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The Draw of NFT Sports Collectibles

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Collectible sports trading cards hold a sentimental value for many people. Fans' identities are inextricably linked to their favorite sports teams. A sense of community and belonging is created by belonging to a sports team, and for some, it even has ramifications for who you are as a person. They consider card collecting as a way to honor the personalities and players who have influenced them, as well as a way to signal their status to other fans — only the most dedicated collectors and fans would have the rarest cards. Others are motivated by a desire to make money. Limited editions and rare cards have a high resale value and can bring in a lot of money on the secondary market. The T206 Honus Wagner is today's most expensive baseball card. In the early 1900s, it came free with a pack of smokes, but it's now worth $6.6 million! It's no surprise that sports collectible cards were the first NFT souvenirs to really reach mainstream audiences, given their popularity. Projects like NBA Top Shot and Topps MLB were breakouts that popularized NFT collectibles outside the crypto community to enthusiastic reception by sports fans everywhere.

There are new ways to own a piece of sports history today. You may now even acquire a digital collectable of your favorite athlete making a game-winning play. NFTs (non-fungible tokens) are being utilized to establish digital provenance for sports' most famous moments, allowing for unique ownership. NFTs use blockchain technology to ensure that each token is one-of-a-kind and cannot be reproduced or used twice. An NFT is data saved in a file that is used to convey information on a blockchain network at its most basic level. The underlying digital collectible might be stored off-chain by including a pointer to the digital collectible (i.e. URL address), or the digital collectible could be placed in-chain, which would need more blockchain data. An NFT is a technique of proving the genuineness and unique ownership of a digital collectible, much like a physical certificate of authenticity. The NFT provides value to the digital collectible in this way, just as the provenance tied to Babe Ruth's record-breaking $5.64 million Yankees jersey assures its authenticity and contributes to its value.

A "Moment" offered through the NBA Top Shot platform is an example of a digital collectible. A video clip of the player making a play, such as a shot, dunk, steal, or block, is included in each moment, as well as crucial player stats saved in a proprietary file format. Moments can be acquired in "Packs" through NBA Top Shot and then sold or exchanged individually, similar to how traditional basketball or baseball cards are sold. Moments, unlike traditional baseball cards, are completely digital and stored in software wallets. The NBA has officially licenced NBA Top Shot, and the company's owners hope to release comparable digital artefacts with UFC fighters in the future.

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