Tennis Australia Presses On With NFT Plans Despite Crypto Winter

Updated: 04 October 2024

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Despite the recent mayhem in the crypto industry, Tennis Australia is still committed to its venture in the non-fungible token (NFT) sector. Tennis Australia will have another batch of 2,454 NFTs on offer for 2023.

Tennis Australia is still committed to its NFT plans

Last year, the organization released an NFT collection dubbed “AO Artball.” At the time of the release, the crypto market was at its peak. The collection included 6,776 artballs that were purchased as NFTs.

At the time of the launch, Tennis Australia said that the NFTs would offer utility to the holders. Tennis Australia said that the metadata of each NFT would be updated if a winning shot went to the 19cm by 19cm plots on the Melbourne Park court. These plots were linked to the NFTs. Additionally, those who owned the NFTs would receive the merchandise and additional benefits.

Each of the 6,776 artballs was priced at 0.067 ETH at the time of the mint on January 22 last year. The collection attracted much hype and sold out shortly after release. However, over the past year, the value of cryptocurrencies has dropped, affecting the floor price of these digital collectibles.

The Ether value of the artballs on the largest NFT marketplace OpenSea has increased from the original price to around $0.092ETH. However, the fiat value of the NFTs remains significantly low. The 2023 NFT collection will be minted on January 12. The starting price for this collection is $0.23, which is significantly higher than the previous collection.

Nevertheless, Tennis Australia is not leaving the NFT market despite the volatility. Tennis Australia’s senior manager of the metaverse, NFTs, Web3, and cryptocurrency, Ridley Plummer, noted that the short-term volatility in the NFT market was not an area of focus, adding that the recent challenges did not mean that the organization needed to abandon its interest in the area.

Plummer noted that external factors should be considered when exploring new technologies such as NFTs. Therefore, Tennis Australia would continue exploring the industry’s innovation amid the challenges and rewards.

Tennis Australia NFTs offer exclusive perks

Tennis Australia’s NFT collection has unique features that differentiate it from the NFTs used solely as an investment. The organization’s NFT program is a kind of membership within the Australian Open. In fact, other sports, such as padel, are also expected to start offering NFTs in the future.

The Discord server for those interested in these collectibles offers educational content to those new to NFTs. The holders of these NFTs also access a reward program, including passes to finals week. The owners can also access select matches at United Cup.

According to Plummer, the ownership of the artball NFTs is the same as the gold or silver membership in the Australian Open. Those who bought the NFTs last year and last year will enjoy the same perks as those holding the executive frequent flyer membership. The NFT owners also access exclusive benefits earlier than others.

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