FinTech Magazine September 2023 | Page 111

Non-fungible tokens ( NFTs ) have already made significant inroads into digital artwork , changing the way it is bought and sold , but do these collectible and tradeable digital assets offer a future revenue stream for sports merchandising too ?

According to the authors of a Deloitte analysis of NFT ’ s prospective role in sports merchandising , NFTs could become the digital equivalent of baseball cards – which , because of their scarcity , often sell for high sums . This scarcity can be replicated in NFTs , making them seem desirable and collectible ; and giving fans the opportunity to acquire , not just view , officially licensed media belonging to their favourite sports teams – although Deloitte says that , to date , many of the NFTs used in sports merchandising have not involved ownership of the underlying media .
Despite their potential to transform sports marketing , NFTs are still relatively nascent in an old-fashioned marketplace . Take football , or soccer , for example . The world ’ s most popular sport increasingly brings together diverse crowds , particularly in the European game – young and old , men and women , gay and straight .
This gives a much truer-to-life outlook on emerging technologies than other verticals where digital assets are being employed ,
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