Sports Industry Transforming To New Age By Adapting NFTs

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Sports Industry Transforming To New Age By
Adapting NFTs
Author Rikta Mandal
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Introduction

• NFTs in sports are exploding. More and more
  athletes, clubs, and sports are getting on the
  Crypto collectibles bandwagon, from the NBA to
  the worlds largest football clubs. The NFT
  platform has the potential to have a significant
  impact on the sports world and provide
  significant benefits to athletes. 
• Sports NFTs are digital souvenirs and trading
  cards featuring your favourite athletes from any
  sport. The Golden State Warriors were the first
  professional sports team to issue its own NFTs in
  April this year.
• Previously, exchanging sports items and
  memorabilia for money, such as cards, signed
  jerseys, and so on, was a bit of a hassle. Thanks
  to NFTs, sports fans can now verify the
  legitimacy of such things on the blockchain and
  conduct peer-to-peer swaps in seconds. 
• NFTs tamper-proof and distinctive properties
  protect not only the ownership but also the
  appeal of rare sports memorabilia.
• Weve included a few of these platforms below,
  along with the attributes that distinguish them.

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Sports Industry in NFT

• NBA
• Sorare
• Rario
• NFL and NFLPA
• NASCAR
• Dugout

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1. NBA

• Dapper Labs, a key blockchain business, has
  partnered with the NBA, the worlds premier
  basketball league, to create NBA Top Shot, a
  well-known sport-related NFT application.
• Basketball fans will be able to buy and sell
  highlight video clips from top-tier games as a
  result of this. These reels are accompanied by
  NBA-licensed digital items.
• The owner does not have the right to duplicate or
  profit from the clips, but he or she does have
  the right to use, copy, and show them, according
  to these licences. So far, sales of NBA Top Shot
  have totalled over 500 million.

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2. Sorare

• Sorare, a creative mix of sport, gaming, and
  blockchain, is another significant NFT project
  focusing on collecting features. Sorare is a
  global fantasy football game in which players can
  take on the role of manager and purchase and sell
  players for their squad.
• Sorare has partnered with over 100 well-known
  football clubs throughout the world, including FC
  Bayern Munich, Liverpool F.C., Real Madrid C.F.,
  and players from MLS Players Associations, to
  bring these players on its platform via licencing
  agreements.
• Participants in Sorare can not only buy and sell
  digital player cards, but also create a team and
  earn rewards based on real-world performance in a
  soccer fantasy league.

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3. Rario

• Rario is the first Polygon-based cricket NFT
  platform with an official licence, allowing fans
  to purchase digital souvenirs of their favourite
  cricketers.
• Outside of Ethereum, Polygon offers the strongest
  NFT DeFi composability of any blockchain.
• The company has also teamed with cricketers such
  as Zaheer Khan and Faf Du Plesis of South African
  team presumably to make NFTs centred on them.

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4. NFL and NFLPA

• The National Football League (NFL) and the
  National Football League Players Association
  (NFLPA) are collaborating with Dapper Labs to
  develop digital video highlights as nonfungible
  tokens (NFTs) for NFL fans soon. 
• The new digital artefacts will allow NFL fans to
  collect and own some of the finest and most
  talked-about in-game moments from prominent
  players. It would include current-day superstars
  and veterans of the game, week after week
  throughout the season.
• Fans will now have the opportunity to own and
  collect some of the greatest plays in NFL
  history.

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5. NASCAR

• NASCAR has partnered up with NFT venture
  Virtually Human Studio in a move to appeal to a
  younger audience (VHS). ZED Run, a digital horse
  racing game owned by VHS, will now feature
  NASCAR-branded horses. 
• The goal of branding digital horses for NASCAR is
  to pique the interest of a younger audience in
  the auto racing league. The average age of NASCAR
  TV viewers in the United States was 49 in 2006.
  By 2016, the average age had risen to 58 years.
  The exposure of the company through ZED Run is an
  attempt to engage a younger audience.     
• Generally, Horse racing is an elite sport and its
  average price is approximately 76,000, while the
  cost of entering stake races ranges from 3,000
  to 50,000. 
• While here users can buy, market, breed, and race
  digital racehorses as NFTs through the ZED Run
  ecosystem. Users can invest as much as they wish
  in developing their digital asset, with race
  entrance fees ranging from 2 to 15. 

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6. Dugout

• The Korean baseball leagues NFT marketplace is
  titled Dugout. It acquires limited versions of
  NFT-based baseball highlights cards, similar to
  NBA Top Shots, which one may resell to make
  money.
• One can either buy packs of cards and try to
  uncover valuable NFT moments in them, or one can
  purchase their favourite moments on the
  platforms marketplace. Regardless of all these
  things, the truth is that the cards one gathers
  are entirely theirs.

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Conclusion

• Based on the popularity of sports NFT platforms,
  its realistic to predict that more variations of
  these solutions will emerge in the next few
  years. On the one hand, the growth of the
  non-traditional sports market will drive sports
  teams and sportsmen to rethink how they interact
  with their supporters.
• Fans, on the other hand, would get far more
  involved in their favourite sports and even be
  able to profit from them. Overall, its a win-win
  situation for all parties concerned.

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