NFT stands for Non-Fungible token, which basically could be defined as a digital asset that belongs to only you. The most popular NFTs right now are in art and music but with the current boom in the blockchain market, it has also entered the sports market.
Sports NFTS can basically be divided into two parts. The first is the digital cards of players being sold as an NFT and the second is catching the amazing sports moment and making an NFT of it. According to a report from Deloitte, it is expected that in 2022, Sports NFTs will generate more than 2bn dollars in transactions.
This is the main reason why NFT marketplaces and companies are making sponsorship deals with various sports and events such as the NFL, NBA, MLB, and also NCAA for the US, premier league, and other top sports leagues, clubs, and athletes in Europe and many more.
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