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The sports NFT market is expected to double from $1.3 billion to $2.6 billion in 2022, growing at a compound annual growth rate (CAGR) of 36.3%, reaching $41.6 billion by 2032. study From the Market Decipher Show.
The report says that the transition from physical to digital has ignited the sports NFT market. Market Decipher analyst Chandradeep Singh commented on the results:
With NFTs, fans can get the rights to their favorite sports moments by acquiring NFTs of such video moments. The trading cards we have today show a rapid transition from physical to digital.
In contrast to their digital counterparts, physical collectibles can become damaged and lose value over time. The best collectibles to bring.
Based on data, NFL, football, basketball, baseball, cricket, and ice hockey are the most in-demand branches in the sports NFT market.
The LeBron statue, MLB champion Brett Gardener, and Jermall Charlo from the Lions Only GOLD ULTIMATE collection are the top three most expensive sports NFTs of all time, according to the report.
A statue of LeBron James was photographed during a 2020 basketball game and sold for a record $21.6 million. His NFTs of Brett Gardener and Jermall Charlo are his second and third most expensive NFTs, selling for $21.28 million and his $19.1 million respectively.
The sports NFT marketplace combines the popularity of NFTs with sports fanatics. While this mix is already strong, the NFT market has remained more or less intact during the current bear market. The cryptocurrency community is experiencing its coldest winter yet, but NFT sales are up 59% and trading volume surges 553% compared to his second quarter of 2021.
RareMint co-founder Brett Calapp recently shared his thoughts on the sports NFT market: crypto slate We have explained why the sports NFT market is on a growth trend.
Calapp has identified high fees and perishability as the main problems in the traditional collectibles market.
Good quality sporting goods are expensive and difficult to obtain, even for relatively wealthy buyers. Collectibles often require a minimal buy-in, making it even more difficult for the majority to invest in them.
Additionally, the physical form of these hard-to-reach collectibles makes them prone to decay.
Calapp argues that these issues are pushing younger generations toward innovative solutions such as sports NFTs. he said:
Additional challenges such as finding authentic collectibles, hoarding assets and poor findability have caused younger generations to look to different avenues to support their favorite players and teams.
Calapp also noted the high adoption rate of GenZ, arguing that GenZ will be the main driver of the sports NFT market.
According to an article in forbes, GenZ has a positive impact on the cryptocurrency market as it tends to be more expressive. Self-expression is important to them.
We are also always looking for new platforms to express our unique identities and want to get closer to our hobbies and interests.
