Why are big Esports organizations diving into NFTs?
With the commencement of NFTs, obviously, people seem skeptical regarding what this project actually does. Also, it works with crypto, and there is already a significant population that opposes digital money. However, if we learn the functionality of NFTs, we can confidently say their benefits shadow the downsides that come along with them. But, people have all the rights to define NFT their way.
On the other hand, there is also a good percentage of people who absolutely adore NFTs. Moreover, top NFT tokens have given profits in millions to some of their users.
NFTs are profitable for all kinds of digital files and not just artworks. The vitality of this product is endless. As per their rapid development, we can say that NFTs have the potential to take over the world within a short period. Recently, we are seeing NFTs breaching into the world of Esports as well. Some of the event organizers and even sports teams have been showing interest in the NFTs. Hence, let us look into this aspect of the NFTs more closely:
Table of contents
- A quick look into NFTs
- Relationship between NFTs and Esports
- Is there a chance of any legal issue with the partnership of NFT and Esports?
- Closing Thoughts
A quick look into NFTs
NFT stands for non-fungible tokens. By the term, we mean that these tokens are unique, and you can not exchange them for another token that has the same value. Moreover, each NFT contains specific data within itself. Blockchain stores all the data on its ledger that these NFTs carry. And, as we know that any data that goes into a blockchain record becomes impossible to alter or duplicate.
Relationship between NFTs and Esports
Now, as we know the basics of NFTs, we can move ahead to define NFT roles in the world of Esports. There are growing numbers of teams and organizations that are embracing NFT crypto. One of the most prominent names in Esport is two-time Dota 2, The international winner OG.
In 2018, Dota 2 minted a digital replica of their 2018 Dota championship ring. Moreover, the digital ring represents the OG brand in the best way. Furthermore, this ring established a partnership between the OG brand and Binance NFT.
It is no surprise that among everyone else, the Esports industry is the one actively supporting the NFT. After all, Esports is itself a technology-based industry, and new innovations can bring greater benefits to it. In case they keep on working with NFTs, we can anticipate that Esports will be in-use interchangeably with NFTs in the future. Further, this partnership will be a great opportunity for growth for both industries.
Moreover, Esports is a great platform for NFT’s introduction as sports fans have been very passionate and supportive of every type of content that teams offer them. Hence when they will learn how NFTs are benefiting their favorite players, they will gladly participate in this new trend.
Additionally, NFT builds trust among the buyers and sellers as its data is immutable, and anyone can track the authenticity of the token using the information it comes with.
Is there a chance of any legal issue with the partnership of NFT and Esports?
Sports NFT markets selling Top Shot as NFTs are thriving due to the continuous support of the NBA. Also they have the license to do so, hence trading highlighted clips is ok among NFT users.
However, in the case of Esports, this process might get tricky as it is difficult to license the in-game items and highlights virtually.
Henceforth, Esports organizations need to establish a proper balance while adding content to NFTs to prevent any legal issues.
Experts anticipate that something similar to Top Shots might occur with Esports as well. However, the NFT industry contains a lot of variations and diversity; hence we can expect varied sports content in the future.
Currently, teams are showing their immense support to the NFT crypto project, and it seems that players and fans will continue to hype the trend. Also, this practice is a fun way to praise sports teams and players. Moreover, with its diverse application, the NFT crypto project seems to lead the innovation space.
NFT comprises boundless potential, and it can go in any direction in the future. There is a possibility that NFT will completely ingrain itself into the gaming industry as well. In fact, this process is already going on as game developers are learning how they can benefit through NFTs.
The introduction of NFTs is a golden opportunity for making millions of dollars for the sports industry. In addition to this, it is the best way to gain fans’ engagement with the teams they support as well as capture many historical moments.
People have always been interested in owning sports collectibles. Now NFTs are facilitating the same in a digitalized way which is actually pretty convenient in the pandemic era. Moreover, NFT brings expansion in inventive space that is not possible in the real world.
Die-hard sports fans are now able to own highlights from iconic sports moments and digital signatures of their favorite players. Using their digital wallet now, they can buy digitized tickets to significant sports events and not miss the chance to experience a lifetime opportunity.
Want to learn more about NFT marketplaces, concepts, and how you can benefit from them? Then check out the NFTically here.