Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
Since the launch of blockchain technology in 2011, the financial world has welcomed many other related projects. One of the most innovative yet simple ones is the use of Non-Fungible Tokens (NFT). An NFT is a unit of data stored on a blockchain, and it assigns unique tags to digital assets which are not subject to any form of change. Even though NFTs sit on the same blockchain technology as cryptos, they are not currencies.
Since their debut, NFTs have proven themselves as the new digital finance age besides being a tool that artists can use to exhibit their uniqueness in a fun way. The technology applies in almost every central sector of human interactions, including the sports sector. Read on to learn more about how blockchain technology is connecting sporting teams with their fans through NFTs.
What Are NFTs?
As discussed above, a non-fungible token (NFT) is a unit of information stored on a blockchain, and it certifies digital assets as unique. Thus, once a piece of art or any other digital media becomes a non-fungible token, no one can reclaim its ownership rights. However, NFTs are redistributable once sold, but the full rights to the tokens will always remain with the owner.
How Are Sports Teams Using NFTs to Connect With Their Fans?
Currently, NFTs are gaining popularity in the sports sector. Since the stability of sporting activities and teams is indisputably reliant on a fan base, many groups have ventured into NFTs to connect better with their fans. The following are some ways these teams are employing to stick close to their fans through NFTs.
Minting fan tokens
Fan tokens allow the fans to get closer to their teams and favorite players. Some of these tokens can even enable access to VIP rights and some decision-making processes in the club. For example, in 2020, Spanish Soccer team Barcelona sold its fan tokens ($BAR) FOR $1.3 M in under 2 hours. As of today, the token has circulated in over 106 different nations. The Italian football club A.C. Milan also sold its ($ACM) fan tokens for $6M on Binance in under 2hours.
Incorporating physical items with NFTs
When selling physical items like jerseys and other new or player-used items, teams can give away some NFTs to the first buyers. This move would motivate the fans to continue supporting the work done by their clubs and superstars. For example, those who buy NFTs and jerseys related to S.S. Lazio on StormGain stand a chance to get free Lazio home-match tickets and other club services.
Minting NFTs related to legendary athletes and memorable moments of the team
Teams can mint NFTs related to their legendary players for their fans to purchase or giveaway during commemoration events. Such NFTs can be documentaries of career paths of great players or the most memorable moments in their sporting eras. These digital assets will most likely create the winning feeling that the fans crave. For example, according to ESPN, the American basketball club Golden state warriors minted NFT tokens in April to commemorate their victories and act as digital tickets.
Using Sport NFTs for Ticketing
Many scammers have tricked fans into buying fake tickets, making them lose the motivation to support that team further. Therefore, using NFTs as tickets will help solve this issue once and for all and make the fans satisfied with their team’s services. In March 2021, the chief business officer of the NFL, Brian Rolapp, said that the league was learning about how blockchain would help them in offering tickets and collectibles. He also added that the company would be adopting the technology soon enough.
Minting digitalized autographs and player cards
Most fans always look for superstars, hoping to get autographs, but some never realize this dream. Luckily enough, blockchain technology is helping the team to reach out to more fans by allowing them to buy autographs in the form of NFTs.
Distributing videos, interviews, and quotes from players as NFTs
In terms of NFTs, sporting teams can sell unique videos of training sessions, interviews, and even quotes from their players. Naturally, the fans always hope to access such things. However, they are also sad since they may be thousands of miles away from ‘their’ teams. Therefore, blockchain technology and NFT are the perfect solutions to give every fan a chance at satisfaction.
Which Teams Have Minted NFTs?
Many sporting teams across different sporting events have minted NFTs to earn extra cash and connect with their fans in a newer and better way. These teams include:
Cleveland Cavaliers are also joining the NFT craze but in a much different way than other NBA teams. They are developing a platform where their fans can trade unique Cavs NFTs.
RedBull F1 racing team
F1 racing team Red bull is also one of the latest teams to join the NFT adoption movement. Amid the 2021 Monaco Grand Prix, RedBull penned down an agreement with Tezos for an NFT project. As per reports, Redbull wants to help provide the first-ever F1 NFT fan experience. further support that team
Juventus football club
As per Juventus blog pot on the 9th of June 2021, the Italian soccer team has also joined NFTs. They said they accept challenges and dream of setting new standards, so they also adopted blockchain technology.
New Jersey Devils
In May 2021, New Jersey Devils launched their own NFTs. Their tokens were minted on the ETH blockchain and sold via auction on Finally. The tokens were digitized collectables and two devils season tickets for their new sports season.
To sum up, blockchain technology has brought about a great revolution in the financial interactions of this century. Many projects like cryptocurrencies, NFTs, and DeFi have come up due to this cutting-edge technology. Being among the latest blockchain projects to come out, NFTs have taken the internet by storm.
As of now, NFTs are looking to take over almost every sector of social interactions, including sports. Many teams and sporting leagues have adopted NFTs to satisfy their customers by availing better services and making extra cash. These tokens will continue to gain popularity in the sports sector. Above all, they give fans a chance to feel they are part of their teams.