We’ve spilled lots of ink about NFTs over the past year or so. We’ve talked about how they could be used in everything from video games to fashion to art. But one area that we haven’t really explored in depth is sports.
And that’s a shame because there are a lot of potential applications for NFTs in the world of sports. Well, at least from the fans’ perspective.
So let’s take a look at some of the ways that NFTs could potentially be used in sports, and how they could change the fan experience for the better.
What Are Sports NFTs?
NFTs need no introduction at this point. But for the uninitiated, NFTs are non-fungible tokens. In other words, they’re digital assets that are unique and cannot be replaced by anything else.
That makes them perfect for things like collectibles. Digital versions of trading items. But that’s not their only application. NFTs can also be used for things like season tickets and virtual access tokens.
Most prominently, we have collectibles. You probably heard of a few. A notable example of sports NFTs is the NBA Top Shot store, where users can purchase and sell some of the top highlights.
Another prominent example is Tom Brady’s startup, Autograph. It also sells collectibles of famous sports leagues, teams, and individual players. As Fast Company reports, the startup managed to raise more than $170 in Series B funding.
Smaller fan-base sports and their globally recognised stars are also entering the space.
Season Ticket NFTs
Sports organizations make a good chunk of their revenue from selling season tickets. They’re always looking for new and innovative ways of getting people to buy them.
And that’s where NFTs come in. Sports ticket collecting has been a thing for a long time. But as tickets have become more of a digital product, fans have lost their ability to collect, trade, and resell them.
With NFTs, that’s no longer the case. MLB and Candy Digital have recently partnered up to release commemorative NFT tickets. Season ticket holders can have their moments in the form of an NFT.
Virtual Access Tokens
But beyond collectibles, NFTs can even be integrated into live sports events as VATs (virtual access tokens). OK, how do these tokens work? You can pay for an NFT ticket, that can give you access to VIP access to player cameras, behind-the-scene videos, or live audio from the locker room.
But that’s not all. In the future, we can potentially be able to use VATs to access virtual reality experiences. Imagine being able to watch a game from the best seat in the house, no matter where you are in the world.
What Does This Mean for Sports Fans?
So what does all of this mean for sports fans? Well, it means that they’re going to have a lot more control over their fan experience.
They’ll be able to choose how they want to consume content and what kind of content they want to see. Not only that, but they’ll also be able to resell their experiences and access to other fans.
In other words, NFTs have the potential to create a more democratic and decentralized sports fan experience. And that’s something we can all get behind.
You may also like our article on swimmers receiving NFTs for breaking swimming records.