Sport NFTs became 2022’s newest buzzword in the web3 world, but what are they? And what is in it for sport fans and teams?
What are sport NFTs?
NFT stands for non-fungible token; each token, usually a piece of digital art, is made of a unique and non-interchangeable unit of data stored on a digital ledger using blockchain technology.
This means that each NFT is purely unique and holds value as a collectible digital asset, essentially like an ID for your art so no one can steal or copy it. Not to mention, owing an NFT can grant the owner rewards and other incentives.
So how do sport teams use NFTs? They create fan tokens – such as collectable artwork, player cards, sports memorabilia and even capture major sporting moments in the form of video clips and GIFs.
It is a win-win situation
For loyal fans, sport NFTs allow them to embrace their passion for the sport beyond the physical world, eternalize memorable sporting moments by purchasing collectibles or make money through reselling sought-after collections.
What’s more, some NFT communities have scored licensing deals with the biggest sports leagues in the world to enable their respective members to get special perks and connect with their favorite clubs and athletes in a completely new way, such as in online meet-and-greets.
As for sporting organizations, issuing digital collectibles and signing partnerships with NFT platforms brings an array of benefits: It fosters fan engagement and loyalty; enables a new stream of income; and can help boost the career of rising and leading athletes.
But the question remains: Are Sport NFTs the next generation of fan experiences in sports? Find out the answer at Fintech22 Forum during the “Sport & NFTs” panel featuring Lisa Fitzgerald, Partner and Head of Digital Economy at Lander & Rogers, and Greg Oakford, Co-Founder of NFT Fest Australia.
Scheduled on 30 November – 1 December 2022 at Sydney SMC Conference Centre, Fintech22 brings industry experts, CEOs, founders, entrepreneurs and executives of major blockchain, emerging tech and fintech companies together for a series of wisdom-packed keynotes and panel discussions.
A series of other keynotes and sessions talking about NFTs and the technology behind them will be covered at Fintech22 Forum, including ‘Examining the NFT craze: from PFP & beyond’, ‘The future of web3’ and ‘Welcome to the blockchain-based Metaverse’.
Attend Fintech22 Sydney to:
- Hear from FinTech experts and learn how business innovations can elevate and grow your business
- Create new connections with major players and thought-leaders within the industry
- Network within the fintech, blockchain and crypto communities
- Build upon existing connections with top decision makers
Don’t miss out on what the future holds for you and join us at Fintech22 Sydney Masonic Centre on 30 Nov-1 Dec, 2022
By: Giovanna Silva Altemani