NFTs in Sports Betting: Collectibles and Wagering

This week at Bookmakers Review, we venture from the cryptocurrency world to the other digital art of NFTs and their place in sports betting.

A New Era of Sports Betting Is Upon Us

Online wagering is in transition with the integration of a new dimension: NFTs and collectibles.

NFT is the term used for Non-Fungible Tokens, which is a digital asset used commonly in the gambling world of sports betting. Their appeal for bettors is that they act as a replacement for real cash and allow them a new opportunity to trade and exchange their digital assets in a quick and efficient manner.

Wagering in sports betting was a little slow catching on, but we have found that it has become more commonplace in the betting community.

Sportsbooks Offer NFTs for New Accounts

NFTs have become heavily promoted in the sports betting world by operators using them as an incentive for new players to open accounts and therefore their presence has quickly become the norm.

It’s important to understand the difference between NFTs and collectibles.

A digital collectible is not quite the same as an NFT but is completely linked, so what are the differences?

A digital collectible is defined as a limited edition or virtual copy of a virtual item. The COVID-19 pandemic saw Collectibles grow as niche collecting of nostalgia became a popular way for many to spend the extra spare time they had on their hands.

Upon purchase of an NFT, the buyer receives a digital collectible. That digital collectible can take the form of a piece of media, sports memorabilia, or just a trading card.

European Soccer Clubs Have Their Own NFTs

The terms trading cards and sports become intertwined further as many sports and clubs are playing their part in the tokenization process.

High-profile soccer teams in Europe have cashed in, and with two giants of European football AC Milan and Barcelona leading the trend, be sure many are yet to follow.

To explain and exemplify the permutations of such partnerships in professional sports:

Take for instance a Barcelona fan owning tickets, both digital and physical, to a European Cup final involving their team. Say that fan had a ticket when they won the European Cup of 2015, they would have the option to immortalize it as an NFT. Collectors of historic sporting memorabilia would then have the chance to buy that NFT in what could become a bidding war for potentially huge sums of inflated prices on the original ticket value.

The NFT itself is the certificate of ownership and is where the value is. The non-fungible token is the buyer’s proof of ownership – effectively your file as owner becomes a verified digital collectible.

The Impact of NFTs

Now we have detailed the difference between NFTs and collectibles, let’s look at their transformative effect within the sports betting industry.

In the traditional setting of online gaming, NFTs have found their way into being a collectible asset often used in players’ avatars.

The Advantages of NFTs in Betting

• NFTs bring a new level of transparency because Blockchain technology naturally ensures the authenticity with players being able to guarantee the origin of their digital assets during acquisition.
• NFTs are not limited solely for use on a platform instead they enhance the gaming experience across multiple compatible games bringing a deeper value to their digital investments.
• The ownership and scarcity that goes with the NFTs mean players have complete ownership of in-game assets unlike the traditional version of the house owning them.

Decentralized Betting and NFTs

• NFTs are a more integral component of decentralized betting, meaning an enhanced gaming experience whereby players wagering them add a new level of collectability and strategy to their betting.
• NFTs remarkably add transparency to decentralized betting outlets because outcomes cannot be manipulated.

Conclusion

As always, these articles are to help with your understanding of the evolving digital world, and we believe that NFTs in sports betting have created a new dimension for bettors.

That new dimension means bettors can now wager and invest in digital assets that will have real-world value. We examined how the acquisition of the assets at the right time can mean a huge surge in profits.

There is an uncanny natural synergy between blockchain technology with its fusion into gaming, which is now making for a more immersive experience for users.

The world of NFTs and Collectibles will naturally deepen and grow in the coming years, so what we are seeing currently with NFTs and collectibles in sports betting, is a glimpse into the future.