Connect with us

NFTs

Explainer: Do NFTs still offer value for the sports industry?

TokenTalk Staff

Published

on

Explainer: Do NFTs still offer value for the sports industry?

Sweet is the officially licensed digital collectible of the NHL. (NHL)

In 2022, North American ice hockey’s NHL entered the non-fungible token (NFT) market after striking a multi-year agreement with digital collectible platform Sweet.

Sweet is now the officially licensed digital collectible of the NHL, offering digital collectibles carved out of NHL highlights from past and present seasons, as well as a trading marketplace, and issuing both digital and real-life prizes via the NHL Breakaway platform, which launched last November.

According to the Forkast 500 NFT Index, a gauge for NFT market performance, the NFT market’s peak came in January 2022.

However, according to the same index, the market has been in decline ever since, now having only 23% of the value it had at its 2022 peak.

This raises the question of why so many major sports leagues and clubs such as the NHL, the EPCR (governing body and organizer of the European Rugby Champions Cup), and major English soccer clubs Manchester City and Newcastle United, have all signed or extended NFT deals (or digital collectibles as they are now more commonly known) in 2024, two years after the technology’s financial peak.

The answer – from a non-cynical perspective – seems to lie in efforts to increase fan engagement and internationalization in sports, rather than efforts to make speculative financial investments.

Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

View profiles in store

Company Profile – free
sample

Your download email will arrive shortly

We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form

By GlobalData

Country *
UK
USA
Afghanistan
Åland Islands
Albania
Algeria
American Samoa
Andorra
Angola
Anguilla
Antarctica
Antigua and Barbuda
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bhutan
Bolivia
Bonaire, Sint
Eustatius
and
Saba
Bosnia and Herzegovina

Botswana
Bouvet Island
Brazil
British Indian Ocean
Territory
Brunei Darussalam
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Central African Republic

Chad
Chile
China
Christmas Island
Cocos Islands
Colombia
Comoros
Congo
Democratic Republic
of
the Congo
Cook Islands
Costa Rica
Côte d”Ivoire
Croatia
Cuba
Curaçao
Cyprus
Czech Republic
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
Falkland Islands
Faroe Islands
Fiji
Finland
France
French Guiana
French Polynesia
French Southern
Territories

Gabon
Gambia
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Grenada
Guadeloupe
Guam
Guatemala
Guernsey
Guinea
Guinea-Bissau
Guyana
Haiti
Heard Island and
McDonald
Islands

Holy See
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iran
Iraq
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey
Jordan
Kazakhstan
Kenya
Kiribati
North Korea
South Korea
Kuwait
Kyrgyzstan
Lao
Latvia
Lebanon
Lesotho
Liberia
Libyan Arab Jamahiriya

Liechtenstein
Lithuania
Luxembourg
Macao

Macedonia,
The
Former
Yugoslav Republic of
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Marshall Islands
Martinique
Mauritania
Mauritius
Mayotte
Mexico
Micronesia
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Myanmar
Namibia
Nauru
Nepal
Netherlands
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
Niue
Norfolk Island
Northern Mariana Islands

Norway
Oman
Pakistan
Palau
Palestinian Territory
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Pitcairn
Poland
Portugal
Puerto Rico
Qatar
Réunion
Romania
Russian Federation
Rwanda
Saint
Helena,
Ascension and Tristan da Cunha
Saint Kitts and Nevis
Saint Lucia
Saint Pierre and Miquelon

Saint Vincent and
The
Grenadines

Samoa
San Marino
Sao Tome and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovakia
Slovenia
Solomon Islands
Somalia
South Africa
South
Georgia
and The South
Sandwich Islands
Spain
Sri Lanka
Sudan
Suriname
Svalbard and Jan Mayen

Swaziland
Sweden
Switzerland
Syrian Arab Republic
Taiwan
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tokelau
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands

Tuvalu
Uganda
Ukraine
United Arab Emirates
US Minor Outlying Islands

Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
British Virgin Islands

US Virgin Islands
Wallis and Futuna
Western Sahara
Yemen
Zambia
Zimbabwe
Kosovo

Industry *

Academia & Education
Aerospace, Defense &
Security
Agriculture
Asset Management
Automotive
Banking & Payments
Chemicals
Construction
Consumer
Foodservice
Government, trade bodies
and NGOs
Health & Fitness
Hospitals & Healthcare

HR, Staffing &
Recruitment
Insurance
Investment Banking
Legal Services
Management Consulting
Marketing & Advertising

Media & Publishing
Medical Devices
Mining
Oil & Gas
Packaging
Pharmaceuticals
Power & Utilities
Private Equity
Real Estate
Retail
Sport
Technology
Telecom
Transportation &
Logistics
Travel, Tourism &
Hospitality
Venture Capital

Tick here to opt out of curated industry news, reports, and event updates from Sportcal.

