2021 Oct, 03
2021 has been the year of the non-fungible token. While it’s true that NFTs have been on the fringe of crypto for the past several years, this year they entered the “mainstream” in a big way: artists, musicians, memesters, and more cashed in big on the trend, raking in millions of dollars for “original copies” of their digital content.
The popularity of NFTs has also had a drastic impact on the sports world. NBA Top Shot, which was founded in 2019, suddenly began selling out of its tokenized sports moments
. And many savvy sportspeople have decided to follow the trend: NFTs associated with Lebron James, Michael Jordan, and Action Jackson have fetched eye-poppingly high
sums; American football star Tom Brady even founded his own NFT platform
. And sure enough, celebrity athletes have pulled in tens of millions for issuing and selling digital collectibles.
But these high-profile sales have, in truth, served to make the rich even richer. The strongest and most powerful use case for non-fungible tokens isn’t about lining the pockets of the wealthy. It’s about empowering the little guy—the underdog.
This is where EX Sports comes into the picture.
What is EX Sports?
Founded in 2019, EX Sports’s Ethereum-based NFT platform is designed to support lesser-known athletes in the “long tail” of the industry: muay thai, powerlifting, arm wrestling, jujitsu, and many other “underdog sports.” While these athletes may not get as much airplay as American or European football superstars, they still have substantial groups of dedicated, passionate fans seeking ways to support and connect with them.
Previously, the sports collectible industry was restricted to professional athletes in major sports, leaving the vast niche sports market untapped. But by leveraging the power of NFTs, EX Sports is fostering connections between fans and their favorite athletes in lesser-known sports, providing them with a new stream of revenue. And through our unique revenue-sharing model, fans, sports federations, event organizers, and third-party content providers can share in the wealth. Here’s how it works.
Democratizing Sports for Athletes, Coaches, Fans, and More
When the first cryptocurrency was created roughly ten years ago, it was widely recognized as a tool to democratize wealth, just as the internet had democratized the sharing of information and content before it. Since then, blockchain technology has been used to create tools that “bank the unbanked,” providing financial services to communities previously unable to access them.
EX sports brings the same spirit of democratization to the sports world. Through the strategic connections that we have formed with sports federations around the globe, EX Sports makes it possible for any athlete of any skill level in any sport to mint NFTs.
Athletes aren’t the only sports professionals who can issue collectibles on the platform: coaches, celebrity ambassadors, and other key participants can each issue 1,000 limited-edition digital NFTs per year. A percentage of these assets remains in possession of the issuing party, while the remaining supply of special edition NFT tokens will be sold for EXS
, the platform's native digital currency for buying and selling in randomized digital card packs.
The ability to issue these collectibles gives sports professionals the power to promote their brands, allows them to tap into new sources of income, and provides them with the opportunity to build stronger relationships with fans. Sports federations can also benefit: like the athletes that belong to them, federations on EX Sports stand to benefit from new revenue streams, more robust fan engagement, and increased connections with the global sports community.
Benefits for EX Sports NFT Collectors
The fans who purchase digital collectibles minted on EX Sports enjoy a variety of perks. They have the opportunity to invest in unique digital assets, as well as the ability to sell and trade them with fellow fans from across the globe.
Buyers have the option to purchase card boosters or individual cards to complete their collections. They also have the rare opportunity to support and invest in athletes who may be early in their careers, similar to investing in early-stage startup companies. And through EX Sports’s donation system, fans and collectors can support young athletes
via United Through Sport, our certified charity partners.
Moreover, EX Sports is designed to protect buyers from fraud, which has been identified as a persistent problem
within the NFT space. Each of the collectibles minted on the platform is cryptographically signed, ensuring its authenticity. Users can store their collectibles in an integrated wallet, simplifying the process of securely buying and storing digital collectibles. Each digital wallet is displayed as a personalized album, which is automatically, neatly organized by category. The album’s home screen also contains information on introductory offers, promotions, and new arrivals.
NFT buyers on EX Sports also have the opportunity to earn revenue on the collectibles they own. The platform links each NFT with content that generates revenue. These earnings are shared with token owners in the form of EXS. This revenue-sharing model adds value to each asset, allowing token owners to earn from their collectibles without sacrificing their ownership. EXS can also be used to redeem rewards within the EX Sports ecosystem, and will eventually be listed for trading on crypto exchanges around the world, providing holders with another potential earning opportunity.
Building the Future of the Sports Industry
EX Sports’s revenue-sharing model marks the arrival of a fairer, more equal, and more financially sustainable sports economy.
This is particularly important in today’s world, which is seeing rapid changes in the way that sports are monetized. For example, the growing popularity of online streaming has left massive, televised sports events in the dust. This year’s Superbowl had just over 91 million viewers–the lowest figure in nearly fifteen years
And as Millennials and “Zoomers” play a more and more prominent role in the sports economy, the ways that people consume sports media is likely to see even more changes. The growing popularity of short-form content on social media has equipped viewers with greater powers of personal choice: they can choose exactly what and who they want to watch, as well as how and when they want to watch them.
Just as this technology has paved the way for independent artistic creators and small businesses to grow their followings, it is also providing opportunities for lesser-known athletes to grow their fanbases. And if current trends in social media and online streaming continue, we believe that the professional sports industry is poised to shift towards primarily web-based media.
EX Sports will be there at every step of the way, leveraging the power of blockchain to empower athletes to monetize their communities of fans. By building the infrastructure to support new financial models, we are laying the groundwork for the future of the sports world.
Learn more about EX Sports here