Quick take:
- Trading of NFTs is booming in the crypto-verse
- The top 3 NFT marketplace had a combined trading volume of $342 million in February
- 22 NFTs sold for more than $200k in the same month
- NFTs are perfect for collectibles in the various global sports leagues
Like all things revolutionary in crypto, Non-Fungible Tokens (NFTs) have swept the trader and investor community by storm. According to DAppRadar, the top 3 NFT marketplace had a combined trading volume of $342 million in the month of February.
The top 3 NFT marketplaces in the month of February included NBA Top Shot ($226 million in sales), OpenSea and CryptoPunks.
22 NFTs Sold For Over $200k Each
In the same month, 22 NFTs sold for more than $200k each fueled by celebrities and brands making their way into the space as explained below by the team at DAppRadar.
NFTs are slowly becoming mainstream as more celebrities and brands find their way into this new space. Genies is using digital clothes as NFTs for their online avatars, and they have partnered with celebs like Shawn Mendes and Justin Bieber.
NFTs are a Perfect Fit for Sports Leagues
NFTs have particularly found a niche in the sports world as the simplicity of digital collectibles on the blockchain, slowly gains acceptance in the world of NBA, Football and Baseball cards. A single sports NFT has a digital certificate that proves its authenticity that can be verified over and over again unlike sports cards that need additional scrutiny to determine their originality.
The potential of blockchain and NFTs in sports has resulted in the creation of the NBA Blockchain Advisory Sub-committee comprising of billionaire investor Mark Cuban alongside Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive and Tyne Sweeney.
The sole goal of the NBA Blockchain Advisory Sub-Committee is to explore ways of integrating blockchain across the entire league. NFTs, Ticketing and Payments quickly come time mind as plausible use cases for blockchain technology in the NBA.
Chances are that other global sports leagues are keeping an eye on what the NBA Blockchain Advisory Sub-committee comes up with, in a bid to replicate or improve on their ideas.