Top NFT sports projects

Non-fungible tokens, or NFTs, have become extremely useful tools in a range of different industries. While many applications involve digital art, NFTs have also secured a foundation within the sporting world. As a result, sports NFTs are one of the most popular categories in the sector.

What are sports NFTs?

Sports NFT projects combine sports, and sporting teams with NFTs and blockchain technology. Before we explain how sports projects utilise NFTs, let’s take a dive into what an NFT actually is.

NFTs, or non-fungible tokens, are cryptographic tokens that are used to represent ownership of a digital asset. The tokens live on a blockchain, such as Ethereum, which makes them extremely secure, easy to authenticate and simple to transfer. In comparison to cryptocurrencies, such as BTC and ETH, or fiat currency, such as USD or GBP, NFTs are non-fungible. This means that they have unique identifiers that prevent them from being copied or substituted. NFTs have been used to represent unique digital assets such as digital art, memes, GIFs, music and videos.

NFT technology has now been applied in a variety of different ways across the spectrum of the sporting world. The range of applications includes collectibles, fan tokens, sports metaverse games, and trading cards. For many sporting teams, the disconnect between players, the team, and the fans can be a real problem. As a result, teams globally are turning to NFT technology as a way to solve this issue and bring fans closer to the action.

Collectibles

One way in which many teams are adopting the technology is to offer a range of collectibles to fans. Just like physical collectibles, NFTs are an excellent way to generate fan support. Due to their programmable nature, NFTs can also be pre-programmed to provide fans with certain additional perks, which can further nurture enthusiasm for the associated sport or team.

NBA Top Shots, for example, is designed to encourage fan interaction. The project was created by Dapper Labs with collaboration from the National Basketball League (NBA). The collection depicts a range of highlight video clips from world-class basketball games. Some have exchanged for hundreds of thousands of dollars.

Digital sporting collectibles can also be found in blockchain-based games. One example is the fantasy football game Sorare. Sorare beautifully combines sports, collectibles, NFTs and blockchain technology. Licensed with over 150 different teams, users can purchase real-life footballers within the game and build their own team. Each footballer is represented by an NFT, which holds a particular value. The internal play-to-earn model allows users to compete in tournaments for a chance at monetary rewards.

Fan tokens

While not technically classified as NFTs, fan tokens are often grouped with NFT sports projects due to the level of interaction they offer to fans. Fan tokens can be used by fans to vote on the internal processes of a team, get access to premium tickets, and become eligible for certain club discounts.

Developed by platforms such as Socios.com, fan tokens can now be purchased for a range of different teams worldwide including, Juventus, Manchester City and A.C. Milan. These fan tokens allow fans to vote on a range of different items such as choosing the team’s playlist before a game, designing a new training kit, or redesigning a club’s emblem. The more tokens held the more voting rights a user has. Alternatively, some teams also allow holders to gain first access to tickets, merchandise and certain club discounts.

Sports metaverse games

NFTs help fans get closer to the action, at least that is the idea when it comes to sports metaverse games. By leveraging NFTs and the blockchain, game designers can offer a new level of gameplay not possible with traditional computer games.

The Formula 1 racing game, F1 Delta Time, allows players to race against each other on F1 race tracks from all over the world. However, every car within the game is purchased as an NFT. The addition of NFTs brings in a completely new level of complexity to an otherwise simple racing game. The use of in-game purchases also extends beyond cars. Players can change drivers, front wings, power units, rear wings, tyres – all of which are represented by NFTs.

ZED RUN is another sports NFT project that is utilising blockchain technology. Instead of Formula 1, this game focuses on horse racing. Each racehorse within the game is represented by an NFT, which can then be raced against other players. Horses that win are entitled to cash prizes. Horses can also breed to generate new digital offspring.

Along with the previously mentioned Sorare, F1 Delta Time and ZED RUN represent further examples of where NFTs have been integrated into the sporting world.

Digital trading cards

Trading cards have long been integrated into the sports community. However, now trading cards are moving from the physical realm into the digital one.

Just like physical trading cards, digital cards can represent a host of different sporting characters. In the form of an NFT, they can be easily stored and transferred on the blockchain. This means exchanges and trades can be completed in seconds with anyone, no matter where in the world they are.

A number of NFT companies have generated sporting card packs for teams all around the world. Sports that now have tradable NFT cards include the UFC, Formula 1, Football, Baseball and the NBA. Just like regular trading cards, rarity, skill and fan sentiment determine NFT value.

List of top NFT sports projects

NFT sports frequently asked questions

• What makes sports NFTs valuable?

  Sports-based NFTs value comes down to a range of factors. However, value is usually strongly correlated with rarity. If an NFT is rare, it will hold more value than those that are not. However, another key element when valuing sports NFTs is fan sentiment. An NFT may be rare, but if it represents something or someone that has lost favour with fans, the value will likely fall accordingly.

• Can anyone create a sport NFT?

  Yes, anyone can create a sport NFT. However, many sports NFTs work because they are affiliated with the sporting brand behind them. For example, NBA Top Shots works because of the collaboration with the NBA. That being said, anyone is able to design and create an NFT project. If the NFT project combines elements that fans are looking for, there is every chance it could be a success.

• Do sports NFTs replace physical trading cards?

  While sports NFTs mimic the collective theory behind physical trading cards, they are very unlikely to replace them any time soon. The advantage of digital trading cards is that they can be exchanged within minutes, to any person on the planet – a feat not possible with physical trading cards. However, the market for physical trading cards remains extremely high.