The nonfungible token (NFT) sector has been the most popular topic and rapidly developing part of the crypto sector this year. Ex Sports appears to have joined the NFT craze that continues growing. NFT and decentralized finance (DeFi) are believed to have helped in pushing the mass adoption of cryptocurrencies around different sectors of the global economy.
Artists, global brands, companies, celebrities, musicians, large organizations, and everything that is found in between has heard and invested in NFT products. The connection between digital collections and the sports sector has also grown rapidly. In that context, there has been a lot of NFT sales from legends like Shaquille O’Neal, Tyson Fury, Tom Brady, Lionel Messi, and many others.
Data acquired from Verified Market Research shows that the general sports trading card market was valued at around $14 billion in 2019. Nonetheless, the projections show that it might grow to $100 billion by 2027. Most of that money is dominated by mainstream sports like basketball, baseball, and association football.
In that context, it does not come as a surprise that most of the platforms that are operating within the NFT sector have specialized in offering digital collections for sports fans specifically. That is the case with Ex Sport, which is a platform that enables sports fans and enthusiasts to trade, buy, sell, and get engaged with these types of collectibles.
What Is EX Sports
EX Sports was introduced three years ago and it operates as an NFT platform that is powered by the Ethereum blockchain. It aims to bridge the gap between high-earning sports and the different underdog sports.
The major leagues like NBA, NFL, and MLB bring lots more money to the athletes than other sports like powerlifting, muay thai, jujitsu, arm wrestling, among others. However, the less popular group still has huge groups of passionate and dedicated fans who seek ways to support and connect with many of their idols.
EX Sports aims to boost connections between the fans and athletes from these lesser-known sports. It strives to achieve that by offering a new stream of revenue. Apart from the athletes, this platform enables other professionals like celebrity ambassadors, coaches, and key participants to issue nearly 1,000 limited-edition NFTs each year.
A particular percentage remains in possession of the issuing party. But, the other supply is sold in EXS, which is EX Sports’ native crypto for buying and selling digital card packs available on the marketplace.
By launching personalized digital collectibles, the participants have the power to promote and grow their brands, they can also get new sources of income and improve their relationships with the fans.
EX Sports also thinks that sports organizations and federations can benefit considerably by tapping into the nonfungible token mania via the massive fan engagement and increased connections with the community.
Benefits For The Creators
EX Sports has said that it will offer many features for users that participate actively on its platform. First, they can sell and trade digital collectibles with other fans from around the world. After acquiring a certain set, the buyer can get a card booster to complete the whole collection.
Resembling the investments during the early stages of a startup, EX Sports will have a designated component that will enable fans globally to support their favorite athletes and teams early in their careers. They can also make donations via EX Sports’ certified charity partners, United Through Sport.
The project also wants to battle frauds and deceptions that exist in the NFT space by making the minting of all new collectibles cryptographically signed. This guarantees its authenticity and validates its robustness.
Fans can store their collectibles in an integrated wallet that should make the whole process quite easy and safe for all of them. Each of these wallets will get displayed as a personalized album organized by each category. The home screen also has information on the introductory promotions, offers, and new arrivals.