Sports and Non-Fungible Tokens (NFT): A match made on a blockchain

Key Takeawasy

• The rising popularity of Non-Fungible Tokens (NFTs) has spread to the world of sport
• Many athletes are tying up with platforms to release their digital collectibles
• Startups and blockchain platforms raise millions of dollars to enter the race

YEREVAN (CoinChapter.com) — Non-fungible tokens (NFTs) have taken the world by storm. The rise of various cryptocurrencies since the launch of Bitcoin (BTC) in 2009 has changed the world of business and finance. As a result, the concept of digital currency, albeit faced with strong opposition, has risen in popularity. 

Game-changing ideas spread by the advance of blockchain technologies, like the concept of transferring money without the involvement of a bank or forming self-executing contracts, have changed the future of the global financial systems.

Rising in popularity among the new technology is Non-Fungible Tokens.

As the concept of NFTs continues to spread like wildfire on the various blockchains, one industry does not want to lose out on the billion-dollar opportunity.

Sports and NFTs are proving to be the next big thing out there. 

Recommended: Sport-themed NFT firms raise over $900 million in funding

Sports meets NFT, love at first sight

When it comes to sports, nothing matches the craze of its fans. People go to extreme lengths to show their support for their favorite sportsperson or their favorite team. What’s more, people spend lavishly on sporting events, tickets, and merchandise.

Sports fans go wild about owning sports collectibles, from posters to signed cards, t-shirts, balls, bats, and anything and everything to do with sports. NFTs now offer a new digitized way of collecting sports memorabilia. 

Non-Fungible Tokens also present a great money-making opportunity for the sports industry. It represents a new way for fans to get involved with their favorite teams, sportspeople, wins, and special moments on and off the turf.

In 2020, the global sports market reached a value of nearly $388.3 billion. It has the potential to reach $599.9 billion by 2025 and $826.0 billion by 2030.

With over 8,00 kinds of sports played worldwide, it is no wonder that NFTs are becoming the new cash cow for the industry.

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Companies raise millions for sports NFT projects

Despite the cryptocurrency markets facing a dump, sports NFT projects show no signs of slowing down.

Just days back, French NFT trading card game platform Sorare raised $680 million. The company has built a fantasy soccer platform based on non-fungible tokens and runs on the Ethereum blockchain. Fans and players on the platform buy, sell, trade, and manage a virtual team with digital cards.

Sorare Raises $680M in Series B Funding; Valued at $4.3 Billion https://t.co/RqwB1drfGQ

— Tech Company News (@TechCompanyNews) September 23, 2021

Another popular basketball collectibles platform, Dapper Labs, raised $250 million. Thanks to the investment, the platform will now expand beyond Basketball, partnering with some big names in the world of sports.

Dapper Labs, the maker of NBA TopShot, has raised $250 million in a new round of funding, valuing the NFT firm at $7.6 billion.

CEO Roham Gharegozlou says Dapper Labs has seen over $700M in total sales in less than a year.

Their partnership with LaLiga is now official as well. pic.twitter.com/M99Z3bcTmB

— Front Office Sports (@FOS) September 22, 2021

Miami-based company RECUR also raised $50 million in July to develop a sports-based NFT marketplace. Among its major investors is Steve Cohen, who owns the New York Mets, a Major League Baseball team based in New York City. As a result, Cohen has also joined the company’s Board of Directors. 

RECUR, a non-fungible tokens platform, has raised $50 million of Series A financing led by Steve Cohen, the billionaire owner of the New York Mets. RECUR has signed a deal with the Pac-12 Conference to sell the league's NFTs https://t.co/hISNfnZSA4 pic.twitter.com/lJuJu6R3Dj

— Forbes SportsMoney (@ForbesSports) September 13, 2021

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Some of the biggest sporting stars float NFTs

The world of digital sports memorabilia keeps expanding, bringing with it iconic sports heroes into the NFT universe.

Seven-time Super Bowl champion Tom Brady entered the space and launched his NFT platform called Autograph. 

His company boasts of enrolling sports legends such as Tiger Woods, Tony Hawk, Naomi Osaka, Derek Jeter, Simone Biles, and Wayne Gretzky.

Not only this, but he also successfully roped in Usain Bolt, the celebrated athlete dubbed the world’s fastest man.

Joining Autograph's advisory board:

Usain Bolt ⚡️

Tom Brady's NFT venture continues to add to its stacked roster of talent, as the World's Fastest Man will drop his first-ever digital collection next week. pic.twitter.com/suuWIZ9sLw

— Front Office Sports (@FOS) October 1, 2021

Sports NFTs, however, has not remained confined in the United States. 

In Australia, the NFT trading platform Sportemon Go is popularising non-fungible tokens by signing up some of the biggest sporting names in Australia. Former National Cricket team captain Adam Gilchrist, Rugby legend Wendell Sailor and MMA fighter John Wayne Parr have joined the space.

The Sports Revolution has begun…
Superstars & Legends Powered by SGO Token🚀🚀
👉 Join the NFT pre-sale Hometown Heroes Australian collection now: https://t.co/54mkamobkY @SGOgamechanger #NFTs #Gamechanger #NFTCommunity #NFTcollectibles pic.twitter.com/HSTwlZsqik

— Sportemon Go (@sportemongo) September 29, 2021

Tampa Bay Buccaneers player Rob Gronkowski partnered with non-fungible tokens marketplace OpenSea to release five digital trading cards featuring Super Bowl moments.

