Should You Buy NFL NFTs? 20 Tips
Should You Buy NFL NFTs? 20 Tips
NFTs are hot right now, being the latest craze in the crypto world as covered over at runrex.com. It is, therefore, not surprising that the NFL is exploring how it can get on the bandwagon and ride this wave as well. Through the following 20 tips, this article will look to outline what NFTs are, how the NFL is involved, and if you are should buy NFL NFTs.
What are NFTs?
Before we go on any further, it is important to understand what NFTs are. As explained over at guttulus.com, non-fungible tokens (NFTs) are unique digital assets that can be bought and sold like any other piece of property, but they have no tangible form of their own. They can be thought of as certificates of ownership for virtual or physical assets.
Do we have official NFL NFTs?
Unlike the NBA with NBA Top Shot, a topic covered in detail over at runrex.com, The NFL is yet to officially get into the NFT space. NFL executives, however, have been in “active discussions” with potential partners to develop a digital collectibles strategy.
What else do we know about these discussions?
NFL execs have stated that the talks are part of a broader NFL inquiry into blockchain technology, which also includes an exploration of its potential use in ticketing, both in the underlying ticket IT architecture and how NFTs could drive additional value alongside tickets as covered over at guttulus.com.
How are the teams involved?
The NFL Chief and Business Office, Brian Rolapp, through a memo sent to teams, urged them not to make deals on their own without checking in with the league first. He implored teams to share all communication on the subject with NFL Senior VP/ Consumer Products Joe Ruggiero.
Where is the interest in NFTs by the NFL coming from?
Interest in NFTs and digital collectibles has exploded since Vancouver-based Dapper Labs launched NBA Top Shot in conjunction with the NBA and the NBPA. Dapper Labs has since cleared close to $400 million in sales, and it is this success that may have caught the eye of the NFL.
Are there NFL NFTs available in the market?
While the NFL is yet to enter into a partnership like the one the NBA has with Dapper Labs, there are NFL players that have already dipped their toes into the NFT space as discussed over at runrex.com. They are the Tampa Bay Buccaneers tight end Rob Gronkowski and the Kansas City Chiefs quarterback Patrick Mahomes, who have recently put a collection of digital cards on auction.
How successful were the auctions?
The two auctions were extremely successful according to discussions on the same over at guttulus.com. Gronkowski’s auction came first, and he grossed close to $1.8 million via the sale of 348 digital collectible cards, and reports indicate Mahomes’ auction was even more successful, grossing over $3 million in sales.
What can we deduce from this success?
Patrick Mahomes and Rob Gronkowski were the first NFL players to dip their toes in the NFT space, and their success will surely mean that they won’t be the last as explained over at runrex.com. It is expected that other NFL players will follow suit, and eventually, the NFL may get into this space officially, just like the NBA has.
How can I buy NFL NFTs?
When Mahomes and Gronkowski announced their drops, you were able to buy their collectible cards via auction on the platform they each had chosen to go with – Mahomes’ auction was on MakersPlace while Gronkowski’s auction was on OpenSea. It is likely that when the next NFL player announces such a drop, his collectible will also be available via auction on the platform of their choosing.
What about now?
Currently, there are no scheduled auctions for the digital collectibles of any NFL player. However, you could still buy NFL NFTs belonging to Mahomes or Gronkowski in the marketplace if someone who had bought them at auction is looking to sell.
Why you should buy NFL NFTs
There are several reasons why investing in NFL NFTs is a good idea, some of which include:
Own a piece of history
NFL players looking to get into this space will likely create digital collectibles that commemorate some of their most iconic moments. Rob Gronkowski’s digital card collection, for instance, featured iconic moments from his 4 NFL Championship-winning seasons as articulated over at guttulus.com. Owning these NFTs will, therefore, allow you to own an iconic moment and a piece of history.
NFTs are just now going mainstream and this space is very much still in its initial stages from discussions over at runrex.com. This means that as this space continues to grow over the years, the NFL NFTs bought now will continue to spike in value, making them excellent investment opportunities.
If you don’t want to take a long-term view, then you could also buy NFL NFTs now and then flip them as soon as you get a chance, and still make a tidy amount. With only two players so far having gotten into this space, and with limited copies, then demand for these digital assets is sure to be extremely high. If you are lucky enough to get your hands on some of them, then they could be your route to making a lot of money according to guttulus.com.
Make a difference in the community
Patrick Mahomes announced that a portion of the proceeds from his auction will go to his “15 and the Mahomies Foundation” and be used to complete an all-inclusive play site at a Kansas City park, and this is a strategy that most NFL players will likely follow going forward. Therefore, buying NFL NFTs will also be a way of indirectly making a difference in the community.
For collecting purposes
NFL NFTs, and NFTs in general, aren’t just a means to make money but can be a hobby just like collecting physical NFL cards. Therefore, another reason to buy NFL NFTs is if you are looking to be a collector and to build your collection.
You can trust the technology
NFTs are built on blockchain technology, as is covered in detail at runrex.com. This means that if you own an NFT, your ownership is verifiable and no one else can own the same NFT as long as you are its owner. The technology has been proven and can be trusted, which is another reason to buy NFL NFTs.
The boom in digital assets
As the subject matter experts over at guttulus.com point out, we have seen NFTs across the entire spectrum of this space sell for astronomical figures. Beeple sold his art collection for $69 million at auction, while a LeBron James NBA Top Shot highlight sold for over $300,000. This boom in digital assets means that now is the time to buy NFL NFTs, and NFTs in general.
You don’t want to miss out
Many people regret not investing in Bitcoin when it first came into play, and are now concerned that they could suffer the same fate if they don’t invest in NFTs, including NFL NFTs. You don’t want to look back years from now and wish you had invested in NFL NFTs when you had the chance to do so.
Reasons not to buy NFL NFTs
The market could go bust
One of the fears that many have when it comes to the NFT market is that it could all go up in smoke and that the bubble could burst as explained over at runrex.com. Some think it is just a fad that could fade as most fads do, but they said the same about Bitcoin…
NFTs mostly run on the Ethereum blockchain as already mentioned. While numbers vary, minting artwork on the blockchain uses somewhere between weeks, months, or even years of an average EU or US citizen’s energy consumption, and this high energy consumption comes with high levels of carbon emissions that are bad for the environment.