{"id":6286,"date":"2022-07-19T21:39:32","date_gmt":"2022-07-19T21:39:32","guid":{"rendered":"https:\/\/atmecs.com\/?p=6286"},"modified":"2024-08-16T08:34:02","modified_gmt":"2024-08-16T03:04:02","slug":"sports-tryst-with-nfts","status":"publish","type":"post","link":"https:\/\/atmecs.com\/sports-tryst-with-nfts\/","title":{"rendered":"Sports\u2019 Tryst With NFTs"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6286\" class=\"elementor elementor-6286\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c20906d elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"c20906d\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d829e3\" data-id=\"1d829e3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-edced7c elementor-widget elementor-widget-heading\" data-id=\"edced7c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Sports\u2019 Tryst With NFTs<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65409f4 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"65409f4\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-user\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">ATMECS \u2013 Content Team<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1b7737c elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"1b7737c\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-d551519\" data-id=\"d551519\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-624dda5 elementor-widget elementor-widget-text-editor\" data-id=\"624dda5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The sports industry is growing rapidly. It is not just about competition in physical sport anymore but also in the digital space. The accelerated growth of partnership between sports and digital technologies over the last few years has spawned changes to the market landscape and sports tech ecosystem that were once thought unfathomable.<\/p><p>With the proliferation of e-gaming, betting, and the rise of online broadcasting\/streaming (OTT), two major trends are currently emerging in the sports industry: Non-Fungible Tokens (NFTs), which according to Gartner Hype Cycle 2021 is at the Peak of Inflated Expectations, and Blockchain in Sports. A 2022 Sports Industry Outlook Report from Deloitte is optimistic about how blockchain technology will change the way fans interact with their favourite sports and hopes that new types of \u201ccollectibles\u201d will lead to new markets for the industry.<\/p><p>In this blog, we would like to take you on a journey of how blockchain is redefining the sports industry especially with respect to Fan Engagement and what it means for the future.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc97b70 elementor-widget elementor-widget-heading\" data-id=\"cc97b70\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">A Quick Overview Of NFTs<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-facff8c elementor-widget elementor-widget-image\" data-id=\"facff8c\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT-e1658311944109-1024x576.jpg\" class=\"attachment-large size-large wp-image-6322\" alt=\"\" srcset=\"https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT-e1658311944109-1024x576.jpg 1024w, https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT-e1658311944109-300x169.jpg 300w, https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT-e1658311944109-768x432.jpg 768w, https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT-e1658311944109.jpg 1067w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a179ff elementor-widget elementor-widget-text-editor\" data-id=\"8a179ff\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Blockchain technology is now widely popular in the sports industry. Most of the time, it is associated with the Initial Coin Offering (ICO), which is a way to encourage transparency and trust in fundraising. But what are NFTs or non-fungible tokens?<\/p><p>The basic idea behind an NFT is that a token is used to represent ownership of unique items. The token, in other words, is a non-interchangeable unit of data stored on a blockchain, think of this as a digital ledger which retains history of ownership and value, that can be sold and traded. The NFT data units may be associated with digital files of art, photos, games, videos, and audio.<\/p><p>While the Quantum NFT created by digital artist Kevin McCoy in 2014 is credited as the first NFT to be minted as a \u201cmonetized graphic\u201d, the CryptoKitties, a blockchain based virtual game, NFTs created the first use case for wider adoption. It allowed people to trade and breed digital cats stored on smart contracts in the Ethereum blockchain.<\/p><p>Much of Cryptokitties success is attributed with their ability to conform to the ERC-721 standard, explicitly developed for non-fungible tokens from the start. It allows users to store unique and identifiable data about any item that can be traded or sold in digital space, so ownership and movements are tracked through one smart contract.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cbf67a6 elementor-widget elementor-widget-heading\" data-id=\"cbf67a6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">The Rise Of Fan Tokens<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09737d7 elementor-widget elementor-widget-text-editor\" data-id=\"09737d7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The recent rise of fan tokens in the sports industry has also become a new trend as more teams and clubs adopt blockchain technology as a mainstream method for payment or transactions with fans. For example, a few European Soccer Clubs use fan tokens to reward their fans using blockchain technology and cryptocurrencies. Unlike the Non Fungible Token, Fan Tokens are fungible or interchangeable. Owners of Fan tokens can exchange them for services provided by a sports team or club.