NFTs
SLAM DUNK? More massive sports brands are launching into the NFT market – but is this good for fans or not?
E ven the most shoulder- (NFTs), which their own club or favourite athlete is likely selling. And what fan wouldn’t want to buy an unforgettable sports moment? NFT talk is everywhere. Deloitte predicts that the sports market will generate over $2 billion in NFT sales this year. Among the largest purveyors is Sorare, which has deals with all of the top five major football leagues, including the Bundesliga, to market video-based tokens. In the future, Deloitte thinks all sports will have some form of NFT. shrugging sports lover has heard of non-fungible tokens
But could NFTs be the gateway drug to a fundamental upending of the corporate structures of professional sports ownership? A way for supporters to achieve the meaningful decision-making many have long craved? The idea is not unique to sport, and is at the heart of the philosophy driving a suite of new digital tools collectively known as Web3. Advocates believe that Web3 combinations – NFTs, cryptocurrency and blockchain – can recentre capital from monopoly control into one where the division of labour is democratised, power
SEPTEMBER/OCTOBER 2022 FEED:XTREME 47
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