Top 5 Hottest Sports NFTs
An NFT is a digital file that is created on a blockchain. A blockchain is a digital ledger on which you can prove ownership of a digital asset. An NFT could be a picture, a video, or an audio clip on the blockchain. Since time immemorial, sports fans and collectors the world over have been collecting sports memorabilia. Now, thanks to blockchain technology, these memorabilia have been digitized, some even going on to sell for millions of dollars.
Relationship between NFTs and sports
NFTs provide a way to prove ownership of an asset on a blockchain. Since the blockchain is an unchangeable ledger, ownership of the NFT can be verified through it. Many NFT collectors today are collecting them for their sentimental value, while others are looking to resell them for profit.
Sports fans have been collecting items such as game balls, autographs, and jerseys from their favorite players. Through NFTs, one can own such collectible items in a digital form, which increases their accessibility and enhances their security. This way, the creator and the holder of the NFT can both benefit from the artwork.
The NFT market is currently worth approximately $14 billion, but it is projected to grow to $75 billion by 2025. Much of this growth can be attributed to the boom in sports NFTs. Dapper Labs, the biggest sports NFT marketplace, grew its annual sales by an impressive $339 million from 2019 to 2020.
Top sports NFTs
1. NBA Topshot
Here is a basketball NFT game that is hosted on the Ethereum blockchain. On it, users collect highlights in NBA history referred to as moments. These moments could be packaged as single entities, packs, or limited releases. For packs, each one consists of 2 to 4 moments, and they range in price from $9 to $1,000, depending on the moment’s quality and abundance. You can choose from several moments of various games and players.
This game is licensed by the NBA, and in addition to NFTs, it offers user-friendly gameplay. A year after its official launch, the game had reached peaks of $32 million daily trading volume.
Sorare is a football card game that resembles fantasy football. On it, users buy and collect NFT sports cards of their favorite players and build virtual teams, which they can then pit against other players on the platform. What’s more, users can earn points depending on the real player’s real-time performance.
The collectible cards on this game are classified as common, rare, super rare, and unique. Beginner users of the platform are issued common cards to build their teams with. The rest of the cards are NFTs of varying values. The rare cards are usually 100 in number, while the super rare cards are only 10 per player. Unique cards only have one copy in existence, which makes them the most valuable Sorare cards.
Holders of these cards can buy and use them in the game, or list them for sale on popular NFT exchanges. The Sorare game records monthly volumes north of $18 million.
3. F1 Delta Time
This is a Formula One game hosted on the Ethereum network. On it, users can trade in-game collectibles or play racing games. These collectibles can be sold on the platform, or on popular exchanges such as OpenSea. F1 Delta Time uses two tokens. The first is the REVV token, which is an ERC20 token that is used for in-app transactions. This token is available on most crypto exchange platforms.
On the platform, there are also NFTs with restricted availability. These vary from vehicles, components, drivers, racing circuits, and tires. Each of these NFTs has its own set of features, and they vary in rarity. In order of increasing rarity, these levels are divided into common, epic, legendary, and apex. Apex NFTs are incredibly uncommon, and they're only given out on extraordinary occasions.
This platform can generate revenues of up to $1 million every week. A race track made headlines in December 2020 when it sold for $220,000.
4. Gronk Championship Series NFTs
Rob Gronkowski, a famous NFL player, went into partnership with OpenSea to create five sets of NFTs commemorating the Superbowl wins of his football career. These cards are ERC721 tokens minted on the Ethereum network. The first four sets are limited edition cards, and they each contain 87 cards.
The fifth card is a special edition Career Highlight NFT, and only one of its kind exists. This fifth card is a montage of the other four limited edition cards, and it is digitally signed by Gronk himself. Whoever purchases this card gets to meet Gronknd wins themselves two tickets to one of his NFL games. What’s more, they get VIP tickets to his next beach party. The five cards were recently sold at an OpenSea auction for more than $1.4 million.
5. MLB Championship NFTs
This is a collection of fantasy baseball-type cards, which users can use to play virtual games against each other and improve their cards’ statistics based on their performance. These cards are minted as ERC721 tokens on the Ethereum network and can be sold on major NFT exchanges. The MLB withdrew its partnership with the NFT creators in 2020, which drove the sales volumes of these cards down. However, they have recently started gaining traction once more and are now actively being traded on OpenSea.
NFTs have created a way for notable sports personalities to monetize their achievements in a digital format. This way, the players and clubs get to earn by selling their artwork, and their die-hard fans get to commemorate their idols and earn profits from the resale of these memorabilia. However, buying sports NFTs may prove risky as their value is closely tied to the personalities they represent. If said personalities are caught in scandals or their performance flops, these NFTs may rapidly lose their value.
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