Non-fungible tokens: the future of sports card collecting?
What are NFTs exactly?
Non-fungible tokens are digital assets that are stored on a digital ledger called a blockchain. These digital assets can be a photo, video, audio or other types of digital files and although copies of these digital items are available for anyone to obtain, blockchain technology certifies that the digital asset is unique and creates proof of ownership.
Digital collectables: the future of collecting?
The most well-known type of non-fungible token in sport is an NFT as a digital collector's item. This involves linking a photo or video to a blockchain, making it unique and therefore non-exchangeable. Now that NFTs are becoming better known to a wider public, the first collections are being released by sports organisations. The success of these three examples shows that a bright future for this concept cannot be ruled out:
NBA Top Shot: Fans can collect highlights from basketball games by opening packs or buying them on the marketplace. The NBA currently has more than 1 million fans who collect their NFTs.
Sorare: A player of this game assembles his own team of players by buying certain NFTs linked to a certain player. The team will then receive points based on the players' performance in real life. More than 140 clubs from around the world, including FC Bayern Munich and PSG, have already joined this game
Manchester City’s “1” collection: to celebrate the Premier League title, Manchester City released a collection of NFT’s for fans to collect.
Want to learn more or even working with NFT's today?
As ESSMA wants to keep a close eye on this new trend, we launched a survey on the topic. Share your experience, concerns or all others questions you might have on the topic by filling in the survey!