NFTs, otherwise known as non-fungible tokens, are the latest trend to be thrust into the focus of the media due to its association with sports.
An NFT is a digital asset which has a unique code the prove its authenticity and can be connected to any digital asset like an audio file, animation or illustration. It is something which is unique, like a piece of art or one-of-a-kind trading card.
The code itself its registered on a blockchain which is like a digital ledger that is usually known for controlling the use of cryptocurrencies.
NFTs can be purchased in an off the shelf manner or through auctions and the buyer then holds the asset in their digital wallet on a device like a smartphone or laptop. The tokens can then be sold or traded in the hope of generating a profit.
Many people are buying in to these NFTs and some are going for huge amounts of money. Mike Winkelmann is a digital artist who made $69 million at Christies for one of his digital artworks. It makes him one of the top three most valuable living artists due to his following of fans of digital art.
When people are putting this much money into different digital artworks, obviously not all at this level of price, but the value continues to be high for a lot of the most well-known pieces like the Bored Ape Yacht Club NFTs.
What makes the genre have strong opposition is the fact that you can purchase these NFTs and own the rights to an image, though this does not stop others using it. Others can copy and share and put your NFT as their profile picture on twitter, you cannot stop this, but it doesn’t change the fact that you own it.
For those in favor of the NFT uprise, it can be considered similar to how you can buy a copy of the Mona Lisa, but only one person can own the original.
In one of the most diverse industries, the sports NFTs has become a new revenue stream with teams and franchise from…