<\/p><p>Fan tokens are digital assets that can interact with club ecosystems, including voting on fan polls and earning rewards. You can also use them off-platform to buy merchandise, match tickets, and other club-related content. Fan tokens are at times referred to as sports cryptocurrencies or utility tokens. Fan tokenization gives sports teams a way to monetize their vast global fan bases while creating a more direct relationship with fans than they\u2019ve ever had before.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87dfe18 elementor-widget elementor-widget-heading\" data-id=\"87dfe18\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Current Marketplaces Of NFT In the Sports Industry<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b67d0fc elementor-widget elementor-widget-text-editor\" data-id=\"b67d0fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><br \/>Now that you\u2019re familiar with the NFT landscape, it\u2019s time to dive right into its heart: marketplaces.<\/p><p>These marketplaces are where the majority of NFT transactions happen. They\u2019re one of the most critical puzzle pieces because they\u2019re where all the action happens.<\/p><p>When considering buying your first NFT, you should research each marketplace to determine which one is best. Here\u2019s a list of a few top NFT marketplaces:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b5a4db elementor-widget elementor-widget-image\" data-id=\"8b5a4db\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT_sports-1024x682.jpg\" class=\"attachment-large size-large wp-image-8198\" alt=\"Atmecs Blog\" srcset=\"https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT_sports-1024x682.jpg 1024w, https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT_sports-300x200.jpg 300w, https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT_sports-768x512.jpg 768w, https:\/\/atmecs.com\/wp-content\/uploads\/2022\/07\/NFT_sports.jpg 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36c01a4 elementor-widget elementor-widget-heading\" data-id=\"36c01a4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">OpenSea.io<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f0ce84 elementor-widget elementor-widget-text-editor\" data-id=\"1f0ce84\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>It features CryptoPunks, Decentraland items, Cryptovoxels assets, Axie Infinity items, etc. OpenSea offers a variety of non-fungible tokens\u2014from art to censorship-resistant domains to virtual worlds to collectibles. It supports ERC721 and ERC1155 assets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a365bb elementor-widget elementor-widget-heading\" data-id=\"6a365bb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Rarible.com<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cdff50 elementor-widget elementor-widget-text-editor\" data-id=\"5cdff50\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>This community-owned NFT marketplace rewards users who sell or buy unique digital assets on the market by distributing 75,000 RARI every week to active users.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5bd2849 elementor-widget elementor-widget-heading\" data-id=\"5bd2849\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Foundation<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc6772c elementor-widget elementor-widget-text-editor\" data-id=\"dc6772c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Foundation is a platform built to help digital artists and crypto-collectors connect and share ideas. It is a place where you can buy and sell artwork from top artists.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-332fd2c elementor-widget elementor-widget-heading\" data-id=\"332fd2c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">SuperRare <\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e189142 elementor-widget elementor-widget-text-editor\" data-id=\"e189142\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>SuperRare is an online marketplace for people to buy and sell authentically created digital artworks, the ownership of which is recorded on the blockchain. It focuses on digital art pieces made by artists they personally select.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2db98f9 elementor-widget elementor-widget-heading\" data-id=\"2db98f9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">AsyncArt<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d8ab3f6 elementor-widget elementor-widget-text-editor\" data-id=\"d8ab3f6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Asynchronous Art is a way to purchase digital art that evolves. Buyers get to choose how the art is transformed through an app that updates the piece.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3773a6f elementor-widget elementor-widget-heading\" data-id=\"3773a6f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">KnownOrigin<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-093d308 elementor-widget elementor-widget-text-editor\" data-id=\"093d308\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A curated gallery of exclusive Digital Artworks ranging from limited collectible editions to open prints and artist editions on blockchain technology using Ethereum smart contracts and ERC721 tokens. Currently, it features work from over 100 artists, including Joe Hargreaves, Quibe, and Ben Giles.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ac1981 elementor-widget elementor-widget-heading\" data-id=\"4ac1981\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Nifty Gateway<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52914c9 elementor-widget elementor-widget-text-editor\" data-id=\"52914c9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Nifty Gateway is an NFT marketplace that sells artworks from digital artists, brands, and celebrities. It is a sister company of Gemini (a licensed Cryptocurrency exchange and custodian).