There is no rule book on how to assess the value of an NFT. Over…
NFTs are skyrocketing in popularity so much that even the sports world is joining the trend. Teams and leagues of different sports are testing the waters of the innovative non-fungible tokens collectibles. The Brooklyn-based New York Liberty team of the Women’s National Basketball Association has become the first of its category to dip its toes into the nonfungible token world. They announced that they will be the first team in league history to feature 400 NFT fine art with similar designs but for unique serial numbers.
Digital nail art
The New York Liberty’s NFT collection will be launched this upcoming May 7th and will celebrate the intersection of nail art culture and sports through a unique Liberty-oriented lens. The inaugural drop will include an exclusive matchup-specific NFT fine art highlighting the team’s matchup. This will be in the form of a video that showcases a rotating nail polish bottle with nail art being applied. Liberty CEO Keia Clarke stated that launching the league’s first NFT was the natural progression of our business, as they looked to be a team on cutting-edge technology and fan experiences.
The Liberty’s NFT
Fans who purchase a ticket to the game will be receiving an NFT for free. Those looking to buy the NFT outright will be able to purchase it for $50 through a page that takes fans through the process of receiving the NFT as well as an FAQ about NFTs in general. So far, the Liberty have released rotating bottles of nail polish with their branding and various serial numbers as well as the information for their home opener at Barclays Center. The New York Liberty team says the rotating nail polish is a teaser animation, as the actual NFT will be more than what is shown there.
Why NFTs are sport’s next big opportunity
NFTs are helping establish a new means of fan engagement in the sports world, as various high-profile teams and organizations roll out their digital collectibles. But not only that, but NFTs are also a golden revenue-making opportunity for the sports industry. Fans can now collect virtual NFT merch, highlights from breathtaking moments, digital tickets to major sports events, and many other new technologies. The value of the NFT market is forecast to grow to U$75 billion by 2025, with much of the growth driven by the boom in sports NFT products.
This is a great opportunity for sports teams and organizations if they manage to strategize NFT fine art properly. The opportunities are endless and have the potential to benefit all kinds of sports in the industry.