Over the last few years, that has been greater interaction between the worlds of sports and blockchain. Some examples of this include sports teams developing their own special tokens for fans, the use of blockchains to manage the issuing of merchandise and collectible items to prevent counterfeiting, as well as the use of a blockchain-based app for voting among fans. Sports is one of the more interesting applications of blockchain but even as it finds its footing within the world, it is likely that there will be even more collaborations between the blockchain and crypto world and the world of sports.
According to recent comments made at the NFT NYC event, management within the NFL and NBA are willing to make use of nonfungible tokens for various purposes but are not quite ready to look into tokenizing contracts just yet.
During the event, a panel was held which discussed the use of blockchain for big brands and this panel was joined by Adrienne O’Keeffe, associate vice president of partnerships at the NBA, and Sophie Gage, counsel at the NFL Player’s Association. According to O’Keeffe, these new blockchain-based platforms provide away by which supporters of sports can better connect to their teams and this is a good thing. Gage, however, notes that there is some uncertainty surrounding this new industry as it is not yet known where the tokens count as securities or utilities. This is a valid argument as the Securities and Exchange Commission in the United States has found themselves in conflict with companies such as Telegram and Kik who have argued that their tokens have been miscategorized by the agency. As of now, blockchain trading cards have been made available for teams in the NFL and NBA and this progress shows no sign of stopping.
Besides the use of nonfungible tokens, the NFL and NBA have also experimented with a number of blockchains, both public and private, and new innovations have been developed in the space consistently. However, O’Keefe and Gage were quick to point out that neither the NFL nor the NBA is looking into tokenize contracts just yet.