The company will introduce a platform where users can trade digital assets like player cards and virtual goods. The new CryptoKitties-style collectibles allow for the trading of tokens representing real sports athletes, which could have implications on how teams negotiate with players going forward.
The “sport nfts” is a digital platform that allows users to trade their favorite athlete-owned digital assets. The platform has been launched by EX Sports, which is the first company to offer this service.
Thanks to EX Sports’ new platform, athletes from lesser-known and less-hyped sports leagues may soon have a chance to compete in the NFT.
The Singapore-based startup recently announced the launch of ‘EX Sport,’ an Ethereum-based NFT platform that allows users to collect and trade NFTs from various sports across the globe. The initiative aims to close the gap between mainstream and grassroots sports by putting a greater emphasis on the latter. Established sports organizations like the NBA and NFL already make millions of dollars from digital memorabilia, and EX Sports wants to provide leagues from lesser-known sports the same opportunities.
Sports and Non-Fungible Tokens: A Perfect Match
There’s no denying that non-fungible tokens are the rage right now, with trade volume jumping 700 percent from Q2 to $10.67 billion in Q3. Users from all walks of life, including sports, artists, designers, and even politicians, have continued to flock to the sector. Individual and institutional developers have created further use cases for the technology underpinning these digital treasures as a result of their excellent performance.
The sports industry has become one of the most famous areas that NFTs have had a big influence on. The NFT sector, in particular, has shown to be one of the most successful ways for sports to earn revenue. It’s safe to conclude that monetizing this niche has shown the enormous potential of sports digital collectibles.
The impact on athletics, on the other hand, hasn’t been uniform. Despite the fact that undiscovered sports need greater assistance, technology has generally benefitted existing sports.
Calculating the figures
The National Football League, the National Basketball Association, and Major League Baseball each earned about $12 billion, $7.92 billion, and $3.66 billion in revenue during the 2019-20 season. These numbers are even more staggering when you realize that these leagues have seen year-over-year losses as a result of the epidemic. Nonetheless, these leagues enjoy the most support from the NFT community.
Arm wrestling and jujitsu, on the other hand, get extremely little airtime and, as a consequence, produce very little cash when compared to other popular sports. The bulk of sports leagues have turned to unconventional means of funding and supporting its players.
EX Sports aims to equalize the playing field for lesser-known sports.
From sponsorships to worldwide exposure, mainstream sports have regularly topped the rankings in nearly every category. As a result, most NFT businesses interested in establishing a digital presence choose to collaborate with leagues in these sports.
The EX Sports initiative intends to alter that by providing a platform for under-appreciated sports like Muay Thai and powerlifting. The platform will assist leagues and players in these sports have access to the same advantages as those in more popular sports.
Several sports federations have formed strategic alliances with us.
Several sporting federations have already signed agreements with EX Sports. In order to increase its reach, the firm is also working on further partnerships. It’s building a forum for die-hard fans of these “under-appreciated” sports to continue to support them and help the initiative succeed.
It’s a win-win situation for everyone concerned.
The EX Sports Starz platform will use a revenue-sharing approach that will benefit all parties involved. This concept will benefit sports federations, fans, content suppliers, and event organizers alike.
For each player from the sports leagues represented, EX Sport will mint and host 1,000 NFT units. The platform’s native token EXS, which will be accessible on the EX Sport marketplace, will allow fans to access, buy, and sell these collectibles. Users may buy the tokens on controlled and decentralized markets, respectively.
The NFTs will be sold with ownership rights to the one-of-a-kind cards. They may also opt to earn by reselling the units. The athletes will get 80% of the revenues from the first sale of these NFT units on the platform. Athletes will be motivated to perform better since the value of the NFTs is based on real-life performance, in addition to offering a source of revenue.
The two groups will not be the only ones to benefit. In terms of financial gain, the participating federations will benefit greatly from the endeavor. They will also benefit from the platform’s increased reach, since it will spark consumers’ interest in these sports. Overall, EX Sports will make it easier for fans all around the globe to interact with and engage with their favorite players by putting them all under one roof.
Despite the fact that the NFT industry is still in its infancy, fraud is not unheard of. Researchers from the Israel-based cyber company Check Point said this week that they had identified a weakness that fraudsters might use to drain cash from unwary users’ crypto wallets on the OpenSea marketplace.
To prevent such instances, cryptographic signatures will be used to validate NFTs on EX Sport’s NFT marketplace. The collector items may also be stored in integrated wallets that serve as customized albums. This intriguing initiative may be followed here.
The “athletes with nfts” is a new digital sports collectibles platform that allows users to trade athlete NFTs. The platform was created by EX Sports, which is the company behind the popular online game of soccer called Soccer Spirits.
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