Non-fungible tokens (NFT) for sports are growing steadily as the sports industry looks to digital assets to expand revenues. Leading technology firm NFT Tech announced a new partnership with Sony Hawk-Eye Innovations to connect sports to NFT.
Tech Giants to Boost Sports NFTs
The two partners are determined to tap into the sports ecosystem and extend the potential of the NFT to the marketability of sports. Sony Hawk-Eye Innovations provides unrivaled digital solutions to the sporting world, alongside officiating and sports broadcasting.
For its part, NFT Tech is a pioneer in providing live sports data and innovative ways to tap into the world of boundless opportunities in sport.
Sport is an extremely popular activity, drawing millions of fans around the globe together. Any regular season in sports is a good time to observe the excitement and passion displayed by fans for the love of the game.
By adopting blockchain platforms in the sporting industry, the new partnership will look to leverage the popularity of sports.
All over the world, sports leagues are constantly looking for ways to increase their viewership and maximize revenue. The aim is not just to gain financially but to connect with fans because sport is a shared passion that transcends monetary gains.
According to Adam De Cata, CEO of NFT Tech, partnering with Sony to pioneer blockchain use cases for the sporting industry is a huge milestone for the company.
Furthermore, fantasy sports are another area where the investment potential is massive, with experts predicting a market cap for the industry to reach $50 billion in the next ten years.
More than 20 sporting activities currently use Hawk-Eye services. Apart from all ball sports, they are utilized in horse racing, athletics, and motorsports.
How NFT Can Benefit the Sports Industry
The explosion in digital collectibles has seen the demand for NFT soar as several industries try to integrate it into their respective sectors.
However, the development of sports NFT has brought another rewarding item to the sporting team as the fans’ experience is greatly enhanced. In addition, NFTs have practical applications that will revolutionize the industry, making fans more connected to their teams.
Fans get to demonstrate their loyalty to their club by holding NFT collectibles. In return, the team and players can offer the fans value by issuing NFT items that can serve as utilities for future use.
With digital collections, fans collect player cards that they can use in their team marketplace in exchange for memorabilia.
Furthermore, beyond the digital collectibles, NFTs can be integrated into live sports as virtual tokens for fans to access games.
Some clubs also add perks like fans’ tokens to complement the NFT collections for some selected supporters, which they can use to get a player’s autograph or limited edition sportswear.
The applications of non-fungible tokens in the sporting space have continued to expand. NFT will change the traditional way of generating revenue by adding digital aspects and physical arrangements.