If you think of one niche in crypto, which absolutely exploded in the last couple of months and still holds enormous momentum right now, what comes to your mind? NFTs!
And there are various reasons for this! First and foremost: NFTs are highly suitable for the masses compared to other niches like DeFi, Oracles, or any other sector in crypto you could think of!
Most people are not interested in talking about decentralized finance solutions; it doesn’t matter how important this topic is. It’s just not a thing most people would like to talk about with friends or family. But talking about a unique piece of digital art you recently bought, that’s pretty cool! And most important: the majority of people will not have a hard time understanding what you mean! It’s just a fact; more people can understand what a digital painting of the Mona Lisa is, compared to yield farming on Aave!
Promotion of NFTs
Further, significant influencers all across the globe promote NFTs a lot more than any other niche in crypto. To put it in plain words, they are tangible for a vast audience, which is the only thing that counts at the end of the day. And this is also the point where the sports industry comes into play. Billions of people all across the globe watch sports; it doesn’t matter if it is basketball, football, cricket, soccer, or any other game you can name. There is immense engagement, interest and passion involved. It’s a market worth trillions of dollars!
Profiting from NFTs
And as always, if there is demand, there is money to be made. From a profit-orientated company’s perspective, like most clubs or teams worldwide are, NFTs are an excellent opportunity to generate additional income. Fans love to buy physical collectibles, and a certain amount of them will also be interested in digital collectibles. Especially during the Covid-19 pandemic, where many clubs suffer from missing turnover, NFTs represent a promising possibility to earn money due to the enormous NFT hype happening at the moment.
On the other hand, NFTs provide very interesting and, in some cases, even lucrative possibilities for sports fans to engage with their favorite teams or players. The most obvious one, of course, is buying an NFT as a collectible.
Some more unique NFTs, let’s say a rare special edition token of an exceptional drop, could also be seen as a store of value.
But the use cases do not stop here! Through platforms like Socios, fans can take advantage of special offers by their favorite team to gain even greater access to the players or other unique engagement opportunities, only available through NFTs!
Other projects like SoRare even provide an possibility to earn money with non-fungible tokens! To put in a nutshell how SoRare works, you can basically build a fantasy soccer team consisting of digital cards of players you bought. If one of your players scores a goal in real life, your team earns points. Each card contains a multiplying factor depending on how rare the card is. The higher the multiplier, the higher the points you earn. By participating in tournaments with your team, you have the chance to win prizes, in some cases even ETH!
As you can see, there is almost no other industry worldwide where NFTs have such a significant amount of use cases like in sports. The opportunities for fans to engage with their favorite teams or players have grown tremendously since NFTs got adopted, primarily through platforms like Socios or SoRare. They bring millions of users into the space. All parties involved profit from it! That is why the sports industry plays a massive role in the ongoing mass adoption of NFTs in broader society.