Technology / 07.27.22

New Study on Fans' Attitudes Toward Sports NFTs Offers Teams, Leagues a Roadmap for Success

Access Staff

Sport Techie (07/26/22) Cohen, Andrew

A new study by the National Research Group (NRG) polled 3,250 U.S., U.K. and Japanese sports fans for insights that could help teams, leagues and athletes understand how to market non-fungible tokens (NFTs). Although two-thirds of sports fans prefer a tangible object, 64% are willing to learn more about NFTs and would "consider" buying one in the future. The leading NFT use cases are making money, investment and owning something that was limited edition and considered rare. "Ultimately, the long-term value of individual NFTs will be driven by their utility more than their aesthetics," wrote NRG's Jay Kaufman. "Fans will gravitate towards NFT collections that can act as gateways to unique experiences either in the real world, in online metaverse platforms or in their favorite video games." Sports industry stakeholders will have to resolve fans' reluctance to invest in NFTs, with 84% of respondents thinking more regulations around the buying and selling of NFTs are needed. Also essential will be education of what precisely NFTs are, with the survey finding 49% of sports fans did not know the correct definition. NRG's report cites NFT benefits that should most excite fan collectors, including the ability to meet or engage with current or former players; admission to specific areas and in-stadium perks like shorter lines or discounts on concessions; and access to rewatch a game's replay that fans previously attended.

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Tags: Technology , NFTs