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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According to a report from Crypto Daily, the founder of Cardano, Charles Hoskinson, expressed a sentiment that the cryptocurrency industry does not aim to “set the world on fire.” This statement reflects a broader perspective on the role of cryptocurrency and blockchain technology in the global economy and society.
Hoskinson’s remark suggests that the cryptocurrency industry is not solely focused on disruptive or revolutionary change but rather on providing innovative solutions to existing challenges and improving upon traditional systems. This viewpoint underscores the belief that cryptocurrencies and blockchain technology can coexist and collaborate with established financial and technological infrastructures, rather than seeking to replace them entirely.
By emphasizing a collaborative approach, Hoskinson highlights the potential for cryptocurrencies like Cardano to complement existing financial systems and contribute to positive developments in various sectors. This includes areas such as finance, governance, healthcare, and supply chain management, where blockchain technology can offer enhanced security, transparency, and efficiency.
Overall, Hoskinson’s statement reflects a pragmatic and inclusive perspective on the role of cryptocurrency in society, emphasizing the importance of cooperation and collaboration in driving meaningful progress and innovation. As the cryptocurrency industry continues to evolve, this mindset is likely to shape its trajectory and impact on the broader economy and society.
Source: cryptodaily.co.uk
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Blockchain
Pantera Capital Targets $1 Billion for New ‘All-in-One’ Blockchain Fund Set for 2025 Launch
Pantera Capital aims to raise $1 billion for its new all-in-one blockchain fund, slated for launch in 2025, as reported by Bitcoin.com. This ambitious fundraising goal underscores Pantera’s confidence in the potential of blockchain technology and its commitment to supporting innovative projects in the space.
The new blockchain fund from Pantera Capital is designed to be a comprehensive investment vehicle, providing exposure to a wide range of blockchain-related assets and opportunities. By offering a diversified portfolio of investments, the fund aims to capitalize on the growth and development of the blockchain ecosystem while managing risk effectively.
Pantera Capital’s decision to launch a new blockchain fund reflects its bullish outlook on the long-term prospects of the blockchain industry. With increasing mainstream adoption and institutional interest in cryptocurrencies and blockchain technology, Pantera sees significant opportunities for growth and value creation in the coming years.
The $1 billion fundraising target for the new blockchain fund is indicative of Pantera’s confidence in its ability to attract capital from investors seeking exposure to the burgeoning blockchain market. As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to capitalize on the growing demand for blockchain-related investment opportunities.
Overall, the launch of Pantera Capital’s new all-in-one blockchain fund represents a significant development in the blockchain investment landscape, offering investors a comprehensive vehicle for gaining exposure to the rapidly evolving blockchain industry. As the fund prepares for its launch in 2025, it is poised to play a key role in shaping the future of blockchain investment and innovation.
Source: news.bitcoin.com
The post Pantera Capital Targets $1 Billion for New ‘All-in-One’ Blockchain Fund Set for 2025 Launch appeared first on HIPTHER Alerts.
Exverse, a free-to-play game bringing a fresh take on AAA first-person-shooters to Web3, announces the launch of its native $EXVG token on ByBit, a top-three crypto exchange by volume with over 20 million users. The ByBit launch will be followed by spot listings on the MEXC and Gate exchanges. Ahead of its full alpha launch in mid-May, Exverse hosted a soft-launch tournament for 5,000 early registrees on April 15 with cash rewards for top performers.
During the last bull run, Web3 games rose to prominence under the play-to-earn mechanism that made games like “Axie Infinity” so popular. As this model became widely replicated, many of these blockchain-based games prioritized the crypto elements at the expense of the actual game aspects. This trend could be seen in practice by many titles opting to undergo a token launch before even having a working demo, disincentivizing developers to build a quality game, and leaving users with no ecosystem or functioning game to play and spend or the native currency in.
With Exverse approaching its full launch, players can earn $EXVG by performing well while using the native token to enter matches, purchase premium items, and more. The $EXVG token builds on Exverse’s extensive beta and serves as the ecosystem’s currency while the game’s community witnessed a 20 percent growth in verified signups within a month. Supporting Exverse in their token launch are prominent launchpads and incubators that include Seedify, ChainGPT, and GameFi.
To build momentum for its upcoming alpha launch in mid-May, Exverse showcased its game by holding an exclusive deathmatch-style tournament for 5,000 early wait listers on April 15. The five-day tournament, which took place on the game’s ‘Battle Planet,’ gives players a chance to demonstrate their skills and win rewards via stablecoins and tokens. With $50,000 in total up for grabs, the top 100 performers earned at least $200. Top five finishers earnings were dispersed accordingly:
1st place: $4,000
2nd place: $2,000
3rd place: $1,500
4th and 5th place: $1,000
Built using Epic’s Unreal Engine 5, Exverse utilizes blockchain technology to strike a balance between enjoyable, realistic, and immersive real-time gameplay. The game prioritizes skill over pay-2-win mechanics, enabling players to earn rewards by staking tokens before a season’s kickoff. Top performers receive a share of profits from in-game NFTs such as cosmetics and skins.
To support the ecosystem’s development, expansion, and growth while rewarding the team and its early supporters, 400 million $EXVG will be minted.
“We are extremely excited about our token launch and proud to work with a great partner like ByBit to make it happen,” says Fei Ooi Hoong, CEO of Exverse. “We worked tirelessly to develop a diverse, engaging, and intuitive first-person shooter capable of revolutionizing how the public views blockchain-based gaming. Our talented team tapped into its background in traditional gaming to develop a rich and immersive gaming experience and then strategically implemented the NFT elements and in-game economics to enhance the user experience.”
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