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Monday, August 8, 2022

Sports Industry Could Find Some Much Needed Engagement Through NFTs In 2022

The sports industry would find some much-needed support through NFTs or Nonfungible tokens, which have been growing quite a lot in popularity since the release of the first NFT, the CryptoKitties, back in 2017.

The sector has been expected to move close to $800 billion in the next couple of years. Some of the most well-known use cases for such NFTs are usually picture-for-proof projects such as the Bored Ape Yacht Club and several play-to-earn gaming projects. NFTs have also garnered some attention from the aforementioned industry, with several professional sports leagues setting up their platforms that would allow fans to start engaging with their favorite teams or players. 

Sports Industry To Get A Big Boost From NFTs

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For those who are unaware, NFTs are unique and non-interchangeable pieces of code that are stored on the blockchain. These strings of alpha-numerical code are usually linked to assets like artwork, or even digital and physical goods.

NFTs are further created through a process that is known to be minted, and most of the creators would be able to set a limit on the number of NFTs that they would want to mint, which would then create scarcity- thereby skyrocketing the demand for the NFT. Interestingly, scarcity has never previously existed with digital goods since they are easily replicated- but NFTs have managed to change this. This makes them an important component of the sports industry. 

As we all know, Sports Industry fans are quite strong about their feelings for their favorite player or teams that they usually would do anything to interact with. Such engagement ranges from watching or attending live games or even attending signing events. This is why several sports leagues throughout the world have been able to notice the value of fan engagement and have therefore created platforms where fans would be able to buy digital keepsakes. 

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