NFT’s reign continues to increase in the sporting world.
Non-Fungible Token, is a token consisting of digital data stored in a blockchain in a form of distributed ledger. NFT’s have consistently been talked about as a commodity to be replaced in diverse set of industries.
In regards to sports industries, NFT is the main focal point in the ticketing section, where the industry is looking to replace the monotonous ticketing system with the blockchain enabled technology, NFTs. In this view, many sports enthusiasts, sporting events, groups and personalities have gone ahead to launch collectible gadgets as NFTs.
The main use case of NFT for which it is being considered to be launched is to replace the prevailing ticket system is to stop counterfeiting of tickets. It can also contribute in officially scaling up of tickets and help the sports industry to counter the ticketing issue in the long run.
French Government’s steps to implement NFT in sports.
Michel Cadot, the French government’s inter-ministerial envoy for Olympic and other major sporting event preparations, has advocated for the adoption of blockchain technology for tickets in major sporting events that the country would host in the future.
By using a simple case of delay, Cadot makes a big point for the usage of NFTs. In a match between, English facet Liverpool and Spanish soccer membership, the kickoff time got delayed due to the mass counterfeiting of the tickets for the occasion. According to an inquiry made, 10% of the 15,000 tickets allotted to the Liverpool had been counterfeited. Cadot remarked that, such instances can surely be prevented by the adoption of blockchain technology in the sports system. He went on to add that, the big sporting events such as 2023 Rugby World Cup and 2024 Olympics, should definitely deploy the blockchain technology to avoid unwanted delays and make a progress in the sector.
How will an NFT ticket function like? Let’s hear from one Cadot himself.
According to Cadot, “The complete dematerialization of non-transferable tickets, transmitted by the organiser only a few days earlier by SMS messaging and including a rotating QR code utilising blockchain expertise, activated solely in a digital perimeter equivalent to the positioning’s security perimeter, which will be checked first on the pre-filtering after which deactivated once the customer has entered the competitor’s website.”
It is heartening to experience the growth of NFT’s and the indulgence of the tokens in diverse industries. In regards to sports, NFT’s surely make a promise to revolutionize the finance part of the sports industry and has the capability to bring in changes that are needed to brand the sports industries in a modern way.