NFT cars, tracks, drivers, and tires. This platform is quite similar to the Sorare platform. The users in the platforms, don’t just collect the F1 NFts, they also challenge other users and win tournaments effectively. The value of the NFTs inside this platform is based on the real-time value of the drivers and cars. As with any other NFT marketplace, this platform is based on the rarity of the digital asset. The value of these NFTs ranges exponentially in various secondary marketplaces.
DeRace is an NFT platform that provides DNA-based NFT horses to users. This unique horse racing system is created to publish a perfect horse racing environment. In this game, users collect these uniquely created DNA horses, breed them, and race them with a wide range of other users on the platform. This enables the users to get rewarded with winning fees and a percentage of the bettor’s stake. The bookmaker in this NFT platform owns the area where digital racing takes place, and the bettors completely depend on blockchain technology. This network provides transparency and security to the users on the platform. In general, each and every horse has its own unique characteristics and DNA that influences the physical and racing efficiency of the horse. These NFT horses are monetized on a wide range of secondary NFT marketplaces in the digital space.
Sports NFTs have become a trending asset at the present time. Everyone is interested in buying and owning an NFT that is becoming a force in the mainstream market. This concept has paved the way for many crypto enthusiasts to have a piece of wide knowledge of making it a business platform as well. Thus, it is a perfect platform for everyone who wants to explore the world of NFTs. The most notable factor about sports-based NFTs is their longevity. Sports never comes to an end, it keeps evolving and moving forward. Thus, as long as sports industries are in existence, the sports-based NFTs are deemed to reach great heights exponentially.