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How sustainable are NFTs for digital sports content?, Marketing & Advertising News, ET BrandEquity

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Desirable rules, a convenience-oriented attitude, and the growth of the new normal have all contributed to a renewed emphasis on using technology. Smartphones are now acting as a driver of digital adoption in India’s Tier 2 and Tier 3 sectors. faster connectivity, more processors and more entertainment alternatives.

Additionally, an expanding NFT market has increased the diversity of talent and engagement of women in the tech sector, and the adoption of AI and app-centric approaches to improve mental health and well-being. -be all point to increased digital maturity for businesses.

Non-fungible tokens (NFTs) are the latest technology that shows how conceptions of value and money are developing in the digital age. And many companies are already taking notice, cementing their status as market leaders.

According to a recent study by Deloitte, well over 5 million individual sports fans will have NFTs by 2022. This will be through a combination of discounts, promotions and giveaways. According to the same analysis, NFT transactions will more than quadruple during the year. Sports NFTs generated over $1 billion in transactions in 2021, but are expected to exceed $2 billion in 2022.

When the usefulness of NFTs extends to the metaverse, they become much more intriguing. When NFTs meet Metaverse, the combination allows you to sell additional tickets for special events and even sell beyond the capacity of the venue. With the prolonged uncertainty and game attendance limits, you can offer fans an alternative. They may feel like they are at play while staying home and socially distancing or separating safely.

It would also allow supporters who live outside the market or further away from the team’s home town to witness the action, engage with other supporters and feel the vibe and be in the arena. With the rapid improvements in virtual environments, it would be a wise financial decision to establish and develop environment-friendly NFT immersive gaming space and creation platforms.

The world is changing and the outbreak has placed a significant financial burden on the sports sector as a whole. Finding and developing new unique ways to engage and interact with customers would help uncover limitless possibilities.

Fan interactions with their favorite teams can be dramatically changed by digital assets. There will be more opportunities than ever to engage with teams and players. Fans can build closer relationships with their teams if done right to help improve the consumer experience. Digital tokens, in turn, could create big financial potential for sports organizations. Traditionally, the three main sources of revenue for clubs and leagues were ticket sales, media rights and sponsorship.

Tokenized tickets, NFT media rights, and digital or metaverse event funding could all lead to considerable development in all three. Indeed, we would not be surprised if, in the next 5 years, revenue from digital assets becomes one of the most important sources of income for many clubs and leagues.

More and more market participants are recognizing the importance of AI, particularly its ability to create competitive advantage and shape the future of employment. We predict that by 2022, India’s AI goals will shift towards profitability and workforce productivity. Sustainability is measured by three major factors: economic, environmental and social, and NFT seems to tick all three boxes, making it one of the leading sustainable competitors in the sports content ecosystem.

DISCLAIMER: The opinions expressed are those of the author alone and ETBrandEquity.com does not necessarily endorse them. ETBrandEquity.com will not be responsible for any damage caused to any person/organization directly or indirectly.

The pandemic has challenged brands to reach audiences around the world in innovative and compelling ways that appeal to the masses without betraying their exclusive authenticity, whereby the industry has quickly turned to technology, tapping into the metaverse to bring their brands to life while revealing a new range of creative expressions along the way.