NBA Take-Two Media announced the relaunch of the NBA 2K League, which will now focus on entertainment and online content.
The Esports World Cup Foundation (EWCF) is launching the Esports Nations Cup (ENC), a new tournament that will see esports champions from across the globe represent their teams and home nations.
Once uber-popular Esports organization FaZe Clan is struggling and now needs a new CEO.
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Nonfungible tokens (NFTs) have grown a lot in popularity since the release of CryptoKitties in 2017, with the sector expected to move over $800 billion in the next two years. Some of the most well-known use cases for NFTs are picture-for-proof projects such as the Bored Ape Yacht Club and play-to-earn gaming projects. NFTs have also attracted attention from the sports industry, with professional sports leagues setting up their own platforms for fans to engage with their favorite teams or players, but that will be discussed later in this story. NFTs are unique and non-interchangeable pieces of code stored on the blockchain. These strings of alpha-numerical code can be linked to assets such as artwork or digital and physical goods. NFTs are created through a process known as minting, a...
The heavy involvement of the sports ecosystem is what expedited nonfungible tokens’ (NFT) mainstream adoption as the teams and players leveraged the technology for fan engagement. However, sports fans revealed their interest in moving beyond the hype and making investments based on knowledge about NFTs and trust in the issuers. The prolonged crypto winter razed off the inflated floor prices across the NFT ecosystem, inadvertently changing investor sentiment and forcing users to rethink their long-term investment strategies. A study released by the National Research Group (NRG) revealed an openness among sports fans to learn about NFTs as they await a greener market. Number of daily NFT sales between June 2021-June 2022. Source: NonFungible In June 2022, NFT sales plummeted to one-year lows...
Bitcoin (BTC) has been attributed as the most prominent blockchain use case, showing the technology’s prowess in successfully delivering an immutable and truly decentralized ledger over the past 13 years. Adding to the years of innovations since then— that saw the introduction of altcoins, non-fungible tokens (NFT), decentralized finance (DeFi) and more, a study conducted by fintech giant Deloitte highlighted the untapped potential of the crypto ecosystem to open up newer markets for the sports industry. Fan tokens and NFTs were first introduced to the sports industry to increase fan engagement via collectibles and voting mechanisms. However, Deloitte, one of the Big 4 accounting firms, envisions the industry further embracing crypto and blockchain technology over the coming years: “A nexu...