There is an aura created around NFTs that attracts the most avid collector. And there are no collectors more bullish than sports fans. Whether they are jerseys of their favorite teams or other sports paraphernalia, sports fans are always at the front of the line to buy them.
The same has been seen in the crypto space. While the world has been gearing to move fast toward Web3, there are more and more calls for more Fan tokens. It is because these are the non-fungible assets that fans are most likely to be interested in.
Survey Shows more sports Fans buy Tokens
The information comes from Seton Hall University. They surveyed 1,500 US adults to see how many among them find NFTs interesting. The surveyors found a surprising overlap among sports fans and those who buy NFTs or crypto assets such as BTC and ETH. The survey concluded that 57% of US adults who are sports fans have digital assets. It is double the number of households where excitement about sports is minimum.
Expressing that a bullish sentiment exists about sports fans about NFT, Daniel Ladik, a Seton hall marketing professor and poll methodologist, said, “Although we are in early innings of crypto and NFT ownership, sports fans have shown a real proclivity for engagement in these markets.”
Celebrity Branding is the driving factor behind the growth of NFTs
Whether it is Snoop Dogg’s NFT proclivities, or Matt Damon’s commercial promoting cryptocurrency exchanges, all of them have a hand in the growth of NFTs and crypto-assets.
Also, the US Superbowl is often always the most-watched sports event of the year – making it a gold mine for advertisers. And this year’s spot included many crypto exchanges such as FTX, Crypto.com, and eToro.
Crypto exchanges have gone far beyond just waiting to have a spot in such events. Crypto.com is a crypto exchange that has earned renown (and a fair bit of notoriety) for spending 700 million dollars to get the naming rights. It also teamed up with the Ultimate Fighting Championship to become a fight kit partner.
More interested in Crypto than NFTs
Here is the kicker about the survey. It also dove deep into who would buy NFTs and who is likely to have more interest in cryptocurrencies. The surveyors found that 31% of those surveyed have bought cryptocurrencies rather than NFTs. Also, only 7% were those that have brought both.
However, the data still speaks volumes about the potential of FAN tokens.
Why are FAN Tokens gaining more traction in the market?
The most relevant use case that Fan tokens have found is allowing true Fans to not just sit on the sidelines and watch the game but also be active participants in the decisions about the team they support. These decisions can be about Tour bus designs, Ticketing matters, MVP categories, match locations, and more.
Furthermore, with these tokens, Fans can get access to many rewards such as player autographs, discounts on tickets, access to never=seen-before digital collectibles, and more.
Fan tokens have created an exclusive community of excited fans who have always yearned for a sense of community and to be part of a team in a more substantial way,
That being said, it is important to remember that Fan tokens are still part of the crypto ecosystem. That is, their value is tied to the financial conditions of that system. The current bear market has been especially hard on all kinds of NFTS. Sales have gone down by 150%.
Another factor that determines the price of a Fan token is the team’s performance and fan base. Taking all of those factors together, we can say that Fan tokens are likely not bought to be flipped in the market for profits. It is meant for fans who want to – through blockchain – engage with the team that they support.
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