Non-fungible tokens are the future of digital assets in sports, as per research from auditing firm PriceWaterhouseCoopers (PwC).
Digital assets will transform how consumers consume and engage with their favorite sports and sports teams, according to the research.
Ticket sales, sponsorships, and media rights are now the most lucrative income sources for sports clubs and leagues, according to PwC. It predicts that tokenized tickets, NFT media rights, and sponsorship of digital or metaverse events will propel the industry forward at a breakneck pace.
NFTs and digital assets are among the ten significant developments in the sports sector, as per the firm. The paper outlines three primary applications for NFTs, ranging from changing sports technological infrastructure to increasing fan involvement and their potential to impact the future of sports.
The initial use case is collectible NFTs, which are assets used to offer verified, collectible, and limited-edition digital material. Like historic event ticket receipts or player trading cards, conventional memorabilia may be minted and exchanged on the blockchain.
Season ticket member NFTs are another popular use case. These NFTs will deliver validated token permits to ticket holders, allowing them to enter and enjoy special fan experiences.
Season ticket holders would not only have access to exclusive material and stadium experiences, but they would also be eligible to receive limited-edition collector NFTs.
The report’s last use case is virtual access tokens, which will allow fans to electronically attend games and matches if they cannot do so physically.