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Blockchain technology underpins NFTs, just like cryptocurrencies do. Similar to these currencies, the sale of NFTs, whether they be JPGs, GIFs, MP3s, or videos, utilizes a decentralized database known as the blockchain to keep ownership information.

The recorded metadata on the blockchain makes it evident which copies are originals, even if duplicates of digital artwork can be made in the same manner. Falsifying this data is very difficult. This can also allow the identification of who possesses which NFT at any point in time, offering possession of NFTs with advantages in actual, non-digital life. Therefore, NFTs can already be used as tickets for events like parties and stadiums.

What NFTs are is not very simple to grasp. And much more so, what prospects do NFTs present beyond the art market? These demonstrate the possibilities NFTs present for sports via actual examples. And who knows, based on these examples, you may already be able to conceptualise the next major NFT in sports.

NBA Top Shot

Probably everybody who has ever worked on projects in the metaverse from sports is aware of this NFT project. The NBA has already been using digital video trading cards, known as NBA Top Shots, since 2020. Acquired and traded as NFTs, every digital video trading card depicts a pivotal moment in NBA history.  

Flowers for Society

The goal of Flowers for Society is to upend the sneaker industry. Sneakerheads have been debating a problem for years, and founder Till Jagla seeks to find a solution. The excitement generated by several new releases and drops eventually causes bots and resellers to purchase the sneakers.

Conversely, real fans and collectors have little opportunity to get their hands on the most sought-after trainers. Exactly this is where an NFT project from Flowers for Society fits in.

F1 Delta Time

Officially licenced Formula1 video game F1 Delta Time has been available since 2020. Teams and players battle against one another much as in old-fashioned racing games. Nonetheless, the champions of F1 Delta Time get reward funds in the format of REVV tokens of value, a cryptocurrency that is worth the same as real money. The token’s market capitalisation has occasionally already surpassed one billion euros.

However, you can also commence trades with reliable bots like immediae evista and get a 360-degree view of the trading marketplace. In the game, players can purchase NFTs representing faster race cars, stronger tyres, drivers, or racetracks with these tokens, which they can then sell on the secondary market.

Sorare

For football lovers, there are already appropriate NFT projects. Like in popular fantasy football, participants in the fantasy football management game Sorare can put together a virtual squad using digital player cards. As NFTs, these cards can be purchased, sold, and exchanged. More of the several competitions for tempting prize money and prizes you can win the better your squad.

By now, Sorare has acquired the official licences of almost 230 teams across 39 competitions. Some of them are Paris Saint-Germain, FC Liverpool, and Real Madrid. With partners and investors like Gérard Piques and Antoine Griezmann, the idea has long had strong backing.  

Nike

Another company that has entered the NFT sector is Nike. Nike, the sportswear behemoth, has patented a way to use an NFT system called CryptoKicks to confirm the legitimacy of trainers. Upon purchasing a set of CryptoKicks, buyers are also given a digital token that serves as a means of tracking the sneakers’ validity as they are sold to others. For a lucrative trade via NFTs or cryptocurrencies, you can join trading bots like immediae evista. It will help you get a quick view of the market and buy or sell coins at a profitable rate.

The patent states that when a consumer purchases a physical pair of shoes, the system produces a digital model of the shoe, assigns it to the consumer, and links it to a cryptographic token. Together, the digital shoe and cryptographic token form a ‘CryptoKick’.

Know What’s Next?

Based on the initiatives showcased, NFTs and the Metaverse are not some far-off concept; they have been around for quite some time. One should not presume that development will decelerate or halt in the years to come. Users and businesses alike are discovering ever-increasing benefits in the metaverse, a networked virtual environment.

Incomparable ownership, trading, and revenue potential await NFT sports holders in the future. Holders of NFTs, which stand in for unique digital assets like tickets, events, and sports collectables, can take pleasure in increased participation, authenticity, and economic appreciation in the dynamic sports industry.

Furthermore, existing NFT market participants are making greater efforts to associate physical assets with purely digital ones, such as works of art, songs, or films. Naturally, this increases the desirability and value of owning NFTs.