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-518513f elementor-widget elementor-widget-heading\" data-id=\"518513f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">NBA Top Shot<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e7a9ca elementor-widget elementor-widget-text-editor\" data-id=\"9e7a9ca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The National Basketball Association (NBA) in collaboration with Dapper Labs created NBA Top Shot, a blockchain-based platform that allows fans to buy, sell and trade numbered versions of specific, officially-licensed video highlights. The platform allows users to transact with cryptocurrency and conventional credit based payments. Dapper Labs has also forged a partnership with the National Football Association (NFL) to launch a similar platform for NFL content called NFL ALL DAY.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b68a65 elementor-widget elementor-widget-heading\" data-id=\"9b68a65\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Advantage Of Sport NFT Marketplaces<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-363c2a1 elementor-widget elementor-widget-text-editor\" data-id=\"363c2a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Unlike traditional sports memorabilia, digital collectibles are not subject to physical wear and tear. You can store and exchange safely in crypto wallets.<\/p><p>The digital nature of NFTs also makes them easier and cheaper to trade.<\/p><p>NFTs are unique digital collectibles. They are authenticated on a blockchain, making them effectively impossible to counterfeit. It ensures that they retain their value over time.<\/p><p>NFTs also offer more liquidity than traditional sports memorabilia. An established marketplace for NFTs is where collectors can buy and sell these assets.<\/p><p>Because the NFT market is still relatively small, there is plenty of room for growth and for-profits for early adopters who purchase these assets now \u2013 especially if you compare the current market with the size of the $370 billion-a-year global sports industry.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e044b6 elementor-widget elementor-widget-heading\" data-id=\"2e044b6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Outlook Of Future Of NFTs In Sports<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d83472 elementor-widget elementor-widget-text-editor\" data-id=\"3d83472\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>One of the most prominent use-cases for blockchain technology is to verify digital assets. There will be more and more non-fungible tokens in various industries such as supply chain, travel insurance, sports and entertainment.<\/p><p>Ticketing is one area where NFTs can add a lot of value. Ticket fraud is a massive issue in Sports and Entertainment that costs billions of dollars in indemnity every year.<\/p><p>By using NFTs on the blockchain, tickets could be verified at the point of sale, and once they were sold, they could never be duplicated or sold again.<\/p><p>It would make it harder for touts to resell tickets at higher prices when demand outstripped supply.<\/p><p>Some companies are already trying out this concept by creating their own NFTs through Ethereum smart contracts. However, the real test will come when mainstream ticketing companies adopt NFTs, block-chain and cryptocurrencies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5bcc01 elementor-widget elementor-widget-heading\" data-id=\"e5bcc01\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">To Wrap Up Things<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c80ed9c elementor-widget elementor-widget-text-editor\" data-id=\"c80ed9c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The sports industries are ripe with opportunities using blockchain, which will be exploited through non-fungible tokens. Leagues, teams and now individual players are embracing personalized NFTs to increase their valuation.<\/p><p>As a result, the industry is steadily embracing this technology and is steering forward without losing any time in minting cryptocurrencies into their payment infrastructures.<\/p><p>As we move forward and explore more applications of Blockchain technology\u2019s inherent properties, it will be even more accessible for the sports industry to evolve using non-fungible tokens (NFTs). We believe the tryst between Sports and NFTs will continue for the foreseeable future.<\/p><p>ATMECS teams are pacing up the changes with their capabilities in minting NFTS at scale and implementing smart contracts \u2013 ERC-20, ERC-721 and ERC-1155 \u2013 across Blockchain, commercial transactions with Ethereum, integrating Blockchain into existing systems, and distributed applications. Connect with us to know more.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-58cfecf\" data-id=\"58cfecf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Sports\u2019 Tryst With NFTs &nbsp; ATMECS \u2013 Content Team The sports industry is growing rapidly. It is not just about competition in physical sport anymore but also in the digital space. The accelerated growth of partnership between sports and digital technologies over the last few years has spawned changes to the market landscape and sports tech ecosystem that were once thought unfathomable. With the proliferation of e-gaming, betting, and the rise of online broadcasting\/streaming (OTT), two major trends are currently emerging in the sports industry: Non-Fungible Tokens (NFTs), which according to Gartner Hype Cycle 2021 is at the Peak of Inflated Expectations, and Blockchain in Sports. A 2022 Sports Industry Outlook Report from Deloitte is optimistic about how blockchain technology will change the way fans interact with their favourite sports and hopes that new types of \u201ccollectibles\u201d will lead to new markets for the industry. In this blog, we would like to take you on a journey of how blockchain is redefining the sports industry especially with