As non-fungible tokens (NFTs) continue taking the world by storm, big-four accounting firm PricewaterhouseCoopers (PwC) report shows that they will revolutionize the way fans interact and consume in the sporting arena.
Dubbed “Sports Industry Outlook 2022,” PwC suggested that NFTs were among the top ten hottest trends in the sports industry because they have the capability of shaping fan experience and boosting bottom lines.
From a list of three main NFT use cases, PwC noted that these digital assets could revamp seasonal ticket membership. Per the report:
“Many teams have started to consider how tickets could become digital tokens, providing ticket holders — especially season ticket members — with access to special content in the real world or around the stadium experience.”
Collectible NFTs have the potential of driving up revenue in the sporting industry because they will serve as trading cards for the digital world. Individual athletes, teams or leagues will typically license them.
By merging the metaverse with digital assets, both fungible and non-fungible tokens, PwC believes that a whole new market will be born needed to maximize fans’ satisfaction levels. Therefore, virtual access tokens will foster innovative opportunities and social experiences in the metaverse.
NFTs are deemed game-changers in different sectors, given that they are non-divisible and have to be sold as a whole. For instance, Amrit Dhami, a thematic analyst at GlobalData, recently noted that NFTs were perfect for fashion in the metaverse.
Given that NFTs reflect proof of ownership of an asset like an image, Dhami stipulated that these creations can change the fashion look in the metaverse because users will be offered the chance to buy ‘NFT clothing’ just like the way people purchase custom-made outfits.
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