Sports NFTs are a growing segment of the non-fungible token (NFT) market, allowing sports fans to collect digital trading cards, virtual memorabilia, and more.
Read on to learn what sports NFTs are, where you can buy them, and whether they’re worth buying.
What are Sports NFTs?
Sports NFTs are verifiable unique digital assets created on the blockchain to represent digital trading sports cards, sports moments, digital memorabilia and other types of sports items.
The issuance of sports NFTs provides an opportunity for athletes, clubs and sports brands with a new way to monetize, while allowing fans to connect with their favorite clubs and athletes in a new way.
For example, owning limited edition virtual memorabilia of your favorite basketball team or a rare collectible card of your favorite baseball player is something that many fans are willing to pay good money for. As a result, sports NFTs often trade for thousands upon thousands of dollars (or more), and some of the rarest pieces have increased in value significantly since they were minted.
Where can you buy sports NFTs?
There are multiple marketplaces where you can buy sports NFTs. Let’s take a look at two of the most active NFT markets that sell sports-related NFTs.
OpenSea is the world’s leading NFT marketplace, allowing anyone around the world to mine, sell and buy a wide range of non-fungible tokens. From digital art and music to crypto collectibles and sports NFTs, the platform offers almost everything the NFT market has to offer.
Rarible is one of the leading NFT marketplaces where people can mine, sell and buy a wide range of different types of irreplaceable tokens. The “Community Driven NFT Marketplace” sells NFTs representing PFPs (Profile Pictures), art, domains, music, and more. You can also buy NFTs from many of the top sports NFT brands on Rarible.
In addition to Ethereum (ETH) based assets, Rarible also supports NFTs running on Tezos (XTZ), Flow (FLOW) and Polygon (MATIC).
Founded by American football star Tom Brady, Autograph is a sports NFT platform that sells signed limited edition sports collectibles from numerous top athletes and former athletes, such as Tony Hawk, Wayne Gretzky and Naomi Osaka.
Autograph supports NFTs running on Ethereum and Polygon.
Top NFT brands for sports cards
In addition to famous athletes such as Rob Gronkowski dropping flagship NFT collections, a handful of sports NFT brands have emerged to capture the lion’s share of the sports NFT market. Let’s take a look at them.
Sorare is a fantasy football trading card game that allows players to buy, sell and trade collectible cards. Sorare players act as soccer managers by creating teams of five soccer players using virtual cards represented as NFTs on the Ethereum blockchain.
Each card represents a real-world soccer player and their performance on the pitch affects Sorare’s score.
Built by Dapper Labs (also responsible for CryptoKitties), NBA Top Shot is a virtual card trading platform on the FLOW blockchain, officially licensed by NBA Players Association. NBA Top Shot NFTs are short videos showcasing notable dunks, 3-pointers and other exciting game events called “Moments”.
NBA Top Shot is reported to have reached a market cap of over USD 1.1 billion in March 2022.
NFL all day
NFL All Day was released at the end of the 2021 NFL season as a trading card game in partnership between the NFL and Dapper Labs. The platform allows fans to buy and collect NFTs of NFL players and memorable moments.
NFL All Day runs on the FLOW blockchain and at the time of writing had a market capitalization of USD 68.15 million.
Another partnership bringing trading cards closer to fans is UFC Strike, which was created by Dapper Labs and Ultimate Fighting Championship. Just like NBA Top Shot and NFL All Day, UFC Strike enables fans to collect virtual trading cards based on famous fighters in the form of NFTs minted on the FLOW blockchain.
UFC Strike had a reported market cap of 7.9 million USD in March 2022.
Should you collect sports NFTs?
Sports NFTs made headlines due to the celebrity appeal of athletes’ names attached to high-profile falls.
What’s more, leading NFT companies, most notably Dapper Labs and Sorare, have been able to secure licensing deals with some of the biggest sports leagues in the world, allowing sports fans to engage with their favorite clubs and athletes in a whole new way in digital. middle kingdom
Sports NFTs have also allowed savvy collectors to make significant returns by purchasing the right trading cards and virtual memorabilia and selling them at the height of the 2021 NFT boom.
While the NFT market may not be as hot as it was last year, weighed down by the significant decline in crypto markets, the number of sports fans entering the NFT space could help boost the value of sports NFTs in the coming years .
However, the NFT market is extremely volatile, and collecting sports NFTs can result in a complete loss of funds, for example, if an NFT brand loses a licensing agreement (like F1 Delta Time earlier this year). Therefore, anyone planning to buy sports NFTs as an investment should never invest more than they can afford to lose because there is a very real chance of losing money in the NFT market.
Having said that, if you’re a fan and willing to pay “any price” to get your hands on the latest collectibles of your favorite club or athlete, then sports NFTs might be right up your alley.
Find out more:
– NFL, Dapper Labs to launch new marketplace for digital collectibles
– FLOW Skyrockets on Google Cloud and Dapper Labs Partnership News
– Secondhand NFT market for NBA Top Shot Packs appears on eBay
– NBA, MLB, eSports, and now Bündchen & Brady join the FTX marketing team
– Super Bowl champion Gronk is set to auction off his own NFT collection
– The New York Yankees Bitcoin Deal
– Football heavyweight Inter is sweating over the “non-payment” of the sponsorship deal by the crypto firm
– Crypto exchanges retreat from sports spending as crisis continues