Submit and
download

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Jason Runnion, vice president of marketing at Sweet, has noticed this change in the NFT space over the last two years, and explains his thought process in an extensive interview with GlobalData Sport (Sportcal).

As he explains: “Things won’t necessarily go back to the way they were.

“The goal wasn’t to come out of the gate and say ‘here’s another speculative project like any other projects that you might have already participated in’, the goal was to say we’re working in close partnership with the NHL, the partners, the players’ association, to develop a product on our platform that fans will actually enjoy.”

How to achieve NFT mass adoption

Given this move away from seeing NFTs as a speculative investment, and more as a fun digital collectible for fans, companies in this space have had to change their approach to marketing, with less focus on web3 terminology and education around web3, replacing it with more focus on attracting your average sports viewer.

The focus for the consumer is now less on making money by owning NFTs, and more on engaging in a digital counterpart to sports card collecting.

Laith Murad, chief marketing officer at Sweet, clarifies: “Crypto blockchain technology, that’s just the underlying technology. That underlying technology was never the focus. It’s about the players, content, and teams. That’s what fans are interested in.”

Runnion adds: “A lot of people in the web3 space talk about mass adoption, and how to get more people into web3. How you do that isn’t by talking about web3, blockchain, and technology, in the same way that I don’t get hooked on the latest streaming service by telling you about how amazing it is that Netflix is on Amazon Web Services.

“I just show you the content that’s on Netflix. It’s the same [in our industry] – not talking about web3, or blockchain, although those are important structures that underpin our platform. Especially in a nascent space like this, it’s important to increasingly engage the everyday fan with the content and next generation of highlights.”

Fan engagement

One such way that companies like Sweet envision digital collectibles increasing fan engagement is by undertaking the usual activities that come with physical collectibles, but then extending their reach past physical barriers, allowing fans to interact with their teams and each other globally.

Digital collectible companies say they see the space as an opportunity to create fan communities across borders, which comes amid various sports’ internationalization efforts.

The NHL is one of those sporting properties focused on internationalization, with the US league having a 2024 NHL Global Series Challenge, staging matches in Germany on September 27, the Czech Republic between October 4 and 5, and in Finland from November 1 to 2, which seems to suggest a clear appetite for global expansion.

Murad explains: “I have friends who were in the hockey space, but they no longer live near me. So, I can’t just hand over the cards and trade. But now I can do it [digitally].

“So it’s this whole idea that I can start trading with people in London who are hockey fans and they can be a part of the community. That’s something really important, the community element of these fans coming together. That when you become a part of this – you’re not just an individual, you’re a part of a community of hockey-loving fans who are looking to collect and talk about the game, and you have a place to go. That’s unique.”

Challenges

Despite all of this, the market is not yet at the mass adoption stage, with those in the digital collectibles space still having trouble attracting regular fans who are not interested in collectibles, but are simply traditional ice hockey fans.

Many supporters, while used to buying physical items such as team jerseys, are either not familiar with the idea of digital collectibles, don’t understand it, or have simply been put off by the wave of (sometimes self-inflicted) bad publicity in the sector post-2022.

While NFTs were technically first invented in 2014, the technology was still very much in development, with Ethereum integration (now the standard) happening in 2015, and the market not gaining popularity until 2021, when it became popular in the art world.

This was the same year that US basketball giants the Golden State Warriors became the first sports team to release its own range of licensed NFTs, meaning the specific market has only technically existed for three years.

Murad explains: “If you look at our platform , it’s early stages. Some of the challenges that affect the entire market are as a result of the fact that sports digital collectibles as a whole are still in the early stages, despite the fact that there was a boom a few years ago.

“As a fan you want to show off your colors and your fandom. Often that means you’re buying a jersey, hat, sweatshirt, or something of that sort. The idea now is that all these moments have gone digital.

“We have to help educate, on a macro level, the entire industry, so that’s always going to be a challenge until we get there. But we’re really confident that if you look at the space of digital collectibles, sports is where there’s a huge opportunity. Sports is where we believe the mass adoption will come from, and that’s because fans like to relive the moments in their head.

