According to a recent Deloitte study, many more as 5 million individual sports fans would have NFTs by 2022
By Vaibhav Pathak
Desirable rules, a convenience-driven attitude, and the growth of the new normal have all contributed to a renewed emphasis on technology use. Smartphones are now acting as a driver for digital adoption in India’s tier 2 and 3 sectors. These developments are expected to result in a more linked ecosystem of different digital devices capable of meeting the world’s ever-increasing demand for quicker connectivity, more processors, and more entertainment alternatives. Furthermore, an expanding NFT marketplace increased diversity in talent and engagement of women in the tech sector, and the adoption of AI and app-centric approaches to improve mental health and wellbeing all point to increased digital maturity for companies.
Non-fungible tokens (NFTs) are the most recent technology showcasing how the conceptions of value and currency are developing in the digital era. And many businesses are already taking note, consolidating their status as market leaders in the process.
According to a recent Deloitte study, many more as 5 million individual sports fans would have NFTs by 2022. This will be accomplished through a combination of discounts, promotions, and giveaways. According to the same analysis, NFT transactions will more than quadruple throughout the course of the year. Sports NFTs generated over a billion dollars in 2021 trades, but it is expected to exceed $2 billion in 2022.
When the usefulness of NFTs extends into the metaverse, they become a lot more intriguing. When NFTs meet Metaverse the combination allows you to sell additional tickets to special events and even sell beyond the capacity of the venue. With the prolonged uncertainty and limits on game attendance, you can provide fans with an alternative. They may have the feeling of being at the game while remaining at home and securely socially distancing or separating themselves. This would also allow supporters who live outside of the market or further away from the team’s home city to witness the action, engage with fellow fans, and feel the ambiance and being at the arena. With the rapid improvements in virtual environments, it would be a wise financial decision to establish and grow eco-friendly NFT creation and immersive gamespace platforms. The world is changing, and the epidemic has placed a significant financial burden on the sports sector as a whole. Finding and developing new, unique ways to engage and interact with customers would aid in the discovery of boundless possibilities.
Fans’ interactions with their favorite teams may be significantly altered by digital assets. There will be more opportunities than ever before to engage with teams and players. Fans may build tighter relationships with their teams if they are done well to assist improve the consumer experience. Digital tokens, in return, could create a big financial potential for sports organizations. Traditionally, the three major revenue streams for clubs and leagues have been ticket sales, media rights, and sponsorship. Tokenized tickets, NFT media rights, and funding of digital or metaverse events might all lead to considerable development in all three. Indeed, we wouldn’t be surprised if, within the next 5 years, digital asset revenues become one of the most important revenue streams for many clubs and leagues.
More market participants recognize the significance of AI, especially it’s capacity to create a competitive edge and shape the future of employment. We anticipate that by 2022, India’s AI goals would move toward cost efficiency and workforce productivity. Sustainability is measured by three major factors: economic, environmental, and social, and NFT appears to check all three boxes making it one of the strong sustainable contenders in the sports content ecosystem.
The author is co-founder, The Girlfriend Box