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. Moreover, the NFT type of items can be traded directly in the marketplace to sell them in dollars and make money. 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 2022. Also, by the end of 2022, almost 5 million fantasy sports fans will buy NFT collectibles.
Monetize Your NFT Fantasy Sports App
There are numerous ways to monetize your NFT-based Fantasy Sports App as per the marketing standards and trends of both markets places:
- Advertisements – You can charge the brands for the advertisement on your platform in the form of NFT. Instead of taking money, you can ask them to make the payment in terms of the equivalent value of the non-fungible tokens. Vice-versa, if you plan to promote your product on other applications; you can pay them in terms of NFT.
- In-App Purchases – Just like in-app rewards or currency, replace it with in-app purchases. Allow your user to pay the money and buy NFT instead of coins or rewards. NFT has a bright future and is quite expensive in the marketplace.
- Contest Participation Fees – Charge them in terms of NFT instead of direct money. Decide the charge fee based on the token and its value in the marketplace. Moreover, this will reduce the insecurity of the users related to their personal and banking details that they add to the app for such transactions.
- Sponsorship Rights – While reaching to investors, offer them Non-Fungible Tokens as sponsorship rights. We are sure that no one will avoid NFT as it’s the future of digital assets and online transactions, especially for the gaming industry.
- Branding and Marketing – While reaching out to influencers, you can use NFT to make their payment for the collaboration.
- Rewards for Winners – Usually, fantasy sports platforms offer gadgets, vehicles, or direct cash as a reward to users. However, you can start the trend by offering NFT as their winning reward.
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.