Murad believes that while “the collectors have woken up to it, the mass market of fans who go and turn on the television on Saturdays and Sundays to watch, are not there yet.”

He concludes: “They’ll get there. We’re 100% confident they’ll be there. It’s just a matter of learning and adjusting to this notion that these memories are collected on your phone, digitally.”

Email newsletter icon

Fuente

We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

NFTs

Teen Crypto Exec Slams ‘Lazy’ NFTs, Predicts ‘Drastic Changes’ Ahead

TokenTalk Staff

Published

on

Teen Crypto Exec Slams 'Lazy' NFTs, Predicts 'Drastic Changes' Ahead

Untrading co-founder and chief technology officer Yale ReiSoleil, Jr. shared insights into the future of finance and blockchain technology in an exclusive interview with crypto.news.

At age 16, ReiSoleil founded Untrading, a non-fungible token (NFT) and cryptocurrency trading platform that allows users to earn future rewards for their sold assets. This is possible through a technology described in an Ethereum improvement proposal called ERC-5173 – NFT Future Rewards (nFR), of which he is co-author.

ReiSoleil says his interest in coding and development stemmed from his love of video games, citing an interest in “discovering loopholes that would allow me to progress faster or unlock hidden features,” he says.

Here is the interview with the 17-year-old CTO of Untrading.

Q: We’ve seen large NFT collections drop 90% in the current market – are NFTs on the way out?

A: NFTs are currently experiencing a market correction, much like the broader crypto market. The 90% drop in some key collections is a reflection of the speculative frenzy that drove prices to unsustainable levels during the peak of the hype cycle. However, this correction does not signal the end of NFTs as a technology or as a valuable asset class.

It’s important to recognize that the NFTs most people are referring to are the speculative, often copycat, lazy, childish cartoons that have flooded the market in recent times. These unimaginative imitations of previous category-creating projects like Cyberpunks and CryptoKitties They largely relied on the “greater fool” effect, hoping to find buyers willing to pay even higher prices. The disappearance of these low-effort “collections” is not surprising and is arguably necessary for the market to mature.

However, the NFT structure itself holds immense potential beyond these speculative projects. As the market evolves, we can expect a shift toward NFTs that offer tangible benefits, real use cases, and long-term value propositions.

Q: “The true power of NFTs lies in their ability to drive the convergence of virtual and real-world assets, enabling new forms of ownership, provenance and value creation.”

A: As the underlying blockchain technology and smart contract capabilities continue to improve, NFTs will play a significant role across multiple industries. From gaming and art to supply chain management and intellectual property rights, NFTs have the potential to revolutionize how we create, own and trade assets in the digital age.

Additionally, NFTs offer a unique opportunity to properly realize the value of provenance in asset ownership. By providing an immutable and transparent record of an asset’s history, origin, and ownership, NFTs can unlock new value streams and create more equitable markets for creators and owners.

In conclusion, although recent price drops in speculative NFT collections may seem alarming, they are a necessary step in the market maturation process. The disappearance of unimaginative copycat projects paves the way for the emergence of more sustainable and value-driven NFT ecosystems. As technology advances and awareness increases, NFTs are poised to play a significant role in shaping the future of asset ownership and value creation in the virtual and real world.

Q: How do you see the future of blockchain technology for mainstream use by 2030?

A: This is a tricky question, as we will certainly see drastic changes in the coming years. Just look back 6-7 years and see how old-fashioned everything seemed back then. This technology moves extremely fast and any projections will likely be absurd in hindsight.

However, if I were to do anything, I believe the main improvement we should see is a drastically better user experience (UX) and integration. It is foolish to expect that anyone interested in using blockchain will have to learn several complex concepts and navigate a minefield that could easily result in lost funds/errors if not careful.

The current complexities surrounding this technology make its mass adoption extremely difficult. However, it’s still important for users to have control over their own keys and funds, and this is where Externally Owned Accounts (EOAs) and Account Abstraction will shine. Only after we achieve ease of use can we see a massive increase in usage, which in turn would pique the interest of more people and lead to more innovation. It’s a great positive feedback loop.

Fuente

Continue Reading

NFTs

The narrative revolution of Web3 and NFTs with Springna Zhao

TokenTalk Staff

Published

on

The narrative revolution of Web3 and NFTs with Springna Zhao

Storytelling has changed in the digital age, with technologies like Web3 and NFTs changing the narrative landscape. At the heart of it is Springna Zhao, a film producer whose journey from a picturesque town in China to the pulsating streets of Hollywood epitomizes the merging of diverse worlds through the lens of digital innovation. Zhao’s latest venture, a film titled NFT30, explores the intricate dance between the digital and the physical, revealing the profound impacts of Web3 on art, society and individual lives.

