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
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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