But first: what are NFTs?
We could simply say it means Non Fungible Tokens, but anyone who came across this terminology just now will find that even more frightening than the abbreviation itself. So, let’s start from the beginning: a common explanation is that a NFT is a type of asset that is different and unique from a token in the same network, meaning that two tokens can be siblings on a parent blockchain but they have their own characteristics (metadata changes) and most importantly their own value.
In economics, a fungible asset is something with units that can be readily interchanged — like money. With money, you can swap a $10 note for two $5 notes and it will have the same value. However, if something is non-fungible, this is impossible — it means it has unique properties so it cannot be interchanged with something else.
The Market Value of NFTs
The NFT market has seen rapid growth recently with the amount spent skyrocketing to more than $2 billion during the first quarter of 2021, representing an increase of about 2100% from Q4 2020 — according to TheWrap.
Also according to the same source, it’s also worth pointing out the $2 billion in sales undersells how hot the NFT market was to start the year, considering revenue from NBA Top Shot, which are basketball highlights turned into NFTs, wasn’t included in NonFungible.com’s estimate. The record-setting $69.3 million spent on an NFT from digital artist Beeple also wasn’t included in NonFungible.com’s report.
But NFTs don’t stop at its monetary value as the utility value. NFTs are much more important. Besides being used for collecting, they can be used for artwork, tickets for events and airlines, songs and creative licensing, marriage certificates, and even real estate.
But, although NFTs are digital assets, they provide a very real power to the sports industry. Thanks to dotmoovs they will be used for in-app assets, unlock challenges, redeem for physical goods, and much more. These NFTs will change the way sports and challenges work.
NFTs, AI and Sports
Using these assets for the competitive world of dotmoovs is something inherent to our genesis. But combining them with an AI-referee in sports is something that can radically change the way we view sports challenges.
What if you had NFTs that would allow you to access specific tournaments that others cannot?
What if you could use the NFTs on some of our partners’ platforms?
What if you could redeem some NFTs for physical goods?
What if you could earn rare and ultra-rare NFTs for helping us organising challenges and tournaments?
What if you were given the possibility to challenge others for NFTs instead of tokens?
The immutability and uniqueness of these assets allow its usage in tournaments, challenges and leagues. Maybe a special NFT from a well-known footballer can unlock a specific country tournament? Allowing the tokenisation gives the possibility to unlock benefits much like special items in games today, but with the added benefit of being transferable and verifiable on the blockchain.
It’s important to give the ownership of that character to the person that unlocked or bought the NFT. This allows people to maintain the ownership even if they no longer use the app, giving this asset a true value. The competitive value of a NFT is very relevant to all the platform users, being able to use them in different sports or somewhere else. Its value can be determined based on factors such as its characteristics, age, popularity and more, giving a much longer value to the items. They can be more valuable and available (if the owner wishes) for purchase.
Introducing something special to the market
Soon we will be releasing more information about our unique combination between AI, Sports and NFTs. Stay tuned for the release date of our first minted NFTs! Remember those collectible cards of the past, with all the sports legends in them? We’re working on opening the horizons of all the collectors and athletes out there!
dotmoovs is the first crypto mobile worldwide competitive environment. There, users can compete with others around the world just by bringing their skills, ambition, and smartphone. We will do the rest with our AI-based video referee to assess their performance. We believe that the work people put into their regular sports practice should be rewarded. So, practice, challenge others around the world and get $MOOVs and NFTs when you win!