Non-fungible tokens have been back in the news recently. Tennis and the Australian Open have embraced the NFT technology. It is likely that more organizations will make this shift soon.
Major televised sporting events continue to draw huge crypto market interest. This interest stems from the sheer size of television audiences that tune into live televised sporting events. As exchanges look to market their platforms at these events, sports organizers and event planners should be aware of crypto market demand for future events.
When it comes to cryptocurrencies, Bitcoin (BTC) and others like Ethereum (ETH) are the most sought-after. However, interest in Non-Fungible Tokens (NFTs), which are also known as digital assets, has also been on the rise.
Unlike traditional games, NFTs are unique and individual. They cannot be copied or duplicated which has given them a lot of popularity in the sporting world.
NFTs and Sport
Last year, the Premier League teams i.e. Liverpool and Manchester United converged with the NFT space. After rumors hit the wire of talks between it and a different digital collectibles platform, it seemed like this partnership might be in negotiation. This bit of information is especially exciting when considering how popular these games are around the world.
The NFL has also partnered with NFTs. There was speculation that in September 2021, the NFL, the NFL Players Association, and Dapper Labs announced a partnership “to create exclusive digital video highlight NFTs for NFL fans”. The NBA sees the use of NFTs as a success and is enjoying some lucrative partnerships. The NBA Top Shot marketplace, a joint venture between the NBA, NBPA, and Dapper Labs, talks about giving NBA moments away in exchange for NFTs.
NFL memorabilia items are currently very popular among collectors, who are showing interest to the point that other franchises are considering expanding into this market.
Tennis and the Australian Open have descended into a NFT partnership
The tournament will release 6,776 Art Balls and come with a bunch of event-related items and also “release NFTs as part of the event.”
The sale begins 10th January and preparing for the tournament which starts on 17th January.