As World Records are broken at the future World Aquatics Championships, NFTs will be minted on the blockchain to commemorate the athletes’ historic achievements.
The International Swimming Federation (FINA) revealed that it would award personalized NFTs to athletes who break individual world records at the future competition in Budapest, Hungary, plus a $50,000 prize.
The match runs from June 18 to July 3, and viewers can watch live at CBCSports.ca, CBC Sports app, and CBC Gem from 10 a.m. Saturday. There will also be extra weekend coverage on CBC-TV network. In addition to the NFTs, the competition has a prize pool of $5.72 million.
A Budapest-based digital artist, Krozbo will create the artwork that will afterward be minted on the blockchain as NFTs and will be transferred to the world Record breakers on June 25 at the unique awards ceremony in the Duna Arena.
FINA’s President, Hussein Al Masallam, said he was happy to be part of this core concept, acknowledging how exclusive it is for an athlete to break a World Record. Now with NFT and China Blockchain technology, those special moments will be portable and permanent.
NFTs are getting big in sports
FINA’s move to beat the NFT is certainly new to world record-breakers, but it’s not the only Web3 creative concept that happens in sports. At Rarity Sniper, we report year-round on athletes, sports teams, and sports leagues investing in NFTs, Web3, and metaverse.
In deed, NFTs, verifiable digital assets which live in the blockchain and can be traded safely, are transforming what can be done with digital collectibles, memorabilia, trading cards, ticketing, and season tickets, and digital keys they grant entry to IRL events.
There are so many things happening with NFTs in sports, which many – such as accounting firm PricewaterhouseCoopers (PwC) – think that NFTs will become one of the biggest generators of revenue in sports in the coming years.
We will have to wait and see what records are broken in the current week’s FINA tournament and whether these unique NFTs will be worth it. But given the historic nature of breaking a World Record and the uniqueness of the NFTs, it is thought that this is a good bet they will do.
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