Sports NFT Platform Stakes: What You Need to Know

SPONSORED POST*

Throughout late 2021 and early 2022, there was one term on everyone’s lips. NFT, or non-fungible tokens, if you prefer the longwinded option. But what exactly are NFTs? 

NFTs basically are one-of-a-kind tokens, such as artwork or VIP passes, which live on cryptocurrency blockchains such as Ethereum and Solana. If you think about the world’s most commonly known cryptocurrency, bitcoin, well bitcoins are fungible. You can swap one bitcoin for another bitcoin or alternatively, exchange it for fiat currency. 

With NFTs, you have no such luxury however, in exchange, you have a one-of-a-kind token. For example, the famed Mona Lisa painting is one of a kind, and cannot be replicated. It can be sold or auctioned off, but it is still the Mona Lisa. 

The same concept applies to NFTs; however, they can only be viewed on the blockchain, and not in the Louvre – not yet, anyway. 

Sports NFTs 

Sports NFTs have captured the attention of the entire world as a way to bring sports memorabilia to life in a digital format. But what are they, and how can you get involved? This article will explain the basics of the sports NFT industry and what you need to know to get started.

Sports NFTs are non-fungible tokens that represent a digital asset related to a specific sports team, athlete, or event. These tokens are created on a blockchain, which makes them immutable, secure, and verifiable. The tokens can be used to buy, sell, and trade sports memorabilia and collectibles, including physical items.

Some of the planet’s top sports leagues are creating them as we speak. If you’re an NHL fan who likes to stay up to date with NHL odds on sports betting sites, then you will be happy to see there are fan-made NHL NFTs on OpenSea, which is a marketplace for NFTs. WWE has also released official NFTs distributed by the money-spinning professional wrestling company directly. 

The sports NFT industry is growing rapidly, and there are now several platforms where users can purchase and trade these tokens. These platforms allow users to stake their tokens in order to earn rewards, such as discounts or exclusive access to certain events. Staking is a process where users lock up their tokens in order to gain access to a reward. This process is similar to mining, but with a different purpose.

Of course, there is also the option to sell your token on marketplaces such as OpenSea. As is the case with any piece of art, your token is worth whatever someone is willing to pay for it, and doesn’t have a set value. 

Certain collections may have a higher value than others. And if there is a high volume of trading activity on any one collection, the chances are your NFT might be quite valuable. 

Staking 

In order to understand the sports NFT industry, it’s important to understand the basics of staking. Staking requires users to deposit a certain amount of tokens in order to gain access to a reward. The more tokens a user stakes, the higher the reward they can earn.

Staking is a great way to generate passive income from sports NFTs. By staking your tokens, you can earn rewards in the form of discounts, exclusive access to events, or even cash. This is a great way to diversify your portfolio and potentially increase your returns.

If you’re interested in getting involved in the sports NFT industry, it’s important to do your research. Make sure you understand the different platforms and the rewards they offer for staking. You should also read up on the different blockchain protocols and how they work. This will help you make informed decisions when it comes to staking your tokens.

Sports NFTs are a great way to bring sports memorabilia to life in a digital format. With the right information and resources, you can get involved in the sports NFT industry and start staking your tokens to earn rewards.

Socios.com powered by Chiliz

Socios.com is also an innovative blockchain-based website that allows sports fans to feel more connected to their club, franchise, or favorite player. The website has partnerships with the world’s top football clubs such as FC Barcelona, Paris Saint-Germain, and Manchester City, as well as hundreds more. 

They also have partnerships set up with the UFC, NBA, NFL, and NHL. Socios allows fans to purchase a club’s official fungible tokens, the value of which fluctuates similarly to that of regular cryptocurrencies. When holding a certain number of tokens, fans are able to make real-life decisions that affect the club, such as choosing a team’s new kit or choosing the music played at the stadium. 

Also, when holding these tokens, fans are also awarded NFTs. They could be memorabilia, such as a trading card for Argentinian superstar Lionel Messi, or a VIP pass to their favorite club, allowing them to take in a matchday experience of the highest level. 

While it’s hard to put an official valuation on the company, in 2021 the company claims to have generated upwards of $200m in revenue, which is divided up between Socios and its partners. That should tell you just how lucrative the industry has become. 

*This article was paid for. Cryptonomist did not write the article or test the platform.