Wondering what all the sudden Sports NFT buzz is about? We got you covered. Read on to know what they are, where to buy them, how to create them and their marketplace
NFT is an abbreviation for “Non-Fungible Token” in which fungible describes a good that can be easily exchanged, like money, gold or a digital currency such as Bitcoin. So we can think of NFTs as digital tokens or ownership certificates for virtual or physical assets. Through digital artworks can get a certificate to defines what is an original and what is a copy (comparable to a signed print of an artwork.)
This certificate provides them with a uniqueness, thus increasing their value. So for people who are willing to spend a lot of money on their passion for collecting, NFTs can here provide the technical basis for a business model. While the tech has been around since 2017, the hype for NFTs rose considerably this year in March.
Explained Sports NFT, Crypto, Companies And Market
When it comes to sports, NFTs offer multiple applications, from collectibles and physical goods to jerseys and computer games. Here are a few examples of sports NFTs.
- NBA and blockchain company Dapper Labs have created an online marketplace called NBA Top Shots where fans can buy and sell video clips of professional basketball games. A video of LeBron James performing a dunk dedicated to Kobe Bryant , grossed $387,000 alone.
- Nike has used an NFT system to patent an authenticity verification method for sneakers called CryptoKicks. When someone buys a pair of CryptoKicks, they receive a digital token which ensures the authenticity of the shoes, even if they move from buyer to buyer.
- The fantasy football game Sorare has partnered with many top clubs like Atletico Madrid and Bayern Munich to offer their players for sale in the game. Sorare user “Camembert” invested almost $289,920 to own the 2020/2021 season’s Cristiano Ronaldo in the Juventus jersey, which exists only once in the game.
Where To Buy And Create NFTs, Marketplace And Companies
Rarible, OpenSea and Mintable are the three main platforms for buying NFTs where users can bid on items, akin to eBay or other internet auction sites. All you require is owning cryptocurrency to pay for an NFT and having a digital wallet set up to deposit, store and withdraw digital currency.
As for creating an NFT, follow these simple steps.
- Have a digital work of art you would like to sell
- Own a wallet and cryptocurrency as the creation and sales offers are subject to charge
- Register an account on an NFT marketplace
- Upload your artwork in a supported file format and your NFT is created!
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