NFTs have continued to claim ground as their demand has been growing. These changes have forced various big names to get into it. The recent big name announced the use of NFTs in the NFL (National Football League), which plans to use NFTs during the 2022 game season. These changes resulted from the increased adoption of NFTs and their viability amid the growing technology. These changes are a continuation of its previous year’s legacy as it has continued to expand the use of NFTs.
This decision from NFL will have a huge impact because of the number of viewers of the games and the participants in them. Also, the companies/individuals sponsoring the games would likely prefer to use or purchase NFTs in the future. So, it is likely to create a tremendous impact, strengthening the market.
Here is a brief overview of the NFL’s decision and how it will innovate sports using NFTs.
The changing scape and NFTs
The global crypto market has seen great changes recently, especially the bearishness that has lowered the influx of capital. Various companies have gone out of business because of the lowered interest. Many reasons can be cited for the lowered inflow of investors. Many businesses have preferred to stay away from digital assets, but some have stayed steadfast in this business.
The reason for their interest in using NFTs is the benefits it brings apart from the commercial perspective. NFL has decided to use commemorative tickets as NFTs for attendees of games. These commemorative tickets from NFL will be available for more than 100 games of the season. It has continued its legacy of using NFTs for season games for the second year in a row.
NFL is being assisted by ticketing giant Ticketmaster in preparing and using NFTs. The users will be able to scan these NFT tickets while entering the stadium. Thus, this use of NFTs will encourage other sports event organizers to go for the innovative use of NFTs. The previous year’s use of NFTs by the National Football League is an example of the success of this strategy.
Announcement from NFL for commemorative NFTs
As NFL has announced the use of virtual tickets in the form of NFTs, the customers will be able to sell them in specific marketplaces. There has been a change in the ticket minting blockchain this year. Previously NFL minted the tickets on Polygon for 21 regular and some post-season games, while this year, they will be minted on Flow. The change has come as the result of consultation between Ticketmaster and NFL management.
According to the main partner in ticket management, Ticketmaster, this change is the continuation of the use of innovative technologies for games. According to Bobby Gallo, senior vice-president of club business development in the National Football League, it is an attempt to explore future options in emerging technologies.
According to him, it will bring benefits to both the organizing body and the fans, who will be able to take benefit of innovation in technology. It will not only build engagement during games but also attract customers to NFT markets. The expansion of NFTs to over 100 games will bring a huge influx to the digital market. The upcoming years might see further expansion in this regard.
NFL has plans to use NFTs as commemorative tickets in this year’s season for more than 100 games. This project is being run in collaboration with Ticketmaster, which will organize the use of digital tickets for entry. These NFTs have been minted on FLOW and can be redeemed later.