A non-Fungible Token is a type of digital data or asset stored in blockchain technology. Gradually, businesses are accepting the NFT for their platforms to trade the products/services. Fantasy Sports Industries is working and planning how they can integrate NFT in different ways to maximize its advantage. However, we have done some research and found out the possible usage of NFT in the Fantasy Sports industry in the coming years.
What Do NFTs Mean for Gaming Specifically?
In online gaming, players purchase the in-game currency, weapons, skins, cards, and other in-gaming items from the game inventory. Once you stop playing the game, there will be no items left and all your efforts will go in vain for example – Minecraft. You don’t own them outside the game, they are just like an extended feature of the application for the particular user based on their investment.
In NFT-based games, a user invests in the game and collects weapons, Avtar, skins, and cards. But here the difference is that here you own the items even outside the game. These items can be used by players on other platforms too. The integration of NFT in the online gaming platform will be an advantage for the players as users can reimburse the amount they have invested in the in-game elements easily and even can extract a huge value out of it.
How do NFT Sports work?
NFT is a digital asset without any physical presence. The tokens can be music, book, art canvas, signature, voice, or any sort of digital asset you can think of. NFT is quite secure as all the owners, buyers and distributed ledger transaction records are maintained. Usually, the distributed ledger is Ethereum Blockchain.
It is a crossover between fantasy sports and sports cards/ However, the market has the opportunity of $30 billion for the present fantasy sports players. NFT TopShor and Sorare, the ultimate NFT, have made $680 million on the Fantasy Football Platform.
Unforgettable sports moments are quite popular in the sports industry as the NFT to relive the exceptional memory. Deloitte Global says that NFT for sports will generate more than $ 2 billion in transactions in 2025. Also, by the end of 2025, almost 5 million fantasy sports fans will buy NFT collectibles.
Conclusion
Hence, the integration of the NFT in the Fantasy Sports industry will be the next big thing in terms of technology. Fantasy Sports Platforms are slowly accepting the NFT and using it to reward users for their performance. There might be chances that the online gaming platform will replace the in-app currency with NFT. Fantasy App Developers are learning to integrate the usage of NFT in fantasy sports platforms to be part of the most exciting market trend right now.
