NFTs become the new revenue stream for sport

The NFTs (non-expendable digital files) are becoming one of the hopes of clubs and sports organizations when it comes to generating new sources of income, something that was reflected in the round table between FIFA and FIBA ​​officials at the Sportbiz Europa congress held in the Old Estrella Damm Factory in Barcelona.

”The first thing to do is educate people about NFTs, explain to people how they work, both internally in organizations and to the public. We have to be clear about the obstacles, grow the community, create value and define markets”explained Gustavo Arellano Jorge, director of commercial development at FIBA.

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In this regard, he added that “you have to surround yourself with experts, who are still hard to find, to know how to reach the audience”. And in the particular case of FIBA, he said that he has done “pilot projects” and what is it “in conversations with startups to continue doing things that add value”.

In addition, Arellano considered that “Right now there are many initiatives” in the world of NFTs and that “It is time to understand what is happening in the market and to be in it”. That is why he believes it is essential that clubs and organizations have “a team dedicated to it, working to try to find solutions”.

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At this panel discussion, titled Sports NFTs: Just the tip of the iceberg, Abby Barsky, Head of Digital Strategy at FIFA, also spoke. “FIFA’s goal (with NFTs) is to engage fans, like most other sports organizations,” she said.

That is why FIFA is offering through blockchain technology (which consists of a chain of blocks that makes it possible to dispense with intermediaries), which makes NFTs possible, “enjoy games, be able to access exclusive content or attend events” . The purpose, according to Barsky “is to create experiences that are fun for people.”

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FIFA’s digital manager explained that the organization began to take an interest “for the blockchain in 2017″but then “no apps yet” that “interested” them. So they started “to investigate how this technology could be used in the world of entertainment” and spoke “with other sports organizations, such as the NBA”one of the pioneers in this field.

Precisely, the income potential that is supposed to NFTs have been one of the keys for FC Barcelona to have been able to sell 49% of Barça Studios this summer (the club’s audiovisual production company) for 200 million euros. Socios.com kept 24.5% and Orpheus Media, owned by businessman Jaume Roures, the other 24.5%.

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Also this summer the Barça entity sold its first NFT. It was at a Sotheby’s auction in New York, where a buyer acquired the digital work In a way, immortal, dedicated to Johan Cruyff, for this price.

Source: Elcomercio

James

I have worked as a journalist for over 10 years and have written for various news outlets. I currently work as an author at 24 News Recorder, mostly covering entertainment news. I have a keen interest in the industry and enjoy writing about the latest news and gossip. I am also a member of the National Association of Journalists.