Dynamic NFTs and the sporting industry


 

The sporting industry being as popular as it is, generates around $250 billion yearly. This is a testament to how big of an industry it is. The sporting industry has a large number of loyal fans that are willing to show their support and love in every way possible.

The rise of social media brought the fans and their respective teams a lot closer. Fans were able to see unseen footage of their favorite athletes, check in on training sessions, updates about the team, and fun events like the teams' lunch. Although these things look small, it means a great deal to fans. It gives fans the opportunity to get involved in the team's day to day.

And now the emergence of NFTs has brought forth even more opportunities to bring teams and fans close together.

Surely, you’ve heard about NBA Top Shot marketplace; if you haven't, go check our previous post about our selection of the top 5 NFT market places (link to top 5 NFT market places here). NBA Top Shot is basically the first of its kind sporting NFT market place. It sells highlights of special events in the game's history. The NFTs minted on the market place are not dynamic NFTs (link to the dynamic NFT blog here) but rather static NFTs that can’t be altered once minted. But this gave fans the opportunity to own their favorite moments from previous games.

The introduction of dynamic NFTs has changed the sporting industry NFTs for good. It gives fans that own NFTs the opportunity to trade cards, invest in their favorite players, get in raffles to win rare physical items (front row tickets, signed jerseys, match balls, etc.).

Here’s another example to show how dynamic NFTs can elevate the connection between teams/players and their fans.

Let's say a team just released their stats cards for 2023/24 season as NFTs at the beginning of the season. There are several games to go over the season so after every game, the dynamic NFTs will update depending on the results of the remaining game. Once the season is over the NFTs will stay static. Now for fans this will increase their engagement; because the better the team does on the pitch the better their stats get increasing the value of the NFT.

Imagine yourself as a fan who bought the dynamic NFT of your favorite team for a fair price. Now throughout the season the team goes on to break multiple records and have the best season ever recorded by that said team. Their stats are through the roof, and so is the price for the NFT you purchased. Supporting your team can actually be an investment that can pay off. This is just one scenario, there are loads of applications for dynamic NFTs and the sporting industry. All unexplored and new to most, these are truly exciting times for fans.