As you can probably tell, I’m partial to headlines that involve two of my favorite things: Sports business and cryptocurrency. It’s no surprise that the crypto industry is targeting sports properties to gain credibility and influence. The branding plays are nice and certainly many entities in the crypto space can afford to bling out their name, logo, and presence with some exposure on the Athlete, the car, and even the stadium! However, in my opinion, the best return for exposing the fan base to these crypto corporates will be in the NFT sector.
Non Fungible tokens provide a level of ‘ownership’ that is absent in straight up crypto investing. Financial ROI is always a good thing, but there is a disconnect between a sponsored entity promoting an exchange for example and the ‘good’ feelings that come out of that return stemming from the sponsorship. In other words, I don’t think sports fans will associate the benefit they gained from cryptocurrency investing with their favorite sports orgs.
However, unique, one-of-a-kind product ownership that is associated with a fan’s favorite athlete or team….that’s true value for the enthusiast. In the near term future, transparency, will become as important as oxygen when it comes to transactional value. NFT’s offer massive transparency potential in sport.