NFTs, trading card boom will be big for women's sports

Investor Alexis Ohanian, co-founder of Reddit and husband to tennis legend Serena Williams, is among the latest of high-profile names to help NFTs, or non-fungible tokens.

“I’ve invested big in women’s sports, but the rise of NFTs and trading card boom is going to be HUGE for women’s sports,” Ohanian tweeted on Saturday.

“Save this tweet,” he added, noting that ladies investing out there for NFTs and different digital belongings “will change the game,” particularly because the consumer expertise and interface for the platforms enhance over time “and the market gets more efficient [and] liquid.”

NFTs are distinctive cryptocurrency tokens used to characterize digital belongings, together with works of art, sports collectibles and video clips, to call just a few. NFTs can be purchased and bought, similar to bodily belongings. And, since they run on blockchain, a decentralized digital ledger that paperwork transactions, possession and validity of the asset the NFTs characterize can be tracked.

In February, an NFT spotlight clip displaying a LeBron James dunk bought for more than $200,000 by Dapper Labs’ NBA Top Shot, a web based platform that sells NFT collectible “moments” of common gamers. And that wasn’t only a one-off state of affairs — NBA Top Shot has generated more than $230 million in gross sales up to now, CNBC reported.

Although the collectibles have up to now been centered largely round males’s sports, Ohanian predicts the NFT market for women’s sports collectibles will be even bigger.

“These markets are male-dominated right now. Women are undervalued, just as they are in other markets, despite actually having much more influence on dollars,” Ohanian tweeted, additionally stating that women control a greater portion of consumer spending than males.

For instance, he said, “you’ve already seen the mimetic strength” of Megan Rapinoe, a legendary American skilled soccer participant.

“[W]hat happens when anyone in the U.S. can invest in ‘Megan Rapinoe’ stock?” Ohanian requested. “Spoiler: it’s going to the moon.”

Ohanian continued to notice that “the billions we’ve seen so far in trading cards” transactions on platforms like NBA Top Shot and the soccer digital collectible platform Sorare “is ignoring half the world (for now)” by not but promoting collectibles from women’s sports.

Indeed, Dapper Labs is “actively building out experiences for women’s sports,” a spokesperson for the corporate tells CNBC Make It, “including the WNBA.”

Sorare additionally has related plans. Ohanian is an angel investor at Sorare, and one in all “the big projects” he’s engaged on with the corporate is to get women’s soccer on the platform, a spokesperson at Sorare tells CNBC Make It. Right now, 18% of Sorare customers are girls, regardless of the platform not but providing any collectibles of ladies athletes, the corporate says.

Like Ohanian, investor Mark Cuban additionally predicts the NFT market will disrupt the sports collectible market, together with the art, music and movie industries.

“This generation knows that a smart contract and the digital good it reflects or a CryptoAsset are a better investment than old school see, touch or feel uses,” Cuban wrote in a January weblog put up.

Those shopping for NFT-based collectibles guess that the market will appreciate as bodily trading playing cards have. After all, “people WANT to celebrate their Super Heroes, men and women alike, and missing this opportunity is going to look idiotic in 20 [years],” Ohanian tweeted.

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Disclosure: CNBC owns the unique off-network cable rights to “Shark Tank.”