Joining terms such as Wins Above Replacement and Player Efficiency Rating in the sports lexicon are phrases such as non-fungible token (NFT), blockchain and cryptocurrency.
The language of Silicon Valley entered the sports industry this year on the back of the white-hot sports collectibles market because of the enormous sums of money involved.
Why? Simple: In an era with little or no in-game fan revenue because of pandemic health-safety protocols, concepts such as NFTs and blockchain are viewed by leagues, teams, owners and athletes as opportunities to make more money.
Fans can expect to see a growing wave of NFT promotions — would you value a bobblehead that exists solely on your iPhone? — and the possibility that future re-sale of tickets will occur on a blockchain that allows the team to get another cut of money.
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