NFTs are a Slam Dunk in the World of Sports

Ever since the news of Russell Okung collecting BTC as salary hit the wires, the crpyto-fication of sports seems to be popping up everywhere. It’s no surprise, given that sports tokens cut away the middle-man.

With sports-focused tokens, the gap between fans and players is narrowing and interactions are becoming easier. They also allow fans to show their appreciation of their favorite stars by investing in their brand.

In comparison, old-school autograph signing sessions are impersonal, to say the least. Perhaps even impromptu. The entire process is labor-heavy, there’s not much money in it and it doesn’t scale well. As a result, entire demographics get left out in the cold. Not only that, but the opportunity to maximize brand/player revenue is diminished.

NFTs are bridging the gap

BeInCrypto recently reported on the latest tokens to hit the sports realm. Since then, there have been even more updates in the fan token scene. LiquidiTeam is a blockchain startup from Germany, using the technology for a great purpose. In short, they are creating an interactive experience between the fans, teams, and players.

LiquidiTeam’s “LT Fan Platform,” is a digital platform that lets the athlete or organization create a VIP type experience for their fan base. The app is fully customizable and works by enabling interaction between fan and player. The latest to sign up are Dennis Schröder (#17) of the LA Lakers in America and the Bundesliga soccer club Borussia Dortmund in Germany.

A quick peek at their website sums it all up for these innovators:

To be successful in professional sports, you need to put the fan at the heart of everything you do. We help professional sports clubs and athletes to do so with our customized fan engagement and community-based financing solutions.

source: LiquidiTeam

Sports fans are flocking to crypto

Also being tossed around in the sports forums, is more good news for crypto fans. 

The NBA is setting up its very own blockchain advisory board. Set to lead the committee are Mark Cuban, Ted Leonsis (owner of the Wizards), and Joe Tsai. Tsai, who owns the Brooklyn Nets, also happens to own Alibaba. With digital tokens making big waves, especially among star players, fans are speculating that the NBA blockchain initiative has something to do with Top Shot. However, despite all the rumors, Cuban, owner of the Dallas Mavericks, hinted that the committee has “very little” to do with NBA’s Top Shot NFTs.

Chiliz making big moves

Also reported by BeInCrypto last week, Chiliz is still hitting the ground running. It specializes in creating tokenized digital assets (fan tokens) that are uniquely assigned to each team.

In the last 24 hours alone, its native token, CHZ, surged 70% to $0.78 as this report was being published. This comes as news breaks that one of Chiliz’s teams, PSG (Paris Saint Germain) made it to the Champions League quarter-finals. CHZ now has a fully diluted market cap sits of $6,163,821,773. Most impressively, the coin saw over 300% gains this last week.

To round it all up, NFTs are ground-breaking. They have the potential to tap into ways of interacting missed by players and fans alike.

The post NFTs are a Slam Dunk in the World of Sports appeared first on BeInCrypto.

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