Sports Leagues and NFTs: Follow the Non-Fungible Road
Launched in 2018, MLB Crypto was an early introduction to the world of non-fungible tokens for the sports sector. The game essentially gave participants the opportunity to own collectible MLB Cryptos based on real-life baseball players whose performance in real-life affected in-game metrics.
MLB Crypto Nostalgia and Lessons Learned
Despite not providing a whitepaper in the initial stages or significant depth of detail about the tokenomics of the game, demand for MLB Cryptos surged. Even in the earlier days of Metamask and Trust Wallet, people found ways to spend their money on the digital collectibles, 15,000 of which were up for grabs in the pre-sale stages.
Fast-forward to 2020 and the website for MLB Crypto is long gone, reminding us of some of the underlying (but not often spoken about) risks related to non-fungible tokens. Thankfully, the tokens still exist on the blockchain which brings to light how important non-fungible tokens are in helping internet natives transition from Web2 to Web3.
Busier NFT Markets With More Room to Grow
As demand for non-fungible tokens continues to skyrocket, more sporting leagues are looking to get in on the action. It comes as no surprise considering the revenue streams sporting leagues and their athletes can gain from non-fungible tokens.
The journey of world-famous footballer, Christiano Ronaldo paints a picture of how non-fungible tokens as well as fungible tokens could open floodgates of revenue as well as new spheres of control for athletes and their sports leagues.
The Portuguese footballing legend’s team, Juventus, partnered with French fantasy football company Sorare to issue collectibles for him. This is the first of many more as since then, more teams have also joined forces with Sorare to get their players on the blockchain.
The non-fungible token sector is a canvas of innovation on which new realities will be painted on. It's much less controversial than the fungible token sector and its much easier to relate with for the average person. Even a five year old can understand the significance of a game card. Even a 90 year old can understand the significance of a Babe Ruth baseball card.