From the traditional investment wisdom passed down by his mother to the global connectivity of his childhood, Zhao’s path embodies an ongoing exploration and integration of disparate influences. Everything set the stage for NFT30which aims to demystify the complex world of NFTs and blockchain for a global audience, making the intricate network of digital art and finance accessible and understandable.

The vision behind NFT30

NFT30 is a documentary, but it also serves as a bridge between the Web3 domain and the layman’s curiosity about digital assets. Zhao’s mission is to strip away the layers of complexity surrounding NFTs by presenting a narrative that is both informative and engaging.

The film promises to explore the dual nature of digital technologies – their ability to unlock unparalleled creative freedoms and the potential pitfalls of an unchecked digital frontier. Through interviews with key players in the Web3 space, NFT30 highlights the power of NFTs in redefining art, ownership and creative expression.

From Grammy winners to pioneering astronauts, the film seeks to present a multifaceted view of the NFT landscape, ensuring a narrative that resonates with enthusiasts and skeptics alike. This deliberate inclusion reflects Zhao’s belief in the universal appeal of storytelling, where each narrative thread contributes to a richer, more nuanced tapestry of understanding.

“I wanted to create this medium. That’s how it all started. If I wanted to watch one, I believe people like me around the world, maybe like you too, who are curious about NFTs and want to learn in a non-threatening way, even more fun,” explains Zhao.

Navigating the digital dialectic

The digital revolution portrayed in NFT30 has its dialectics. The film aims to strike a balance between celebrating the innovations brought about by Web3 and recognizing the ethical and existential questions they raise.

Zhao’s ambition is to provide a platform where the euphoria of digital advances and the cautionary tales of technological excess coexist, offering a comprehensive view of the Web3 phenomenon. A balanced perspective is crucial to promoting a nuanced discourse around digital technologies, their social implications and their role in shaping the future of human creativity.

Furthermore, the film shows the power of digital technologies to bridge cultural divides. Zhao’s journey from the world of finance to the creative realms of Hollywood and Web3 exemplifies the potential of digital art and blockchain to foster global connections, transcending geographic and cultural barriers.

Empowering Voices Through Technology

NFT30 not only showcases the technological wonders of the Web3 space, but also emphasizes the human stories behind these innovations. The film seeks to amplify the voices of artists, creators and thinkers who are reshaping cultural and social landscapes through their work with NFTs and digital art.

By focusing on personal narratives, NFT30 highlights the democratizing potential of Web3 technologies, showing how they can empower individuals from diverse backgrounds to share their stories and art with the world.

“It was painful to reduce 75 hours of footage into just 70 minutes of final documentary… but I guarantee you will see the best part. So now we start not sharing much… we delve into the excitement of the NFT world and the digital realm by telling the stories of famous artists,” says Zhao.

The emphasis on individual stories in the broader context of technological innovation serves as a powerful reminder of Web3’s transformative impact on personal expression and creativity.

A reflection on the ethical use of technology

While exploring the realms of NFTs and digital innovation, NFT30 also ventures into the ethical considerations surrounding these technologies. Zhao’s narrative does not shy away from addressing the challenges and controversies that accompany the adoption of Web3 technologies.

Presenting a nuanced exploration of the ethical implications of digital art and blockchain allows viewers of the film to consider the responsibilities that come with the power of these technologies. It encourages a critical analysis of how we as a society can harness the potential of digital innovations in a way that benefits humanity while mitigating risks.

Fuente

Continue Reading

NFTs

First Preview of Immersive NFTs

TokenTalk Staff

Published

on

First Preview of Immersive NFTs

Dear Crypto family, today we are looking at an event organized by an incredible couple, emerging on the Dubai NFT scene.

The VESA and Vernissage team became fast friends as the two entities share a similar vision for fine art NFTs and the maturation of the market. VESA co-founder Lotta also helped Vernissage store his message, some of which are featured here. It has been an absolute pleasure to see Vernissage grow and this article is our token of appreciation in anticipation of their debut exhibition.

Vernissage was born from the electric crackle between the value of art’s lineage, the melted paint dripping onto canvases over the centuries, and the brooding engine room of new technologies. Longtime entrepreneurs Richard and Tatiana wanted to see art nurtured and valued in the Internet age, not trampled under the metallic onslaught of ironic pop culture references and diminished prestige. We abandon value at our own peril, a manic risk like pouring gasoline on a fragile artifact.

