Are NFTs a Viable Solution for Improving the Direct-to-Fan Experience?

Sports and music have always been somewhat intertwined. They have relied a lot on fan loyalty to generate money and it has also brought around a lot of opportunities as well. Today, we stand at the edge of what is going to be a huge shift in customer culture. It’s akin to what generations would have felt when technology really took off. So in other words, it’s time to finally take notice.

This shift is crucial to any marketing strategy. The main reason for this is because it represents the interaction patterns of the future. This is especially the case when you look at the two different overarching trends which are taking place right now. The first trend pertains to direct-to-fan channels and how important it is to establish them. The other trend relates more to psychological motives. We are witnessing the shift from physical assets to digital ones so that the inaccessibility can be shifted into the more demanding world that we live in right now.

NFT stands for Non-Fungible Token. It’s based entirely on the concept that we are able to create scarcity in a digital world. All of this comes from the rise of Blockchain and it also helped to democratize the marketplace too. All of the transactions which were created were done so by nodes. This helps to decentralize the structure at its core. Every version is of course, both unique and it cannot be modified either. While NFTs and cryptocurrencies were often found on the margins, they are now becoming central to many operations. 

What both NFTs and cryptocurrencies represent, in general, is the marketplace finding other payment methods outside of traditional ones. Online, these new methods are hugely popular. Take the case of online casinos, for instance. Many gamers prefer to use a variety of non-traditional payment methods - i.e. e-wallets and prepaid cards - to deposit and withdraw funds because they offer greater security and faster transactions. British, Finnish, Canadian online casino providers - those from all corners of the world - have begun to accept the likes of Neteller, Skrill, and Paysafecard to meet the demand. Physical stores are also finding themselves as part of this trend, with digital payments becoming more common than cash ones.

It’s so important to know that this technology does have a lot of implications. The main use so far has been in digital art and collectibles. The main thing that you need to know about NFT is that it gives creators the chance to make a brand-new source of revenue that is intrinsically linked to digital ownership. The music company may own a song or even a special edition release. In the sports industry, NBA TopShot has also gone on to experience a lot of success. The underlying characteristics when it comes to NFT ultimately mean that we can now create content that will help to create even more limited edition assets. More importantly, all of this can be owned and then controlled, so that it meets the trends mentioned above.

Of course, this is a huge movement, to say the least, and it just goes to show how much has changed over the years. Time will tell what the future holds as well. Right now, tech is experiencing a huge boost and it would seem that things are only looking up, which is interesting for those who are already very much invested in the sector.