Pune, IndiaAnd the 5 September 2022 /PRNewswire/- decode the market published her latest report, “NFT . Sports Market Volume, statistics, growth trend analysis and forecast report, 2022-2032The research estimates the size of the sports NFT market in $2.6 billion in 2022 and expectations to reach 41.6 billion by 2032grow in Compound annual growth rate of 36.3% During the period from 2022 to 2032. The digitization of trading cards and the huge demand for them Limited Edition NFTs Video Two major trends revolutionized the industry, and finally propelled the sports collectibles industry. Surprisingly, developing countries are accelerating their pace at a higher level than any other high-tech market. The NFT sports market revenue doubled in 2022 with 100% growth.
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“NFT allows fans to acquire the rights to their favorite sports moments by acquiring NFTs from these video moments. The Trading Card, which already has a huge market share in the sports memorabilia market, is showing a rapid shift from physical to digital. NFTs are also generating new revenue Live Streaming For athletes, leagues, and esports teams, with the current demand largely focused on the United States, many blockchain companies are allowing teams and athletes to create their own sports NFT marketplace, facilitating the path to the NFT industry.” – Chandradeep Singh (Analyst at Market Decipher)
The shift from physical to digital and the impact of the sales channel
Physical collectibles such as business cards have a smaller lifespan as they can be lost or destroyed. This gave a huge boost to the NFT card market.
cards: The pace of trading cards has now accelerated in the NFT segment. Sports fans will collect NFTs for hobby and others for commercial purposes to resell them at higher prices.
Supplements: Player accessories/souvenirs such as T-shirts, watches, shoes, hats, glasses, etc. are very popular in the industry. These unique collectibles are in great demand in real time, users are trying to enter offline auctions. Digitizing these accessories makes them unique and constantly increasing their market value.
collectibles: In sports, collectibles such as trophies, autographs, trophies and other sports equipment are converted into unique digital assets. Converting sports collectibles to NFT will grow the large-scale NFT market with huge profits.
Video clips: There are some moments that are gaining popularity in a sport, sports organizations/athletes are encoding videos and images into NFTs which are now making them huge profits.
The sales channel of the sports memorabilia market has been greatly affected by the NFT craze. NFTs can be sold digitally and thus offline auctions have less of a role to play. Also, new NFT markets have developed that allow teams or athletes to create their own NFT and put it up for auction or sale. These markets also allow NFTs to be resold by investors and traders.
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“Are you going to end the auction house role?”
In 2022, limited edition videos will lead the NFT industry in sports followed by player cards. The value of the NFT depends on the player’s popularity and the importance of the event and its associated content within the NFT. NFTs are believed to be sold via online platforms; However, it has been observed that the NFT is limited to one version of a major event – for example, a winning cricket strike, goal, home run, dunking by an athlete, or additional suspension by an associated athlete – being sold at auction. On the other hand, the same video is sold but without additional content and many copies are available (albeit limited) and traded through specialized NFT platforms or the online sports collectibles marketplace, for example OpenSea.
“Drivers of Demand: What Boosts the NFT Sports Industry”
The presentation of limited IPRs within sporting NFTs did not dampen the appetite, suggesting that demand may be driven by the ability to prove the case: scarcity drives the inherent value per se. Video games are one such area that has seen massive spending on digital tokens by enthusiasts and fans. Since the number of NFTs to be created depends on the manufacturer, it allows them to either create one very high value limited edition or multiple but limited editions; Thus, creating an expected scarcity. Only NFTs are displayed on the screen, so the marginal cost of “manufacturing” is close to zero.
Currently, the major sports required on NFTs are NFL, soccer/soccer, basketball, baseball, cricket, and ice hockey. However, over time, all sports will likely have some form of NFT offering. Interest in sports NFTs is likely to be stimulated by activity in the broader NFT market, including digital art.
The main initial consideration will be whether NFT activities are best implemented at the league, team or athletic level. The NFT sports industry is achieving tremendous economic success in the overall growth and development of the sports industry in multiple ways.
“Who are the competitors who want to revolutionize this business?”
NBA projects such as the Top Shot, the NFL blockchain project, and other similar projects have been well received by fans. The digital sports holdings or NFT sports industry has been supported by the collaboration and partnership between NFT and the sports industry to grow and also have positive impacts on the sports industry.
Some of the companies covered in this report are: OOOOO Entertainment Commerce Limited, Funko, Inc., Hut 8 Mining Corp., Ebang International Holdings Inc., Marathon Digital Holdings, Inc., OpenSea, NBA Top Shot, Rarible, Aetsoft, Enjin, Accubits Nifty Gateway, AirNFTs, Sorare, Dibbs, Crypto.com, Fanzone Sports Club, The Ballman Project, Blockchain Brawlers and Mintable.
Key Competitive Strategies: September 2022:
- FIFA launches NFT collection on Algorand (ALGO)
- NFT platform “heir” to enter high school sports star NFT Sector
- Officially licensed NFT OWNIC platform to revolutionize collectible sports cards with dynamic NFTs
- Major League Soccer partners with Sorare, to launch a blockchain-based fantasy soccer game in 2022
- Ticketmaster picks Flow Blockchain from Dapper Labs for NFT tickets
- Former NFL legend Michael Vick founded Sports Tech FanField
- NFL launches NFT Helmet Collection as part of the NFL Rivals Blockchain game
Key stats and insights
- Sports NFT market grew 36.3% CAGR
- North Amarica Leading the global market
- Asia Pacific is the most likely area
- He leads the NFT APAC cricket team
- NFL NFTS is led in the US but a small market is elsewhere
- Latin america Hugely dominates with the NFL and football alike
- Trading cards are developing as a pioneering revolution
- Accepting digital souvenirs
- Instant video NFTs are the leading part
- Industry very active in corporate strategies in 2022
- Prime movers to capitalize/high potential market
- Ambiguity in understanding leads to major misunderstanding among companies
- Market research plays a key role in building strategy in 2022
NFT Sports Market Scope
The report includes a detailed analysis of market data for each type of NFT for each country and for each sport type. Estimates and forecasts are provided from 2021 to 2032. This is a very active market, and therefore we update this research every month.
- Number of pages of the report: 226
- Number of spreadsheets: 82
- Number of charts: 74
The proposal report is available at: https://www.marketdecipher.com/report/sports-nft-market
Key Segments of the Sports NFT Market
Industry segmentation by type of NFT
- NFT Video
- NFT image
- NFT sound
- NFTs Trading Cards Market
- NFTs memorabilia
- Collecting NFTs
Industry breakdown by vendor type
- Offline Auctions
- Online NFT Platforms
- NFT Sports Specialized Sites
Industry breakdown by vendor type
- Covering all major countries (about 30)
Takeaways for the main report:
- Market revenue from 2021 to 2032
- Market data for each product / sales channel / league / country
- Sports memorabilia market trends
- Market competition and company analysis
- Analysis of physical and digital holdings
- In-depth analysis of 20 major countries with data
- Major investment pockets in the industry
- Entry Startup Strategy
A detailed search can be obtained at https://www.marketdecipher.com/report/sports-nft-market
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SOURCE Market decode