We have seen non-fungible tokens (NFTs) make big moves in the sports industry this year. And multinational professional services network Deloitte has said that sports NFTs are not going anywhere. According to predictions that the consulting giant released on Wednesday, sports-related NFTs will account for more than $2 billion in transactions next year. This amount roughly doubles the 2021 figure.
The NBA Top Shot, the NFT-enabled digital makeover of NBA sports collectibles, has inspired other sports to launch their own marketplaces. With its most recent innovative partnership with Infinite Objects, it continues to engage sports fans all over the world. This partnership enables Top Shot owners to immortalize their favorite clips in the real world with officially licensed looping video frames from Infinite Objects.
Dapper Labs, the company behind popular fantasy basketball NFT game NBA Top Shot, is now building a similar platform for the NFL. The football league refuses to be left out of the NFT craze. This season, it is giving fans NFTs with their ticket stubs.
With more and more leagues engaging fans with NFTs, Deloittes prediction is not far-fetched.
Sports NFTs To Explode
Deloitte U.S. sports practice lead Pete Giorgio talked about the future of NFTs in sports in the coming year in an interview with Sportico. The consulting giant projects that by the end of 2022, up to five million sports fans will be into crypto collectibles.
“In a lot of ways, NFTs are just the beginnings of what can be done with both crypto and blockchain technologies,” Giorgio said. “As organizations start to embrace those technologies, what else they do with it will be very interesting.”
Giorgio also spoke on how the sports industry will adapt to the internet of the future.
“I think sports organizations are actually some of the most adaptable organizations you‘ll see,” Giorgio said. “Once the industry understands the size of the opportunity, I think you’ll see them move quickly and embrace it…. When you start to see that pendulum swing, I think it will be breathtaking how quickly the industry pivots.”
Deloitte In The Blockchain News
Last month, Deloitte announced a strategic partnership with Ava Labs to use the Avalanche blockchain to help state and local governments easily demonstrate their eligibility for federal emergency funding.
Following the partnership announcement, the price of the cryptocurrency Avalanche (AVAX) to a new high. On Nov. 21, it rose into the top 10 cryptocurrencies by market cap, reaching a record $144.96.
Deloitte plans to leverage the Avalanche blockchain for better security, accuracy, and speed for Federal Emergency Management Agency funding.
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