$1.3 Billion Sports NFT Market To Double In 2022; 100% growth, 10-year CAGR – 36.3%: says Market Decipher USA – English – PR Newswire | Jewelry Dukan

PUNE, India, September 5, 2022 /PRNewswire/ — decipher market has published its latest report, “Sports NFT Market Size, Statistics, Growth Trend Analysis and Forecast Report, 2022 – 2032“. The study estimates the size of the sports NFT market $2.6 billion in 2022 and achieve forecasts 41.6 billion by 2032grows at a CAGR of 36.3% during 2022 to 2032. Digitization of trading cards and huge demand for Limited edition video NFTs are two major trends revolutionizing the industry and eventually driving the sports collectibles industry forward. Surprisingly, the developing world is picking up speed at a rate faster than any other high-tech market. Sports NFT market revenue doubled in 2022, reaching 100% growth.

Get Detailed Research Insights: https://www.marketdecipher.com/report/sports-nft-market

“NFTs allow fans to gain rights to their favorite sporting moment by purchasing NFTs of such video moments. Trading Card, which is already a large market share in the sports memorabilia market, is showing a rapid shift from physical to digital. NFTs are also creating new revenue streams for athletes, leagues and teams across multiple sports, with current demand heavily focused in the US. – Chandradeep Singh (Analyst at Market Decipher)

“Transition from physical to digital and the impact of the distribution channel”

Physical collectibles such as trading cards have a reduced lifespan as they can be lost or destroyed. This has given the NFT card market a huge boost.

Cards: Trading cards have now picked up speed in the NFT sector. Sports enthusiasts collected the NFTs as a hobby and others for business purposes to resell at higher prices.

Accesories: Player accessories/memorabilia such as t-shirts, watches, shoes, hats, glasses, etc. are widely available in the industry. There is a great demand for these unique collectibles in real time, users are trying to participate in offline auctions. The digitization of these accessories makes them unique and steadily increases their market value.

Collectibles: In sports, collectibles such as trophies, autographs, awards and other sports equipment become unique digital assets. The tokenization of the sports collectibles into NFTs will see the NFT market grow rapidly with huge profits.

Video clips: There are some moments that are gaining popularity in a sport, sports organizations/athletes symbolize the video clips, images in NFTs that are now bringing them huge revenues.

The sales channel in the sports memorabilia market has been significantly impacted by the NFT craze. NFTs can be sold digitally and therefore offline auctions play a lesser role. Also, new NFT marketplaces have emerged, allowing teams or athletes to create their own NFT and auction or sell them. Such marketplaces also allow for the resale of NFTs by investors and traders.

Get this report: https://www.marketdecipher.com/report/sports-nft-market

“Will it end the role of auction houses?”

In 2022, limited edition video clips would lead the NFT industry in sports, followed by player cards. The value of NFT depends on the athlete’s popularity, the importance of the event and the associated content within the NFT. NFTs are believed to be sold through online platforms; However, it has been observed that an NFT that is limited to a single output of a major event – for example a winning cricket batt, goal, home run or dunk by an athlete, added commentary by an associated athlete – is sold at auction. On the other hand, the same video, but without additional content and in numerous (albeit limited) copies available, is sold and traded through specialized NFT platforms or online marketplaces for sports collectors, e.g. B.OpenSea.

“Demand Drivers: What’s Driving the Sports NFT Industry”

The offering of limited intellectual property rights within sports NFTs hasn’t dampened appetites, suggesting that demand may well be driven by the ability to demonstrate status: scarcity drives inherent value in and of itself. Video games are one such area where enthusiasts and fans have made huge spends on digital tokens. Since the number of NFTs to be created depends on the manufacturer, they can either create an extremely high quality single limited edition or multiple but limited editions; resulting in the expected rarity. NFTs are only displayed on one screen and therefore the marginal cost of “crafting” is close to zero.

Currently, the top sports in demand for NFTs are NFL, football/soccer, basketball, baseball, cricket, and ice hockey. However, over time, all sports will likely have some form of NFT offerings. Interest in sports NFTs is likely to be fueled by activity in the broader NFT market, including the digital arts market.

An important initial consideration will be whether NFT activities are best conducted at the league, team, or athlete level. The sports NFT industry is making tremendous economic strides in the overall growth and development of the sports industry in a variety of ways.

“What are the competitors doing in this revolutionary business?”

The NBA projects like Top Shot, the NFL blockchain project and similar others have gained a lot of acceptance from the fans. Digital Sports Collectibles or the sports NFT industry has been helped to grow through the cooperation and partnership of NFT and the sports industry, and also has positive effects on the sports industry.

Some of the companies covered in this report are OOOOO Entertainment Commerce Limited, Funko, Inc., Hut 8 Mining Corp., Ebang International Holdings Inc., Marathon Digital Holdings, Inc., OpenSea, NBA Top Shot, Rarible, Aetsoft, Enjin, Accubits , Nifty Gateway, AirNFTs, Sorare, Dibbs, Crypto.com, Fanzone Sports Club, The Ballman Project, Blockchain Brawlers and Mintable.

Important competitive strategies: Sep 2022:

  • FIFA launches NFT collection on Algorand (ALGO).
  • NFT platform “Heir” enters the high school sports star NFT sector
  • Officially licensed NFT platform OWNIC to revolutionize collectible sports cards with dynamic NFTs
  • Major League Soccer is partnering with Sorare to launch a blockchain-based fantasy soccer game in 2022
  • Ticketmaster chooses Flow Blockchain from Dapper Labs for NFT tickets
  • Former NFL legend Michael Vick is co-founder of sports technology company FanField
  • NFL launches NFT helmet collection as part of blockchain game NFL Rivals

Key stats and insights

  • Sports NFT market grows at 36.3% CAGR
  • North America leads the world market
  • Asia Pacific is the region with the greatest potential
  • Cricket NFT is governed by APAC
  • NFL NFTS are run in the US but have a small market elsewhere
  • Latin America dominates both NFL and football
  • Trading Cards emerges as the leading revolutionary
  • Digital keepsakes are catching on
  • Video Moment NFTs the leading segment
  • Highly active industry in strategies of companies in 2022
  • Early mover to take advantage/very potential market
  • Ambiguity in understanding, leading to major misunderstandings between companies
  • Market research is set to play an important role in strategy development in 2022

Sports NFT Market Scope

The report provides a detailed analysis of the market data for each NFT type for each country and for each sport type. Estimates and projections are provided from 2021 to 2032. This is a very active market and as such we update this study every month.

  • Number of report pages: 226
  • Number of data tables: 82
  • Number of charts: 74

Report Proposal Available At : https://www.marketdecipher.com/report/sports-nft-market

Top Sports NFT Market Segments

Industry Breakdown by NFT Type

  • Video NFT
  • Image NFT
  • Audio NFT
  • Trading Card NFTs Market
  • memorabilia NFTs
  • Collectable NFTs

Industry Breakdown by Vendor Type

  • offline auctions
  • Online NFT Platforms
  • NFT websites for specialized sports

Industry Breakdown by Vendor Type

  • All major countries covered (approx. 30)

Key takeaways from the report:

  • Market revenue from 2021 to 2032
  • Market data per product/distribution channel/league/country
  • Sporting Goods Market Trends
  • Market competition and company analysis
  • Analysis of physical and digital collectibles
  • In-depth analysis of 20 major countries with data
  • Important investment pockets in the industry
  • Start-up strategy for getting started

Detailed research can be obtained at https://www.marketdecipher.com/report/sports-nft-market

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SOURCE Market Decryption

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