By Naman Badheka, Associate Director of Development, Sportz Interactive
The answer: Absolutely.
But before we dive in, what are NFTs?
NFT is a non-fungible token. “Non-fungible” means that it’s unique and can’t be replaced with something else. So NFTs are unique cryptographic tokens that exist on a blockchain and can represent digital or real-world items such as artwork, music, and real estate.
Recently, NFTs have been gaining popularity in the sports domain as well. Sports NFTs are a form of collectible that allows fans to own a piece of their favourite sports teams and/or players in a manner that has never been seen before.
Sports teams and athletes can create unique digital collectibles that fans can purchase and own, and which would be used to represent ownership of a specific item such as a signed jersey or a limited edition trading card. They can also be used to immortalise a legendary moment, and a fan can own that moment. For example, Dinesh Karthik created an NFT titled “Six for the Win” which is an animated clip of his last ball six in the 2018 India vs Bangladesh match that won India the Nidahas Trophy that year. It also features a voice-over by Karthik narrating his thoughts and emotions during the final minutes of the game. Indian athletes such as Manika Batra, Lovlina Borgohain, Hima Das, MC Mary Kom, Rohit Sharma, Sunil Gavaskar, and Yuvraj Singh have launched their own personal collections as well.
NFTs are also being used to create digital experiences for fans and the opportunity to buy tickets to venues or invite-only experiences. They have the potential to revamp the current landscape for sports events, providing secure and efficient entry to events and adding value for loyal fans. A report has been submitted recommending the implementation of blockchain-powered ticketing for the 2024 Paris Olympic Games. The NBA has also launched a series of NFTs allowing fans to purchase virtual courtside game seats, and can be used to access exclusive behind-the-scenes content, interviews with players, and other experiences.
Gaming Applications that allow fantasy games, betting and trading also provide ample opportunities to use NFTs. In India, there are various platforms that have partnered with leagues and teams. For example, Fancraze is a startup that creates exclusive digital collectibles for cricket on public blockchains. They have partnered with IPL teams and athletes to be an official collection and trading platform, and allow cricket fans to participate in the digital economy of cricket.
Some IPL teams have also partnered with Socios.com, which allows the users to win tokens and exchange it for VIP rewards and exclusive experiences. Another upcoming platform is Upcric, which is a sports NFT trading platform that aims to simplify the process of collecting and trading sports NFTs. Rario is a cricket fans’ club, where lovers of the sport can collect, trade and play with officially licensed digital collectibles like video moments and cricket artefacts. They have gamified the collectibles to run a daily fantasy game. Digital Player Cards from Rario give their owners access to exclusive online games and real-world fan experiences. For example, they can be used to enter D3 – an online cricket strategy game that requires users to create 3-member fantasy squads.
Overall, NFTs are revolutionising the sports world, and India is definitely warming up to it. Recently Indiawin Sports Private Limited invited proposals from global and Indian entities to create and launch NFTs based on its existing IPs to leverage Mumbai Indians’ global brand value. As technology continues to evolve, more sports teams, leagues, and athletes will be using NFTs to create unique experiences for their fans.
Naman Badheka
Associate Director of Development
Sportz Interactive
