They only own the specific Top Shot collectible, referred to as a “moment.” Each moment comes with a unique serial number, and the blockchain it’s built on (or “minted,” in crypto-speak) ensures its authenticity. “Owners” of highlights on NBA Top Shot, for instance, don’t have the legal right to reproduce or profit off of the clips in the collection. A more common use at this point, though, is giving commemorative NFTs in addition to more traditional tickets.īased on the digital contract language, some NFTs convey more rights than others. In theory, this could give teams a better sense of who is actually using their tickets (and also allow the team to earn a royalty fee from secondary market sales). Some properties are also experimenting with using NFTs as tickets to events. Both Sorare and DraftKings built games in which players collect NFT cards of players and create lineups of their own to enter into competitions, with winners based on those players’ real world performances. Many pro sports leagues have since supported similar programs, including additional Dapper Labs platforms for NFL, UFC and soccer highlights.Ī second trend has developed that uses NFTs for new forms of fantasy sports competition. What can you do with sports NFTs?ĭapper Labs, a Vancouver-based startup valued at more than $7.5 billion in 2021 after developing innovative NFT products, showed NFTs’ potential by making highlight clips collectable and tradeable. Sometimes the online tokens also unlock real-world tangible products, like custom basketballs or concert tickets. At first, the most popular applications of the tech have come in the world of digital art and collecti b les. Theoretically, an NFT could even represent a land deed or any singular item. Most often built on the Ethereum blockchain, NFTs often serve as digital certificates of ownership, though they can also have digital assets, like images or music, attached. So one of those identical-looking NFTs could be worth more than the other by virtue of, for example, the order in which they were produced. If an artist uploaded the same image twice onto the blockchain-the decentralized (and therefore unalterable) online ledger that tracks and verifies transactions in the cryptocurrency world-the two images would be distinct NFTs. But whereas a bitcoin is like a dollar bill-insofar as each one is worth as much as every other (making them fungible)-NFTs are individually unique. NFTs, or non-fungible tokens, share some similarities with cryptocurrencies like Bitcoin. To break it all down, it’s best to start with the basics. Existing players like Ticketmaster and DraftKings have launched their own NFT projects, to say nothing of the many stars-Patrick Mahomes, Tom Brady, Stephen Curry, etc.-who have at one time backed the technology. No matter what, they don’t seem to be going away, even if crypto companies like FTX implode. Are NFTs the future of sports cards and ticketing? Will they be at the center of 21st century fandom? Or are they a fad-or worse, a scam? Two years after NBA Top Shot took the sports world by storm, NFTs continue to be a topic of conversation-though the tone of that conversation has changed numerous times in the interim.
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