WWE has announced that it is in the final stage of launching its NFT platform, Moonsault. This has come as a welcome development to the sports and entertainment world. They are racing to roll out this amazing innovation before Wrestlemania 38, scheduled for April 2nd and 3rd, 2022.
This development was announced by WWE Chief Brand Officer Stephanie McMahon at the SXSW event in Austin. According to the report, fans can now go to the WWE Moosault website wwemoonsault.com and sign up to receive additional details.
A non-fungible token (NFT) is a digital asset that is verifiable on blockchain technology. NFT assets include artwork, music, or in-game assets such as unique avatars. Because they are unique, NFTs are becoming sought after as collectibles because of their uniqueness.
WWE is partnering with Blockchain Creative Labs, the NFT division of Fox Entertainment, to actualise this project.
NFT is Sport’s Next Big Opportunity
WWE will not be the first sport to create its NFT, as some others have already tapped into the fast-growing industry, and the football industry, as expected, accounts for the largest adoption of NFTs in the sports world.
NFTs offer an unimaginable money-making opportunity for the sports industry and an amazing way for sports fans to retain unique memories in their favourite sports.
While art is said to be the biggest market for NFTs, its adoption rate in the sports industry is unbelievable. Clubs and federations keep rolling out their unique collectibles. And sports fans have always loved to own sports collectibles.
NFT is offering them an even easier way to do so in digital form, as this allows them to interact directly with their fans, eliminating the middlemen
NFTs in Football
Having the largest fanbase of any sport, it’s no surprise that football and NFT have formed an amazing connection. The NFT industry is projected to grow in market capitalisation by over 500% in the next three years, and a large chunk of the growth is expected to be driven by the football industry.
The drop in revenue experienced in football in the past two years, especially following the COVID-19 pandemic, made football clubs seek new innovative ways to generate revenue.
Even though things are gradually returning to normal, sport NFTs are selling massively. Fans want to purchase tokens exclusively connected to their clubs, like signed jerseys, basketball, etc. Tokenising these collectibles through blockchain technology into NFTs is a complete game-changer for the sports industry.
Future of NFTs in Sports
With the hype around NFTs and blockchain, it’s definitely not slowing down soon. The two most popular brands in sports, football and NBA, have established partnerships with Blockchain labs to keep exploring the numerous possibilities in NFTs.