NFTs are the anvil, Vernissage wields the hammer. The underlying technology, the enabler, the potential, like that night when two artists knocked on Richard and Tatiana’s door and presented them with a box full of rolled up canvases.

Richard and Tatiana Zalan

Although the platform is preparing for its first exhibition, the Vernissage team, Richard and Tatiana Zalan, are no strangers to new technologies. Their interest was sparked in 2016, when they organized meetings for people interested in blockchain technology and cryptocurrencies. Art, as their passion, they approached through the high-effort type of digital art, rather than art focused on utility and marketing.

They saw blockchain technology as a vehicle to protect artists’ copyrights and transition into the third Internet era.

True admirers of genuine art, the Vernissage’s origin story began to take shape when, one night, traveling artists knocked on Richard and Tatiana’s door, with a box full of rolled up canvases. They were surprised how these artists were willing to go so far to connect with their potential buyers, and this set in motion the use of technology to continue our legacy of art on Web3.

There it was, value-laden works of art curated in a fast and agile medium, brought to market by experienced decorated people no longer in their twenties. Unusual and peculiar? Yes. Desperately needed? Also, yes.

Vernissage began to take shape.

V is for Vernissage

Vernissage means an exclusive first viewing of a work of art before a public exhibition. The name fits perfectly with the platform’s mission to specifically support emerging artists. It reminds you of something exciting, quite intimate, but also distinct and rich in tradition and value.

Vernissage is striving for something extraordinary. The platform has marketplace and social network functions. The emphasis is on the social aspects of the community and therefore members of the Vernissage community can interact with each other and vote.

Richard and Tatiana want their artists to be financially successful, so cultivating collector relationships within the community is of utmost importance at Vernissage. Its social conscience runs deep, as Vernissage will allocate resources to the education and personal development of young artists in the future.

This focus, they consider, is also represented in the broader context of our society, where socially we live in crucial times. Art can once again play a fundamental role, especially if new technologies are used in bold and innovative ways. This is why Dubai has served Vernissage well since the local government passed relevant laws to make the city a leader in the sector.

Discover the Vernissage platform here: https://www.vernissage.network/

Immersion Blast on November 8th

The time will soon come. Vernissage is preparing for its maiden exhibition with a new armada of artists which it successfully held and opened a call for in September. Vernissage secured a stunning venue for the event; the Kanvas Gallery in an artistically relevant neighborhood close to Alserkal Avenue.

The Kanvas Gallery lends itself to spectacular immersion, opening up the entire view for artists to use and pushing the limits of sensory overload. Kanvas wants to explore how human relationships, nature and art interact specifically mediated by technology.

Fittingly, the evening’s theme is Canvas of Technology and Humanity.

The experience takes place on November 8th, from 6pm to 9pm, opening night by invitation only.

November 9th to 12th, from 10am to 6pm open to the public.

Dubai tarpaulin

Unit 1, Al Khayat Art Avenue,

19th Street, Al Quoz 1, Dubai

Don’t miss this night of artists, collectors and community.

Vernissage carefully drew a line in the sand, skillfully prescribed the burn around his own kind, a place for artists to repeatedly become the spark.

Successful, financially competent, a worthy opponent.

The VESA team wishes Vernissage a successful exhibition and hopes to meet again in Dubai!

Fuente

Continue Reading

NFTs

NFT sales fall more than 31% in April; Ethereum and Solana Experience Sharp Declines – Markets and Prices Bitcoin News

TokenTalk Staff

Published

on

NFT sales fall more than 31% in April;  Ethereum and Solana Experience Sharp Declines – Markets and Prices Bitcoin News

https://news.google.com/./articles/CBMiYmh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9uZnQtc2FsZXMtZGlwLW92ZXItMzEtaW4tYXByaWwtZXRoZXJldW0tc29sYW5hLWV4cGVyaWVuY2Utc2hh c nAtZGVjbGluZXMv0gEA?hl=en-US&gl=US&ceid=US%3Aen

Fuente

Continue Reading

Trending

Copyright © 2024 TOKENTALK.TOP. All rights reserved. This website provides educational content and highlights that investing involves risks. It is essential to conduct thorough research before investing and to be prepared to assume potential losses. Be sure to fully understand the risks involved before making investment decisions. Important: We do not provide financial or investment advice. All content is presented for educational purposes only.