Sports Non-Fungible Token have emerged as a groundbreaking new Non-Fungible Token use case that brings Non-Fungible Token to millions of real-world sports fans. When XEM at these 3 projects, I also see the extremely great potential that Sports Non-Fungible Token can bring to the entire Non-Fungible Token market, let's find out with Hak Research in this article.
Before jumping into the article, everyone can refer to some of the following articles to better understand.
What is Sports Non-Fungible Token ?
Sports Non-Fungible Token is a Non-fungible Token (Non-Fungible Token) that represents a digital asset related to sports such as videos, photos, statistics about a sports figure, a famous sports team or an important event in sports.
The release of Sports Non-Fungible Token provides athletes, clubs and sports brands with a new avenue for monetization while allowing fans to connect with their favorite clubs and athletes. them in a new way.
For example, owning limited edition virtual items of their favorite basketball team or rare collectible cards of their favorite baseball players is something many fans are willing to pay top dollar for. Additionally, Sports Non-Fungible Token also offers speculation for investors who can buy rare items and resell them at a higher price.
What Can These 3 Projects Teach Us?
After briefly learning about the concept of Sports Non-Fungible Token, surely all users are still wondering what the 3 projects I want to mention in this article are, let's find out.
Sorare - Pioneer in integrating Non-Fungible Token in the sports field
Sorare Project
Sorare is a fantasy sports platform founded in 2018 where users can collect Non-Fungible Token of famous sports figures to build a dream team and compete with other players. Sorare has partnerships with leading leagues in the world such as: Premier League, La Liga, Bundesliga, NBA, MLB (Major League Baseball),...
Each user, called a manager, will build a team called Non-Fungible Token Team. They will then use their squad to participate in tournaments on Sorare's system and win special prizes such as: Cash, in-game VIP experiences or even exclusive flights with with their favorite team.
Up to now, Sorare has attracted more than 3M registered users on the platform with a total cumulative volume of more than 500M USD. In addition, Sorare also implements fiat payment methods, which is something other Non-Fungible Token projects need to keep in mind if they want to attract users who know nothing about the Crypto market to join their platform. .
In addition, Sorare is known as one of the projects that received huge investments from investment funds with more than 1.2B USD poured into this project. This also shows the position and high expectations that VCs have for Sorare.
NBA Top Shots - Over one million users on the platform
NBA Top Shots
NBA Top Shots is XEM the most famous project in the Sports Non-Fungible Token field and is also one of the popular projects in the Non-Fungible Token market. Since its founding in 2020 by Dapper Labs and running on Blockchain Flow , NBA Top Shots has surpassed 1 million users in just under a year. By mid-2021, NBA Top Shots had cumulative revenue of 700M USD and reached an impressive peak of 250,000 users accessing its platform daily.
A special point is that Dapper Labs is also the team behind the development of the famous CryptoKitties project that made waves in the market in 2018. Having built an extremely successful project before with Understanding the market, Dapper Labs has led and oriented the development of NBA Top Shots extremely well to achieve the current success.
NBA Top Shots launches Non-Fungible Token Marketplace selling Non Fungible Tokens Packs featuring the best moments captured from NBA games. Users can shop for Non Fungible Tokens Packs with many other options ranging from just 1 - 2 USD for regular Non-Fungible Token Packs to 20,000 USD for legendary sets and up to 100,000 USD for VIP Non-Fungible Token , giving users a tickets to actual NBA games for 5 years.
One thing NBA Top Shots has achieved that most Blue Chip Non-Fungible Token collections cannot achieve is widespread adoption, even among non-crypto audiences. In addition, the price for each Non-Fungible Token Packs is usually very cheap and attractive enough for any NBA fan who wants to collect exclusive moments of their favorite basketball players.
When talking about investments poured into NBA Top Shots, this number is not small at more than 500M USD. Although inferior to Sorare, this is a huge number in the Crypto market.
What Non-Fungible Token projects can learn from NBA Top Shots overall: Your project could launch on a lesser-known chain like Flow but still find success if it offers something that desired user. Another point to note is that real-world content that already has a huge fan base is an attractive destination and is very suitable for Non-Fungible Token adoption.
FC Barcelona - Investing 132M USD for Non-Fungible Token and Web3 projects
FC Barcelona invests 132M USD in Non-Fungible Token and Web3 projects
FC Barcelona is known to have a branch related to the Web3 segment called Barca Vision . On August 11, 2023, FC Barcelona announced an investment worth 132M USD in Non-Fungible Token and web3 projects. This investment was achieved through the Capital of 29.5% of the shares of Bridgeburg Invest, the main shareholder of Barça Vision.
This is not Barcelona's first attempt to reach the Crypto market. Since February 2020, the club has partnered with the Chiliz chain to create an Ethereum- deployed FC Barcelona Token (BAR) offering to increase fan engagement.
Just last year in August 2022, Chiliz strengthened his relationship with Barca by purchasing a 24.5% stake in Barca Vision at a staggering cost of 100M USD.
In May 2023, they launched their first Non-Fungible Token collection in collaboration with Plastiks. Titled “Unleash Your Passion” - this collection includes 3,000 animal-inspired Non-Fungible Token priced at 30 USD / 1 Non-Fungible Token, aiming for charity to help eliminate 35,000,000 kg of plastic from the planet.
However, they didn't stop there, they launched the opening Non-Fungible Token for the new football season called "Masterpiece #1 In A Way" which found a buyer at Sotheby's auction taking place in New York in September. July 2022, earning an impressive price of 693,000 USD. Following this success is the next project "Masterpiece #2 - Empowerment" sold on OpenSea in June 2023 for 300,231 USD.
What do the things Barca did above say? Barca is a famous club, has a long tradition and has a large fan base around the world. Their access to the Crypto market and especially the Non-Fungible Token segment shows the new direction that Barca is wanting to apply to innovate their business model.
The Future of Sports Non-Fungible Token
Sports is clearly a natural fit for Non-Fungible Token , and it's one of the ways it can attract real-world users to the Crypto market. In addition, Sports Non-Fungible Token can also open up many new business models for sports clubs, such as:
- Use Non-Fungible Token tickets instead of regular paper tickets: This avoids counterfeit tickets. In addition, Non-Fungible Token tickets can verify the user's identity and help clubs to compile fan data through public data from Blockchain. This brings many benefits for clubs that can deploy business activities that suit the needs of users.
- Sell physical items combined with Non-Fungible Token: Sports teams can sell memorabilia items with Non-Fungible Token or sell physical items combined with Non-Fungible Token through Redeemable Non-Fungible Token. This brings excitement to fans which can increase revenue for sports teams.
summary
Sports Non-Fungible Token is one of the fulcrums that bring Non-Fungible Token closer to the real world. This is shown through the successes that Sorare, NBA Top Shots bring or the participation of famous sports clubs such as: FC Barca. Above is all the information I want to provide in this article, hope everyone has received useful knowledge.
The post Sports Non-Fungible Token: What These 3 Projects Can Say appeared first on HakResearch .
