Players, teams, and famous leagues are using the potential of Web 3.0 now. Non-Fungible Tokens (NFTs) have caused this phenomenon. It has lit up a storm in various sports like cricket, football, tennis, basketball, baseball etc. Fans are purchasing these limited-edition packs, moments, trading cards, photos, and videos by participating in auctions. Are you an entrepreneur aiming to get into an advantageous position in the metaverse? Begin NFT Sports Marketplace development.
How is the market for sports collectibles booming?
Non-Fungible Tokens (NFTs) are unique, indivisible, non-interchangeable, and highly authentic. For instance, sports clubs and tournament organizers are selling tickets, passes, trading cards, and even merchandise to fans. What are the popular NFT marketplaces? NBA Top Shot (basketball), Sorare (football), Rario (cricket), FanCraze (cricket), and Autograph (numerous disciplines) are well-known sports NFT trading platforms. With multi-billion-dollar sales being generated, it is an apt time for NFT sports marketplace development.
How does an NFT for Sports Platform function?
- Users need to create an account on a Sports NFT marketplace. They need to sync their email addresses, link their hardware and software wallets, and establish a profile.
- Subsequently, they can purchase packs and moments. Interested buyers should click the Featured Section. They can view details about the price (fiat and crypto), the number of moments in the pack (common, rare, and legendary), and later submit a bid for the same.
- Importantly, they can process the required transaction from their hot and cold wallets for purchasing an NFT for sports.
- Investors can also discover attractive Non-Fungible Tokens (NFTs). They can press the search panel, and enter names of players, teams, and sets.
- Later, they can see results about the type of collectible (common, fandom, rare, legendary, and ultimate) and the lowest ask price (in crypto).
- Prospective buyers can scroll down and also click the NFT details section. It displays stats about the number of collectors who own the rare crypto-collectibles, and the number of collectibles hidden in packs.
- Further, the sales history section showcases data about the name of the buyer, his/her social media account, the selling price, the serial number of the Non-Fungible Token (NFT), and the date and time of purchase.
- Moreover, users can also take part in exciting challenges. They need to answer specific questions regarding players and tournaments. Later, fans will receive prizes and rewards.
Connecting numbers and the sensational success of Sports NFTs
NBA Top Shot
Built on the Flow blockchain, it sells licensed collectibles of both the National Basketball Association and the Women’s National Basketball Association (WNBA). In the last 30 days, NBA Top Shot has sold more than 1.64 million NFTs for around $36.77 million. Besides that, around 136,280 users have processed 5.07 million transactions recently.
Sorare
Since its launch in 2018, Sorare has grown rapidly. Today, it has collaborated with 230 national and international football clubs. Operating as a fantasy football game on Ethereum (ETH), users can buy and sell trading cards. The Paris-based NFT marketplace also received an investment of $680 million in 2021. Overall, its user base has surpassed 600,000. It has also introduced a scouting season where fans can test their knowledge against others.
Rario
Fans can own moments of national and international players like Rishabh Pant, Faf du Plessis, Zaheer Khan, Smriti Mandhana, Shafali Verma etc from Rario. The cricket NFT marketplace sells various packs and limited-edition cricket cards. It has also partnered with iconic leagues like Caribbean Premier League (CPL), Lanka Premier League (LPL), and Abu Dhabi (T10). Moreover, lucky winners in contests receive a specific number of Non-Fungible Tokens (NFTs).
What are the advantages of Sports NFT Trading Platforms?
Sports NFTs have sparked a big revolution in the creator economy. Stakeholders receive several advantages like sufficient liquidity, 24×7 trading of digital assets, better engagement with the target audience, and abundant monetization opportunities.
Are you a metapreneur? Contact a white-label solution provider to initiate NFT sports marketplace development.
