An overview of NFTs!
A non-fungible token or more commonly known as an NFT is primarily a digital representation of an asset that can be traded online in crypto exchanges and many other trading platforms. In most cases, NFTs are also encoded with the same software used for cryptocurrencies. From a layman’s perspective, the digital asset market is run by the sale of a digital asset in exchange for a digital currency.
NFT in the sports arena!
Credits: PixelPlex
Today’s modern generation is always on the lookout for technological advancements in all spheres of life. It’s no different when it comes to sports. In the field of sports, there is a change of trend, where NFTs are used and traded in an exaggerated way. In fact, NFTs, along with fan tokens and currencies, are trending consistently across the globe. The trend is catching up as each day passes as more clubs and football teams join the NFT space. Football fans are constantly on the lookout for opportunities to invest in sports-related NFTs as they see it as an opportunity to enjoy exclusive benefits available only to digital token holders.
Sorare’s NFT Expedition!
A French company called Sorare, sources say, has bridged that gap between sports, NFTs and digital currencies. With the use of digital player cards, the company truly allows players to buy, acquire, trade and control a virtual team. The company was created in 2019 using Ethereum blockchains.
PSG enters the NFT markets and wreaks havoc!
Paris Saint-Germain FC have reportedly declared their intention to support the NFT market. The winning football team, which also won the French Ligue 1, is selling NFT tickets for 30 million yen. Tickets are offered for the football club’s friendly matches against regional teams in Japan.
For the three matches scheduled as part of PSG’s Japanese tour, the team’s official website serves as an exchange platform.
The NFT ticket will provide other benefits, which increase the attractiveness of the ticket. The NFT ticket is designed to grant its holder additional access to the VIP area and party at the stadium with the players.
Writer’s report:
The drowning NFT market space is surely disheartening. The collapse of the cryptocurrency market also boosted the downward trend of the NFT market and the collapse of NFT was not fair enough for NFT investors. But news like this where a reputable football team is working on developing the market and increasing the traction to the NFT market is encouraging and surely good for the market in the long run.
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