respect to Fan Engagement and what it means for the future. A Quick Overview Of NFTs Blockchain technology is now widely popular in the sports industry. Most of the time, it is associated with the Initial Coin Offering (ICO), which is a way to encourage transparency and trust in fundraising. But what are NFTs or non-fungible tokens? The basic idea behind an NFT is that a token is used to represent ownership of unique items. The token, in other words, is a non-interchangeable unit of data stored on a blockchain, think of this as a digital ledger which retains history of ownership and value, that can be sold and traded. The NFT data units may be associated with digital files of art, photos, games, videos, and audio. While the Quantum NFT created by digital artist Kevin McCoy in 2014 is credited as the first NFT to be minted as a \u201cmonetized graphic\u201d, the CryptoKitties, a blockchain based virtual game, NFTs created the first use case for wider adoption. It allowed people to trade and breed digital cats stored on smart contracts in the Ethereum blockchain. Much of Cryptokitties success is attributed with their ability to conform to the ERC-721 standard, explicitly developed for non-fungible tokens from the start. It allows users to store unique and identifiable data about any item that can be traded or sold in digital space, so ownership and movements are tracked through one smart contract. The Rise Of Fan Tokens The recent rise of fan tokens in the sports industry has also become a new trend as more teams and clubs adopt blockchain technology as a mainstream method for payment or transactions with fans. For example, a few European Soccer Clubs use fan tokens to reward their fans using blockchain technology and cryptocurrencies. Unlike the Non Fungible Token, Fan Tokens are fungible or interchangeable. Owners of Fan tokens can exchange them for services provided by a sports team or club. Fan tokens are digital assets that can interact with club ecosystems, including voting on fan polls and earning rewards. You can also use them off-platform to buy merchandise, match tickets, and other club-related content. Fan tokens are at times referred to as sports cryptocurrencies or utility tokens. Fan tokenization gives sports teams a way to monetize their vast global fan bases while creating a more direct relationship with fans than they\u2019ve ever had before. Current Marketplaces Of NFT In the Sports Industry Now that you\u2019re familiar with the NFT landscape, it\u2019s time to dive right into its heart: marketplaces. These marketplaces are where the majority of NFT transactions happen. They\u2019re one of the most critical puzzle pieces because they\u2019re where all the action happens. When considering buying your first NFT, you should research each marketplace to determine which one is best. Here\u2019s a list of a few top NFT marketplaces: OpenSea.io It features CryptoPunks, Decentraland items, Cryptovoxels assets, Axie Infinity items, etc. OpenSea offers a variety of non-fungible tokens\u2014from art to censorship-resistant domains to virtual worlds to collectibles. It supports ERC721 and ERC1155 assets. Rarible.com This community-owned NFT marketplace rewards users who sell or buy unique digital assets on the market by distributing 75,000 RARI every week to active users. Foundation Foundation is a platform built to help digital artists and crypto-collectors connect and share ideas. It is a place where you can buy and sell artwork from top artists. SuperRare SuperRare is an online marketplace for people to buy and sell authentically created digital artworks, the ownership of which is recorded on the blockchain. It focuses on digital art pieces made by artists they personally select. AsyncArt Asynchronous Art is a way to purchase digital art that evolves. Buyers get to choose how the art is transformed through an app that updates the piece. KnownOrigin A curated gallery of exclusive Digital Artworks ranging from limited collectible editions to open prints and artist editions on blockchain technology using Ethereum smart contracts and ERC721 tokens. Currently, it features work from over 100 artists, including Joe Hargreaves, Quibe, and Ben Giles. Nifty Gateway Nifty Gateway is an NFT marketplace that sells artworks from digital artists, brands, and celebrities. It is a sister company of Gemini (a licensed Cryptocurrency exchange and custodian). NBA Top Shot The National Basketball Association (NBA) in collaboration with Dapper Labs created NBA Top Shot, a blockchain-based platform that allows fans to buy, sell and trade numbered versions of specific, officially-licensed video highlights. The platform allows users to transact with cryptocurrency and conventional credit based payments. Dapper Labs has also forged a partnership with the National Football Association (NFL) to launch a similar platform for NFL content called NFL ALL DAY. Advantage Of Sport NFT Marketplaces Unlike traditional sports memorabilia, digital collectibles are not subject to physical wear and tear. You can store and exchange safely in crypto wallets. The digital nature of NFTs also makes them easier and cheaper to trade. NFTs are unique digital collectibles. They are authenticated on a blockchain, making them effectively impossible<\/p>\n","protected":false},"author":1,"featured_media":6322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"unboxed","site-sidebar-style":"unboxed","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[102],"tags":[54,156,118,157],"class_list":["post-6286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atmecs-blog","tag-block-chain","tag-ethereum","tag-nft","tag-sports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sports NFT: The Future of the Sports Industry<\/title>\n<meta name=\"description\" content=\"Explore the intersection of sports and digital technologies. 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