NFTs ‘The Future Of Digital Assets In Sports’ – PwC Reports

NFTs, or Nonfungible tokens and digital assets are one of the ten major trends within the sports industry, according to PwC, Sports Outlook 2022 report for North America. 

The consultancy Price Waterhouse Coopers’, or PwC, Sports Outlook 2022 report for North America.

From changing the sports technology infrastructure to increasing fan engagement, there’s a lot to do.

According to a report by Price Waterhouse Coopers, three primary use cases for NFTs and their potential to change the future of sports are listed.

Collectible NFTs are the first use case, which are assets used to offer collectible, authenticated, and limited-edition digital material.

This refers to traditional memorabilia that can be digitized, minted, and traded on the blockchain, such as player trading cards or ticket stubs from historic matches.

These collectibles might someday be displayed and exchanged throughout metaverses, according to the report.s.

The “best known” example of a collectible NFT collection is the NBA Top Shot from Dapper Labs.

The marketplace, which tokenizes highlights or the “best” plays in NBA history, is currently ranked second.

What You Need To Know

In 2021, the Axie Infinity game will have the most NFT transactions in the blockchain gaming industry, with $827 million dollars.

Another well-known example is retired NFL quarterback Tom Brady’s NFT collectible marketplace Autograph. Which recently received a $170 million Series B investment.

iexclusivenews reports that the NFTs for season ticket members, or STMs, could be a significant use case.

Season ticket holders would benefit from validated tokenized passes, which would enhance their already positive experience.

STMs who are accustomed to receiving exclusive content and unique stadium experiences.

May also earn limited-edition collector NFTs for the games they attend, according to this online news outlet.

Sponsors may gain as well if the teams they support allow them to ensure that customers who lose their actual tickets do not forfeit any additional benefits.

Finally, virtual access tokens are predicted to be in high demand among fans who choose to pay more for a virtual experience but may not attend in person.

iexclusive News Nigeria reports that Virtual access tokens, dubbed a “new form of season tickets.”

May allow owners access to more behind-the-scenes amenities like player cams, bench cameras, and even virtual locker-room access.

The Success Of NFTs With Soccer Clubs

Paris Saint-Germain and Manchester City are two soccer clubs that have had success with their fan tokens.

Allowing fans to have a say in non-strategic game-day decisions such as walk-up music.

Ticket sales, media rights, and sponsorship are currently the most lucrative revenue streams for teams and leagues, according to PwC.

Tokenized tickets, NFT media rights, and sponsorship of digital or metaverse events are expected to drive the sector forward.

Digital asset sales might become a “significant” revenue stream, according to the report.

The teams would require a software stack that integrates their new digital sales data to make this happen, according to the paper.

With current customer records and a solid legal staff to deal with regulatory and tax consequences, you’ll be in good shape.

All of these tendencies are on the rise, especially as the popularity of collaborations between NFT marketplaces and sports bodies grows.

Magic Eden, a Solana NFT marketplace, just announced a collaboration with Overtime for a future NFT collection.

During the 2022 NCAA men’s basketball tournament, the sporting entertainment platform will be used to increase fan involvement.