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The nonfungible (NFT) industry has exploded over the past year, but many experts still believe the NFT industry will rule other digital assets in the future. A new report Price Waterhouse Coopers (PwC) noted that NFTs and other digital assets are among the top ten major trends in sports. It also detailed that the NFT space will be a very dominant section in the sports industry in the future. The report asserts that NFTs and digital assets can change how fans consume sports and interact with their favorite teams.
NFTs Have Three Use Cases In Sports
This was contained in PwC’s Sports Outlook 2022 report for North America. The report also noted that NFTs have come to stay, as it has driven fan engagement comprehensively.
It also mentioned three vital areas or use cases NFT can be applied in the sporting world in the future. These include collectibles, virtual assets tokens, and tokenized passes.
Collectibles refer to traditional memorabilia like ticket stubs of history matches or trading cards of players that can be digitized, traded, or minted on the blockchain. According to the report, the collectibles can be shared across metaverses, which will change the way fans interact with their sports teams and their favorite players. Collectibles have already been introduced in mainstream sports and the response to adoption has been massive.
NFT Could Offer Verified Tokenized Passes To Season Ticket Holders
Another use case that can be explored, according to the report, is the virtual access tokens for sports fans. Some of the fans may want to have the virtual experience that comes with the space, as interest in metaverse keeps growing. In the future, virtual tokens could become much more in demand, which increases the prospect of massive NFT adoption in sports.
Virtual access tokens can be likened to the virtual version of season ticket that offers several benefits to holders, such as bench cams and player cams. Tokenized passes could be another use case for NFTs in sports.
Also, NFTs can bring fan experience and fan loyalty in sports by providing verified tokenized passes to season ticket holders, the report stated.
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