The year 2021 proved to be a good year for non-fungible tokens (NFT). Sports is one of the key areas where NFT’s popularity can be expected to increase this year. The ‘Deloitte Technology and Telecommunications TMT Prediction 2022’ report said that the Global Sports NFT sector will have more than $2 billion of transactions this year. The report suggests that India’s sports and entertainment NFT sector will grow to $1 billion in the coming years.
In its report, Deloitte has claimed that in the year 2022, NFT will get to see the best environment from the sports industry. The limited-edition video clips and the player card are expected to provide a good sale. The report said, despite limited IPR in sports NFT, there may be good demand this year.
Talking about India’s sports and entertainment NFT sector, many films, and cricket personalities have also taken steps to take advantage of digital collections. Bollywood star Amitabh Bachchan’s NFT earned around $1 million (about Rs 7.5 crore) in the country’s first such auction. This shows that in India, this sector is now growing rapidly.
India has three major NFT events going on simultaneously at the moment in Delhi, Kochi, and Mumbai. So glad to see a thriving community shaping the future of art. pic.twitter.com/0RtjIuLQJ5
— Amrit Pal Singh (@amritpaldesign) December 19, 2021
The Deloitte report says that India, which has a population of over 500 million cricket fans, Bollywood and regional cinema, has the potential to cross the NFT market’s value of $1 billion (about Rs 7,545 crore) for cinema and sports alone. However, the report says that collaborative regulatory policies are needed to fully utilize the potential of the NFT market. It is expected that the NFT based market will become a reality in the coming time for films and sports.
It is worth mentioning that due to the tremendous popularity of Crypto Assets, the sale of non-fungible tokens (NFT) reached $25 billion worldwide (about Rs 1,84,690 crore) in 2021. An NFT artwork in a sale on Christie’s in March last year grossed a record $69.3 million (about Rs 510 crore). Some of the world’s top brands, including Coca-Cola, Gucci, have also sold NFT.
NFT’s sales volume totalled $24.9 billion (about Rs 1,83,960 crore) in 2021, compared to only $94.9 million (about Rs 700 crore) in 2020. About 28.6 million wallets traded NFT in 2021, up from about 545,000 wallets in 2020.
Beth is the Editorial Director at Crunchoid Inc. Prior to joining Crunchoid, Beth had a hand in a number of online and print publications, including TImes as a chief copy editor .