CryptoCurrencies to Propagate NFT Collectibles Market
This is an illustration of the inclusion of cryptos and NFTs in sports; how are they helping each other grow!
Blockchain and cryptocurrency are expected to expand the sports business beyond NFT collectibles
If Blockchain can create an immutable, non-replicable unique ledger system with the introduction of altcoins, non-fungible tokens (NFT), and distributed finance (DeFi), a lot of potential lies hidden in the cryptosystem.
NFTs in Sports
Companies are endorsing players in Cryptocurrencies and paying them full or partial salaries in Bitcoins and related digital assets.
NFT is short for Non Fungible Tokens, which are digital assets. Its ownership is recorded on an immutable Blockchain, which is non-changeable.
Examples of NFT Collectibles
Every physical item like a painting, a football, a car, a toy, a suit, a necklace or any other thing is convertible into an NFT collectible. Examples:
- Autographed Jerseys,
- Autographed NFL Helmets,
- Autographed NFL Footballs,
- Basketball Memorabilia,
- Baseball past and present memorabilia,
- NHL Hockey,
- Autographed photos of sports stars,
Autographed bats from the games like NFL, NCAA, MLB, NBA, NHL, Golf, Boxer, Nascar, Soccer, and Olympic Memorabilia are available as NFT Sports Collectibles.
These are sold at whopping prices in Metaverse NFT Marketplaces. Also, avatars of famous athletes like Ben Roethlisberger, Urban Meyer, Derek Jeter, Sidney Crosby and many others can be found trading in metaverse platforms.
Why are Blockchain and Cryptocurrency gaining popularity in sports?
NFT Sports Collectibles are sold in Bitcoins, amounting to million dollars for a single digital asset. It is a game turned into a fad while most people were spending their time indoors due to pandemic restrictions. Many celebrities jumped right in to encash the opportunity.
NFTs are so expensive owing to their scarcity, and uniqueness. When someone buys an NFT Collectible, they become its owner and everyone on the internet gets to know about it. This gains value and momentum.