Table of Contents
Want to relive the childhood memories of collecting sports cards, posters, and memorabilia? Walking into a store, purchasing those collectibles seems like the most unbending thing in an era when technology has advanced so much.
So, what other options do we have?
In today’s sports world, fans are shifting their focus from physical collectibles to non-fungible tokens as they offer the unique ownership of the memory of an important moment in history captured on video, photo, audio, or another digital medium.
Sports fans will embrace the NFT marketplace development for sports as they can get not just the view of unforgettable sporting events, but also the rights to own those experiences as licensed digital assets.
According to Deloitte, global transaction volume for the NFT sports market is expected to exceed $2billion by the end of 2022. According to the same study, over 5 million sports enthusiasts will purchase or receive an NFT sports collectible in 2022.
Current market trends show NFT sports will continue to thrive, providing entrepreneurs with new investment opportunities to be part of the future of sports.
If you are interested in investing in NFT sports marketplace development, then this blog is here to help.
This blog will allow you to gain an understanding of what an NFT sports marketplace is, how it is growing, how it can benefit you, what popular NFT sports marketplaces are available in the market, and how you can develop one of your own.
Now let’s begin.
NFT marketplace for sports is pretty much similar to any NFT marketplace where buying and selling of non-fungible tokens take place.
A sports marketplace on NFT will enable magnificent sports enthusiasts to buy, sell, and bid on digital assets related to the sports they are most passionate about.
There is no limit to the type of digital asset that could be traded on such marketplaces. These digital assets could be anything like playing cards, sports kits, memorabilia, or video clips.
These non-fungible token sports marketplaces allow users to browse through a number of different sports, including soccer, baseball, basketball, cricket, and a variety of other sports.
Non-fungible tokens (NFTs) are an incredible means for athletes, sports teams, and historians alike to interact with their favorite teams, athletes, and moments in history. It has always been a passion of people to own sports collectibles, and now, NFTs provide a new way to do so.
The PRN Newswire reports that sports collectibles hold a market size of $4.14 billion and will expand at a CAGR of 9.7% between 2022 and 2032. By tokenizing sports collectibles in NFT, the market will grow substantially.
Be it the art, entertainment, or media industry NFT gained acceptance in almost all industries. This acceptance led towards the significant growth in the market value of the NFT collectibles.
In the fiscal year 2021, the market value of the NFT collectible was estimated to be $7.29 billion and is expected to grow 202% by the fiscal year 2022. (Source)
By considering these market statistics, it is evident that NFT and sports are a good match. For athletes, NFT will come out as a new way to connect with their fans alongside offering the maximum ROI. While sports enthusiasts can get ownership of the historic sports moments with a digital certificate of ownership.
Without an iota of doubt, NFT has taken the sports world by storm with its remarkable traits. Below we have outlined a few of the most appealing traits of NFT sports marketplace development.
Here are a few of the most popular NFT sports marketplaces that are blowing away the sports industry:
NBA Top Shot is a blockchain-powered platform that allows users to trade using the officially licensed digital collectibles. The NBA is mainly involved in bringing the historic basketball moments to the blockchain.
NBA collects the sports highlights and later places these highlights on the platform that is available for users in the form of NFT. According to the Action Network, NBA NFT sales have reached over $1 million every year on the platform.
In Sorare, users can access an extensive collection of NFT football trading cards and create fantasy teams with those cards, as well as compete for NFT cards and ethers.
The success of the Sorare platform can be understood by the fact that it is officially partnered with over 150 football teams.
Sorare is emerging as the best fantasy football platform built on Ethereum.
NFT Dapper Labs is another NFT sports marketplace where players will find an assortment of digital video highlights of iconic NFL play moments throughout the season.
In a recent announcement, Dapper Labs announced its partnership with the National Football League (NFL) which means the platform has access to the Iconic moments of the season.
It is undeniable that NFT will set new trends for the sports industry. So leveraging its capabilities is a smart decision to create a new revenue stream for your business and be future-ready.
After you learn about this, the next question that comes to mind is how to create a marketplace for sports on the NFT.
In order to breathe life into your idea of an NFT marketplace development, take the following steps:
It would take a long time to follow all the factors mentioned earlier. Luckily, the NFT Marketplace Development company can take care of all of these steps within the shortest amount of time. These companies hold unparalleled expertise in NFT marketplace development services that can help you develop the NFT sports marketplace from scratch adhering to all your requirements. Konstant Infosolutions is one such company that is employed by the veteran team of NFT developers who are second to none. Let’s get in touch with us to have further discussion on the NFT sports marketplace development.
The following are the unique characteristics of the NFT:
In the NFT marketplace, sports enthusiasts have the opportunity to capture the moment and entirely own it with a digital certificate of ownership. Businesses, on the other hand, have the opportunity to stand out from the crowd with the use of NFTs.
Being indulged in the IT industry for more than 3+ years, I aim to offer up-to-date and latest knowledge on different technologies and trends setting the market. This is what I love to do. When I'm not working, I like to be near the outdoors surrounded by greenery.
Or send us an email at: [email protected]
