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NFTs will become “building blocks” of the sports industry

Non-fungible tokens (NFTs) are poised to become "critical pieces of sports technology infrastructure," PricewaterhouseCoopers LLP (PwC), a multinational professional services network that offers investment services , said in its latest report . Commercial advice.

Entitled 'Sports Outlook 2022', the report dives into the potential of NFTs within the sports industry, arguing that digital assets are among the top ten trends shaping the future of sports.

NFTs, which are unique and non-exchangeable digital assets stored on a blockchain, have created an element of scarcity in the digital world for the first time in internet history, according to the report, which points to at least three use cases of NFTs. these assets.

The most widespread application area for digital assets is in collectibles. For decades trading cards have been popular and have indeed become big business. Similarly, PwC hopes that collectible NFTs will become the digital version of trading cards.

"Think of traditional memorabilia: The highest-scoring NBA player's paper ticket recently sold for nearly half a million dollars," the report says. "For the next generation, maybe a digital check is authenticated and features some exclusive content. Would someone pay [$]1 million for it?"

The report also mentions that Dapper Labs' NBA Top Shot has already proven this. NBA Top Shot is an NFT marketplace where fans can buy, sell, and trade NBA moments that are built into an NFT. As of the end of March 2021, the marketplace had made around $500 million in sales with more than 800,000 accounts.

The second big use case for digital assets is seen to be NFTs for Season Ticket Members (STMs), which could provide holders with tokenized passes and enhance the experience of a club's loyal fans.

“This could include special VIP venue areas, concession stand discounts or other traditional season ticket benefits, with full confidence in their authenticity,” PwC said, adding that STMs could create value for both sponsors and consumers. the fans.

Lastly, the report argues that the development of NFTs allows clubs to provide users with virtual access tokens and offer them a virtual experience. However, this would require a combination of digital assets and the metaverse, including both fungible and non-fungible tokens.

"Virtual Access Tokens can enable special access during games, as well as new forms of social experiences and opportunities to interact with teams, athletes and other fans within a metaverse," PwC said.

More specifically, Virtual Access Tokens can be another version of Season Tickets that provide holders with unique video content such as player cameras, bench cameras, or even locker room access. This could come in handy for fans who can't attend games in person.

As reported, the development of NFT trading has recently slumped as geopolitical tensions and rising uncertainty continue to push investors into safe haven assets.

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