Blockchain
$1.3 Billion Sports NFT Market Doubles in 2022; a 100% Growth, 10 Years CAGR – 36.3%: Says Market Decipher
Market Decipher has published its latest report, “Sports NFT Market Size, Statistics, Growth Trend Analysis and Forecast Report, 2022 – 2032“. The research estimates the Sports NFT Market size at $2.6 billion in 2022 and forecasts to reach 41.6 billion by 2032, growing at a CAGR of 36.3% during 2022 to 2032. Digitalization of trading cards and humongous demand for limited edition video NFTs are two major trends revolutionizing the industry, finally pushing the sports collectibles industry. Surprisingly, the developing countries are picking up pace at a higher level than in any other high-tech market would do. The sports NFT market revenue doubled in 2022 achieving 100% growth.
Get research insights in detail: https://www.marketdecipher.com/report/sports-nft-market
“NFTs allow fans to get rights of their favourite sports moment by acquiring NFTs of such video moments. Trading card, which is already a huge market share holder in sports memorabilia market shows a speedy shift from physical to digital. NFTs further creates a new revenue stream for athletes, leagues, and teams of various sports, with current demand highly concentrated to the U.S. Various blockchain companies are allowing teams and athletes to create their own sports NFT marketplace, thus easing the way to NFT industry.” – Chandradeep Singh (analyst at Market Decipher)
“Shift From Physical to Digital and The Impact of Sales Channel”
Physical collectables such as trading cards have smaller lifespan as they can be lost, destroyed. This has given a huge boost to NFT card market.
Cards: Trading cards have now picked up pace in the NFT sector. Sports enthusiasts would collect the NFTs as a hobby and others for business purpose to resell them for higher prices.
Accessories: Player’s accessories/memorabilia such as T-shirts, watches, shoes, caps, glasses, etc are widely popular in the industry. There is a huge demand for these unique collectibles in the real-time, users try to get in off-line auctions. Digitizing these accessories make them unique and constantly increase the market value.
Collectables: In sports the collectible such as trophies, autographs, awards, and other sports equipment are turned into unique digital assets. Tokenizing the sports collectibles into NFTs will extensively grow the NFT market with huge profits.
Video Clips: There are some moments that gain popularity in a sport, sports organizations/athletes are tokenizing the video clips, images into NFTs which are now earning them huge revenues.
The sales channel in sports memorabilia market has been significantly impacted due to NFT craze. NFTs can be sold digitally and therefore off-line auctions have lesser role to play. Also, new NFT marketplaces have evolved that allow teams or athletes to create their own NFT and put it on an auction or sale. Such marketplaces also allow resale of NFTs by investors and traders.
Get this report: https://www.marketdecipher.com/report/sports-nft-market
“Will it End the Role of Auction Houses?”
In 2022, limited edition video clips would lead the NFT industry in sports domain followed by player cards. The value of NFT depends on the popularity of the athlete, significance of the event, and associated content within the NFT. NFTs are believed to be sold over online platforms; however, it has been observed that an NFT limited to a single edition of a major event—say, a winning cricket strike, goal, home run, or dunk by a sports person, added commentary by associated sportsperson—are sold at auction. On the other hand, the same video but with no additional content and numerous (though limited number) available copies is sold and traded through specialized NFT platforms or online sports collectibles marketplace, example OpenSea.
“Demand Drivers: What is Boosting Sports NFT Industry”
The offer of limited IPR within sports NFTs has not dampened appetite, suggesting that demand may well be driven by the ability to demonstrate status: Scarcity drives inherent value in and of itself. Video games is one such domain which has witnessed huge spending on digital tokens by enthusiasts and fans. As number of NFTs to be created depends on the manufacturer, it allows them to either create a super high value limited single edition or multiple yet limited editions; thus, creating expected rarity. NFTs are only displayed on a screen, and therefore the marginal cost of “manufacturing” is close to zero.
Currently, major sports in demand for NFTs are NFL, Soccer/Football, Basketball, Baseball, Cricket, and Ice Hockey. Over time, however, all sports are likely to have some form of NFT offering. Interest in sports NFTs is likely to be spurred by activity in the wider NFT market, including that for digital art.
A major initial consideration will be whether NFT activities are best carried out at the league, team, or athlete level. The sports NFT industry is making huge economic inroads into sports industry’s overall growth and development in multiple ways.
“What competitors are up to in this revolutionizing business?”
The NBA projects such as Top Shot, NFL’s blockchain project and similar others have acquired huge acceptance among fans. Digital Sports Collectibles or the Sports NFT industry has been assisted by the collaboration and partnership of NFT and sports industry to grow and is also having positive impacts on the sports industry.
Some of the companies covered in this report are OOOOO Entertainment Commerce Limited, Funko, Inc., Hut 8 Mining Corp., Ebang International Holdings Inc., Marathon Digital Holdings, Inc., OpenSea, NBA Top Shot, Rarible, Aetsoft, Enjin, Accubits, Nifty Gateway, AirNFTs, Sorare, Dibbs, Crypto.com, Fanzone Sports Club, The Ballman Project, Blockchain Brawlers, and Mintable.
Key Competitive Strategies: September 2022:
- FIFA Launches NFT Collection on Algorand (ALGO)
- NFT Platform “Heir” to enter high school sports star NFT Sector
- Officially Licensed NFT Platform OWNIC to Revolutionize Collectible Sports Cards with Dynamic NFTs
- Major League Soccer partners with Sorare, to launch a blockchain based fantasy soccer game in 2022
- Ticketmaster Chooses Dapper Labs’ Flow Blockchain for NFT Tickets
- Former NFL Legend Michael Vick Co-founds Sports Tech Company FanField
- NFL To Launch NFT Helmet Collection as Part of NFL Rivals Blockchain Game
Key Stats and Insights
- Sports NFT market growing at 36.3% CAGR
- North America leads the global market
- Asia Pacific is the most potential region
- Cricket NFT is led by APAC
- NFL NFTS are led in U.S. but a small market elsewhere
- Latin America majorly dominates with NFL and Football both
- Trading cards evolves as leading revolutionizer
- Digital memorabilia gaining acceptance
- Video Moment NFTs the leading segment
- Highly active industry in strategies by companies in 2022
- Early movers to take advantage/highly potential market
- Ambiguity in understanding leading to huge misunderstanding among companies
- Market Research to play a major role in strategy building in 2022
Sports NFT Market Scope
The report includes detailed analysis of market data for every NFT type for each country and for each sports type. Estimates and forecasts are provided from 2021 to 2032. This is a highly active market and therefore we update this research every month.
- Number of Report Pages: 226
- Number of Data Tables: 82
- Number of Charts: 74
Report Proposal Available at: https://www.marketdecipher.com/report/sports-nft-market
Top Sports NFT Market Segments
Industry Breakdown by NFT Type
- Video NFT
- Image NFT
- Audio NFT
- Trading Card NFTs Market
- Memorabilia NFTs
- Collectable NFTs
Industry Breakdown by Seller Type
- Offline Auctions
- Online NFT Platforms
- Specialized Sports NFT Websites
Industry Breakdown by Seller Type
- All major countries covered (around 30)
Key Report Takeaways:
- Market revenue from 2021 to 2032
- Market data for each product/sales channel/league/country
- Sports memorabilia market trends
- Market competition and company analysis
- Physical and digital collectibles analysis
- In-depth analysis of 20 major countries with data
- Key investment pockets in the industry
- Start-up strategy for entry
Detailed research can be procured at https://www.marketdecipher.com/report/sports-nft-market
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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