NBA NFTs are also big in the market. 

Brooklyn Nets player Kevin Durant, Los Angeles Lakers star LeBron James and Milwaukee Bucks forward Giannis Antetokounmpo are some basketball stars selling hot on specialized NBA collectibles platform TopShots. 

🚨 TOP COLLECTOR ALERT 🚨

This is 1️⃣ of 4️⃣9️⃣ LeBron James Moments that can ever be minted in our Cosmic packs. Scooped up by user rapid_goji_berry2079 via the #NBATopShot marketplace 📈

Start collecting Moments like these before the beta opens! https://t.co/S4XvtARyar 🏀⛓ pic.twitter.com/Lqm8grEIF1

— NBA Top Shot (@nbatopshot) September 29, 2020

In March, Football star Cristiano Ronaldo NFT sold for $290,000 on Sorare, while former English footballer Michel Owen partnered with TopGoalNFT. 

WOW! 🚀 Congratulations to FC Camembert who has just smashed our #Sorare Market record.

The Unique 2020-21 Cristiano Ronaldo card was bought for $289920 on the Transfer Market. #OwnYourGame ⚽️

Season: 2020-2021
Serial: 1/1
Price: $289920 pic.twitter.com/unLS9aXaN1

— Sorare (@SorareHQ) March 14, 2021

There are many epic moments in football history. Which of mine is your favourite? It’s your call to make it into an NFT game card from @TopGoal_NFT with @Binance @TheBinanceNFT and get a chance to win my signed shirt!
1.Follow @TopGoal_NFT
2.Choose your favourite and retweet pic.twitter.com/8xU9lmUkIW

— michael owen (@themichaelowen) June 17, 2021

OpenSea launched MMA fighter Khabib Nurmagomedov’s NFT Platinum Cards.

Ethernity launched NFTs with popular Argentine football star Lionel Messi under its ‘Messiverse’ collection earlier this year. The collection sold out in an hour, generating around $3.2 million in sales. 

[HILO] ¿QUE ES MESSIVERSE? 💵

Esta tarde en las redes de Lionel Messi se anunció el lanzamiento de su NFT en Eternity llamadas Messiverse… como lo era para mi seguramente para muchos sea algo desconocido, por eso paso a explicarlo.

🙏🏽 Si te gusto me ayuda mucho la difusión. pic.twitter.com/hcaZA9dO4M

— Agustin Oliva (@AgustinOlivaOK) August 21, 2021

A rare player card of footballer David Beckham is also on sale for 200 Ethereum (ETH) on the OpenSea.

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Platforms rush to join the trend

After the initial successes of Sports NFTS, many athletes are catching up on the idea. For example, defending Wimbledon champion, Naomi Osaka, launched her NFTs on BasicSpace, with one going as high as $200,000. 

An NFT representing Andy Murray’s win at Wimbledon 2013 sold for $177,777 at auction in July. To sell his series of collectibles representing his Wimbledon victory, Murray partnered with NFT platform WENEW.

Don’t forget! This week, collectors of WENEW's inaugural @Wimbledon x @andy_murray NFT can access their Physical Artifacts and Collectibles. Connect your MetaMask and claim yours at https://t.co/VDgDvjgtSo. #NFT #nftcollector pic.twitter.com/XgZy8pr6ic

— WENEW (@wenewmoments) August 24, 2021

With the rising trend, sports brands and sporting leagues are launching their NFT marketplaces.

UFC has launched its NFT platform for Mixed Martial Arts (MMA), Candy Digital for baseball, while CricketCrazy.io and RARIO want to take the cricket world by storm, etc.

Other NFT platforms have also successfully roped in lucrative partnerships. 

Solana-based platform Blockasset is not staying behind the race. Football stars like Giorgio Chiellini, captain of Juventus and the Italy national team, and French legend David Trezeguet have signed a partnership with the platform.

21 years ago a legend was made 🏆@Trezegoldavid the Juventus & France legend joins Blockasset!

The David Trezeguet – Golden Goal Collection is coming exclusively to Blockasset.

C'est doré 🥇🇫🇷#Blockasset $BLOCK #Solana #SOL $SOL pic.twitter.com/e0lIBaXMa4

— Blockasset (@Blockassetco) June 30, 2021

Singapore-based public blockchain Zilliqa has partnered with Comubian football star James Rodríguez to release the star’s NFTs, while Green Bay Packers star Aaron Jones has signed an endorsement deal with FTX. The star will reportedly get paid for his services in cryptocurrency.

I’M IN! Excited to join @ftx_app as an investor and ambassador!

The best and safest way to buy, sell and trade crypto 🙌 #ToTheMoon pic.twitter.com/mVmpwr4Nyk

— Aaron Jones 3️⃣3️⃣ (@Showtyme_33) September 28, 2021

With Non-Fungible Tokens s called the future of fine art collecting, it has already become mainstream. However, there is no doubt that NFTs are here to disrupt the ecosystem.