NFTs & Pro Athletes
That is the number of NFTs that Steph Curry released back in December to commemorate his record-breaking 2,974 3-pointers made during his NBA career. Each one is a digital replica of the shoes that he wore while accomplishing the feat, and they were released just a few months after Curry purchased a Bored Ape Yacht club NFT for 55 ETH (roughly $180k USD at the time) which turned a lot of heads in both the Sports and Crypto world.
Crypto, in general, has been on the rise since its inception back in the late 2000’s. It wasn’t easily accepted for what it has to offer the general public, particularly those who have been used to the orthodox means of trading and investing with the likes of Wall Street, the Stock Exchange and the most conventional means of saving, while earning safely through banks. It goes past the norm of what is deemed as a surefire way of earning, albeit at a very slow pace. It was a “risky” way of earning and investing as most people would say.
It is no secret that a lot of athletes are turning to cryptocurrency investments and NFTs as a part of their financial portfolio outside of their respective payrolls. You would be amazed to hear that Spencer Dinwiddie, the hero of the recently concluded Western Conference Semi-final series between the Phoenix Suns and Dallas Mavericks, has started his own Digital company that promises returns for investors through tokens that he sold. The value of this token hinges on how he performs on the hardwood (based on his current and future contracts). The deals are a bit tricky, but we must give him credit for wanting to be the person who starts this potential new trend of how players can make the most out of their career earnings. He even got some support from other players who would be willing to back him up if the initiative turns out to be successful.
As time goes on, though, everything evolves. And we are now veering towards a future that revolves around crypto, particularly with NFTs.
Just like anything else that starts to trend, it has slowly gained traction by getting support from mainstream names in the field of Sports. Stars like tennis’s Serena Williams, boxing icons Mike Tyson and Manny Pacquiao, football stars Neymar and Lionel Messi, and NBA teammates Steph Curry, Klay Thompson and Andre Iguodala, have all invested or left digital footprints in the world of Cryptocurrency in recent years. This is because they understand that this is the future of money, and they have the star power to be the pioneers of making it work for the athletes and their fans on this platform.
It is common knowledge that people always go for things that celebrities are into. As complex as crypto trading and collecting can get for some, it hasn’t stopped the public from getting into this new frenzy of digital age collectibles that barely resembles how those before us have built their own memorabilia. We won’t be seeing NFTs showing up on Pawn Stars anytime soon, but that reality is not too far-fetched if the trend continues, and for how big the crypto community is getting by the minute.
And if you’ve only recently become acquainted with this craze, it’s good news for you that it’s only getting started. Prior to the year 2021, there were only about 6,000 different crypto tokens out there across all blockchains. As of writing, there are now 13,416 of them which you can buy, sell, and trade within 613 exchange platforms. In a span of 1 year, it has more than doubled in growth in terms of currencies which you can acquire — which speaks volumes of how much the demand is and the amount of money that people are shelling out to get a hold of a certain coin. We aren’t even talking about the countless NFTs that have been released for collection purposes, and the hyperactivity that happens in secondary markets after initial offerings get sold out.
As mentioned earlier, Steph Curry’s NFTs sold for an “affordable” $499 per piece excluding NFT #2,974 (which represents the record-breaking shot that Curry made), which later was sold via auction for a staggering $1M USD. In the secondary market, these NFTs are now being sold no less than north of $1K USD each. Although Curry is a household name, this goes to show that there is a huge demand for sports-related NFTs going forward.
Sports collectibles will always be in-demand for as long as humanity exists. The digital age that we are in right now will continue to evolve and garner more attention that will drive more demand for NFTs that will be out in the market in the future.
With this in mind, your Champs NFT is a good start for your sports crypto journey. Being in control of your basketball team and all of its assets is essential to your progress on this side of the blockchain and who knows? We could be one of the pioneers of the play-to-earn NFT model, and you could be one of the selected trailblazers of this new sports revolution!