The NFT storm has become unstoppable. From Art, Music to fashion and food, everything has come under the spotlight of NFTs. However, sports and games are gaining more popularity in the world of Blockchain and NFTs. Let’s take a deeper look at how NFTs have helped these sectors evolve.
NFTs are non-fungible tokens that allow users to earn money as they play and invest at the same time. So how do they function in the gaming and sports industry?
NFTs In Sports Sector
The NFT wave first started in the field of Art. From there, who would have imagined that NFTs would come this far in the Sports industry? The sports sector, in particular, is a unique one as it majorly thrives on the fans. As a means to give back to the fans, athletes and players often collaborate with brands to release their posters or merchandise.
With the entry of blockchain technology and NFTs, these posters and merch have now gone digital. Sports NFTs are digital collectibles and trading cards of favorite players in any sports. Players and athletes are now launching their own collectibles. In a way, this has helped them establish a strong bond with their fans. Players are now able to monetize their brand, create an identity for themselves, remove the middlemen and engage with their fans directly.
How Do They Work?
NFTs in the sports industry can be video clips, audio of famous commentary or conversations between players, digital posters, etc.
Trading Card And Memorabilia
- Memorabilia belonging to any sports ranging from awards, autographs, trophies, etc., can now be owned as NFTs.
- Though the tangibility of the trading card is not there, the ownership of these cards remains clear. Owning trading cards in blockchain will increase the value of the cards and make them more secure.
Merchs And clips
- Digital Sports merchandise includes wristbands, socks, and boots that every sports fan yearns to own and can be easily held as NFTs.
- A specific moment from the history of any sport that is firmly etched in the minds of the fans can now be owned as NFTs.
NFTs In Gaming Sector
Gaming is another industry that was influenced by NFTs. Gamers spend a substantial amount of time gaming. Some ardent gamers even buy in-game assets such as powerful guns, swords, etc. Gaming cosmetics that help in defining the identity of the gamers also cost quite a sum of money.
The major loophole in traditional games is that the amount of time and money spent in the game is not directly related to the benefits or rewards that you reap from the game.
But here we have NFTs to change this situation. With NFTs entering the picture in the gaming sector, all the in-game assets that the gamer purchases can be sold and traded outside of the game. Rewards can also be yielded as NFTs. Even after the game comes to an end or even if the gamer loses interest in the game at any point, the rewards and the purchases that the gamer has made do not go redundant.
The Benefits Of NFTs In The Gaming Industry:
NFTs provide players with the opportunity to completely own their in-game resources rather than the developers. Gamers can save their in-game buys and sell or rent them to other players or even use them in other games.
Collectors value uniqueness and credibility. The scarcity of in-game NFT is provable through the immutable record in an NFT’s blockchain network. The scattered public record proves the uniqueness and ownership history of each of the NFTs.
When a game closes down, the gamers who engaged with the game lose their in-game purchases. Non-fungible Tokens have the power of withstanding, and they live on the blockchain itself. In-game buys can be bought with a certain amount, which will make the gameplay worth it. This motivates more games to enter the current blockchain market. With blockchain technology, the chances of forging or copying the in-game assets are limited.
Final Thoughts- The Future
The potential benefits of NFTs will increase as more non-blockchain-centered brands and sectors step forward to explore different opportunities in the NFT space. Collaborations with other blockchain projects, too, will help the brands rebuild their identity and vision.
NFTs are also an entry point to the Meta Verse. NFT holders might get access to premiere matches and leagues in the Metaverse. Now that the real estate business has entered the territory of NFTs, there are also chances for owning stadiums and lands.
The convergence of Non-fungible Tokens and gaming has led to a new model of gaming with Play-to-earn games. New developments like this have motivated many NFT gaming marketplace to come up with new innovations. There’s no doubt that both the sports and gaming sector will explore different avenues in the NFT space.