The word Metaverse became mainstream after Mark Zuckerberg renamed Facebook Inc to Meta, showing the next step for his business. Utah Jazz became the first pro team to adopt Metaverse with their virtual locker room tour with their NFT program. What is NFT and why are players like Jordan Clarkson and Rudy Gobert all in it?
The rise of TVN
Non-fungible or NFT tokens have grown in popularity in recent months. NFTs are unique in that they give anyone ownership of a specific digital asset, such as art, music, or videos. For collectors, there is money to be made on NFTs.
The Gucci Ghost was sold for $ 3,600, but the owner knocks it down for $ 16,300, through The Verge. The ridiculous prices indicate the hype around it. NFTs are suitable for sports collectors as everything can be digitally converted, such as maps, videos and posters.
According to The Guardian, the NBA has its own Top Shot NFT Marketplace where fans can purchase video clips of their favorite players, past or present. They can exchange it with other fans through an app. As of April, there were approximately 460,000 NBA Top Shot collectors who completed approximately four million transactions. But what makes Top Shot work is that all the revenue is shared with the players in the league. Anything that comes out of a LeBron James highlight deal will trickle down to players earning less than superstars. It is a win-win situation for all.
Utah Jazz, the first professional team to offer an NFT program
Jazz launched an NFT program last September, making them the first to embrace Metaverse and deliver the experience to fans who will benefit from a virtual locker room tour and an opportunity to interact with jazz legends. .
“This NFT program is our opportunity to show the world that technology thrives in our state, and we intend to be at the forefront of innovation as we move forward.” – Jazz owner Ryan Smith.
The team plans to include the sale of other NFTs that are Jazz exclusive products. Since fans are limited in live games, creating a metaverse where people can interact with each other without leaving the comfort of their homes is a brilliant idea. With Utah as the trailblazer, other teams could follow suit, which means another way for fans to enjoy their favorite sport.
Players such as Jordan Clarkson and Rudy Gobert have created avatars for the Metaverse.
NFTs are good for the NBA and credit Utah Jazz for starting the trend and setting the model for other teams in other sports.