The results of a recent National Research Group poll of 3,250 sports fans from the United States, United Kingdom, Brazil, and Japan may assist clubs, leagues, and even players learn how to tailor their NFT offers. According to the report, although two-thirds of sports fans prefer a real thing in their hands, 64 percent are open to learning more about NFTs and would “consider” acquiring one in the future. According to a second research conducted this spring by Seton Hall University, one-third (34%) of sports fans had already purchased bitcoin or an NFT.
The main motivations for utilizing NFTs among sports fans polled by the National Research Group were as follows:
a means of earning money (72 percent )
an investment vehicle (42%), and
possessing anything that was limited edition and deemed uncommon (30 percent ).
Jay Kaufman, the EVP and head of sports at NRG who formerly served as the NBA’s SVP of global research and analytics, led the study. “Ultimately, the usefulness of individual NFTs will drive their long-term worth more than their beauty.” “Fans will flock toward NFT collections that may serve as portals to unique experiences in the physical world, online metaverse platforms, or their favorite video games,” writes Kaufman in NRG’s The New Collectibles study.
Sports NFTs must handle security and education
Sports industry stakeholders will need to address fans’ perceptions of NFTs as hazardous investment possibilities, with 84% feeling that there should be more controls surrounding the buying and selling of NFTs than there are now. This figure is akin to OpenSea’s admission in January that 80 percent of free NFTs generated on their marketplace were copied works or forgeries.
Notable NFT fraud in the sports industry includes FC Barcelona’s decision last year to cancel its partnership with NFT marketplace Ownix after a consultant for the company was arrested for crypto-related fraud, and NBA star De’Aaron Fox abruptly shut down his NFT project, leaving investors disappointed after spending approximately $1.5 million on the tokens. Michael Carter-Williams, another NBA star, has been chastised for a similar technique.
Education on what NFTs are will also be important, since there is a gap between what people believe they know about the technology and what they really know. According to the report, 58 percent of sports viewers believe they have “some” grasp of NFTs. However, over half of sports fans (49 percent) were unable to offer the right definition of “NFTs” according to the same survey.
One key opportunity: almost half (46%) of sports fans stated they would be more inclined to attend a sporting event if they got a commemorative NFT for their attendance, something both the NFL and MLB have started to do. Sports-related NFTs are particularly popular among US fans who follow the NBA, WNBA, PGA Tour, UFC, Formula One, and NASCAR.
Scott Lawin of Candy Digital: Connect NFTs with in-stadium benefits and actual fan experiences.
NRG’s analysis emphasizes the following NFT perks that fan collectors will be most enthused about in order to capitalize on fans’ enthusiasm:
It enables them to engage with current and previous players.
They obtain access to a particular seating location, in-stadium advantages such as shorter lines or concessions discounts, and
They have access to rewatch a previously attended game’s replay.
Candy Digital CEO Scott Lawin recently talked at SportTechie’s Horizon Summit on linking NFTs with in-stadium benefits and actual fan experiences.
“We really see a continuum between digital-only, digital/physical, and digital/experiential,” Lawin said. “Some will want a physical item, like a signed baseball. If they’re lucky enough, they might get a first pitch with the Phillies or a meet-and-greet between players and fans. “You could get a notification for a scavenger hunt, where you walk around the stadium and scan areas to unlock NFTs or prizes. Or it’s a sponsorship night, and Budweiser is the sponsors, and NFT holders get a free beer.” “In the long-run, the markets for physical and digital collectibles won’t be in direct competition with each other. Instead, they will be deeply connected and intertwined,” Kaufman adds in the NRG report. “Buyers will be able to move smoothly between the two mediums, and sellers will package physical pieces of memorabilia with NFTs—allowing collectors to display their fandom proudly both online and in the real world.”
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