If there is one thing in the world of sports that drives as much passion as the sporting events or cashing out huge in any of the top sports betting sites for fans, it’s being able to get their hands on collectible pieces of memorabilia. Be it a jersey, a ticket stub, a pair of sneakers or cleats, anything that can be related and traced to a specific event in sports history will always drive fans wild. Now, with the eruption and popularization of cryptocurrencies, especially Bitcoin, the sports memorabilia game has stepped up to the trend and found its way to create their own niche in which to work and profit from.
Be it through the selling and distributing of NFT’s to auction houses and memorabilia sellers allowing crypto currencies like Bitcoin to be used in their dealings, this is just another example as to how Bitcoin and other cryptocurrencies are starting to make a stronger mark in the sports industry as time passes by. While all this can become a very hard topic to navigate through, here is our take on the role that Bitcoin has taken in the world of sports memorabilia and collectibles.
What Are NFT’s and Why Are They Important for Sports and Art Collectors?
The world of bitcoin, other cryptocurrencies, blockchain technologies and all other is one that is not easy to understand and also one that’s not necessarily for the faint of heart, but once you get the hang of it, a whole new business world opens up with a plethora of options and opportunities for success and economic growth all at a simple distance. When it comes to the sports entertainment world, understanding the role and importance of bitcoin and all other crypto related factors can also become a struggle, but one that can easily be understood. For example, have you heard of NFT’s?
NFT’s are non-fungible tokens, which means they are tokens that run on a blockchain technology network in which they cannot be exchanged, only kept and collected. They basically work as how Bitcoin or any other cryptocurrency would work, all having an individual value with the point of difference being that each NFT is one of a kind and cannot be copied or imitated under any circumstance. Crypto currency traders and investors believe that each NFT’s value stems from the fact that each one is so scarce that having one automatically can make it soar through the value price lines immediately depending on what they may be.
Basically put, NFT’s are the cryptocurrencies version of one of a kind art pieces,you know, those one of a kind pieces that are usually sold off in auction houses for intriguing amounts of money. Digital Eye is one of those platforms that offer NFTs. What NFT’s offer their customers is the chance to be able to own pieces of digital collectible art and memorabilia which only they can have or sell at whichever point they wish to do so, with the guarantee that there is no other copy around, no matter who they get it from, when or anything else.
Is It Safe To Join The NFT Craze?
Just like dealing with Bitcoin or any other cryptocurrency, when dealing with NFT’s one of the main points traders and collectors must always take into account is the volatility of the market. What does this mean? Easily put, each person has to be ready to either see their collectibles’ prices rise or plummet at any moment. But also, at the same time, the NFT collectible market is giving content creators like NBA Top Shots, CryptoPunks and CryptoKitties the opportunity to solemnly own all the property rights for whatever they may create, leaving them with the chance to be able to profit in whichever way they see best, unlike what usually happens when dealing with regular sports collectibles and art. This factor in particular is what’s helped the sports collectibles NFT market as well as the crypto art market become one of the strongest subcategories in the world of digital collectibles. It has been estimated that transactions made through NFT sales and trades are in the ballpark of around $250 million with a constant growth tendency and an average profit of around $100,000 earned per transaction.
The biggest example of this is the basketball centered, Dapper Labs and NBA created NBA Top Shots platform in which collectors can purchase and sell small video clips of match highlights from all the best basketball players around. With over 100,000 collectors and over $215 million in revenue since it first came out in 2017 NBA Top Shots has proven to be the newest and one of the most sought after commodities for sports fans who are also into bitcoin and other crypto trading.
