NFT tokens: a new currency for sports fans?

In this article, we will not dwell on the mechanisms and principles of operation of NFT tokens, you can see in detail, for example, in this article: "What is NFT".
Thanks to the emergence of tokens, today almost any material object can be digitalized and effectively protected from theft. There are many of them and they are different: custom, currency, cryptocurrency, etc. You can discuss each of these types for a long time, we suggest doing this in the comments, and we will dwell in more detail on NFTs, which have gained record high popularity in recent years.

What is an NFT token and how it differs from others

NFT-token, also known as non-fungible token, can be translated as “non-fungible token”. The blockchain stores a huge number of different tokens, digital virtual units - this is a kind of currency, the value of which is invested in goods, various services, etc. Usually all tokens are equal and interchangeable. This means that if we want to replace one token with another, nothing will change.

NFT technology works differently: each non-fungible token is unique, so it cannot be counterfeited or exchanged for another. Any digital file can become the object of NFT tokenization: photo, art, song, etc. The NFT token will be unique, just like the object itself. Do you remember that there is only one Mona Lisa in the world? So the blockchain allows you to certify the uniqueness in the digital world, guaranteeing the authenticity of the digital file to its future buyer. The art world is the fastest growing area where NFTs can be used, but not the only one.
However, NFT tokens are also used in other areas, for example, in the sports field. A tokenized object is like a collectible sports card ready for transfer: it is packaged, its originality is confirmed. Only in the case of NFTs, in order to confirm the uniqueness, the author must add the object to the blockchain platform so that a record appears there that we are dealing with the original.

NFT tokens in the world of sports

At the end of August 2021, the legendary forward Lionel Messi presented his first officially licensed NFT collection on the Ethernity blockchain platform as part of The Messiverse project. The main theme of the project was the athlete's achievements and significant moments in his career. In total, together with the Australian artist Bosslogic, Messi released three tokens "Man From the Future", "Worth the Weight", "The King Piece".
The first NFT art, Future Man, depicts the legendary striker in bionic form, in a nod to the cyber football league of the future. The second token, titled “The Price of its Weight in Gold”, depicts the legendary player in the form of the Greek titan Atlas, bearing the weight of the entire planet. This image is an allegory for Messi's professionalism with over 750 goals and his importance as a player who carries the fate of his teammates on his shoulders.

NFT in the world of eSports

One successful example of using NFT tokens in the world of esports is the case of the OG team. The esportsmen managed to win The International 2018 and 2019 Dota 2 tournaments and get four legendary rings of champions. On this occasion, OG decided to draw the treasured rings and release them for sale on the Nifty Gateway platform. Fans sold out all the boxes, each costing $199, in just a few hours from the start of trading.

Non-fungible and intangible

Why are blockchain platform users willing to pay money for NFT tokens? They are intangible, they cannot be touched and held in the hands, but people, as if seized with a fever, continue to buy them.

“People always want to have something unique. This is the same collecting of postage stamps, but on a different level,” says David Dashtoyan.

It is for this reason that the CryptoKitties game gained wild popularity, in which users had the opportunity to collect ... cats, each of which was associated with a unique token.

We talked about other reasons for the popularity of NFTs with Emmanuel Rigaud, a French researcher in blockchain technology. One of them is the ability to earn on non-fungible tokens, as is the case with the SORARE game. The platform regularly releases football cards for sale. By collecting them, players can participate in tournaments and win more valuable and rarer cards. Each of them is a digital asset that is officially licensed by a football club: Juventus, Schalke, West Ham and others.

“Many NFTs from different companies have been issued with the sole purpose of making a profit. Our goal is to ensure that every single NFT we issue will increase in value over time. Our commitment to the world of NFT stems from our deep belief in its growing possibilities,” commented Carlos Rodriguez, Founder of G2 Esports.

Another reason for the popularity of non-fungible tokens, as Emmanuel Rigaud notes, is fan love.

“With the advent of NFT tokens on the gaming industry market, I see how much the esports community has changed, or rather, communications within it. In fact, the teams reached a new level of communication with their fans, and they, in turn, were able to get even closer to their heroes.

In addition, the teams have a great opportunity to immortalize the brightest and most significant game moments in their careers, but, more importantly, to feel financial independence. Today, esports teams are still heavily dependent on sponsorship income. And if in the USA, one of the items of the team's income is sales of merch, then in Russia, sponsorship income is almost the only source of funding, and 90% of all prize money from tournaments is taken by players, not organizations, as David Dashtoyan notes. NFTs in this regard represent a truly amazing way to earn money through direct sales. Content creators can directly create tokens and sell them to their audience, focusing solely on their interests - and getting even closer to them.

What is the future of NFT tokens?

We do not know. Despite the wild popularity of non-fungible tokens today, it is still too early to judge what awaits them in the future. They are able to solve one of the key problems of the digital environment - piracy and fraud. Maxim Mamontov, an innovation scout at the League of Stavok, is also convinced of this, and he sees huge potential in NFT tokens in this regard. However, it is still difficult for people to understand the concept, and the lack of legislative regulation of this area imposes its own restrictions on the activities of auction houses and participants in the NFT market. Probably, interest in tokens will not fade for a long time. If you have NFT tokens, share in the comments why you decided to purchase or create them.