5 min read

Issue 29: Sporty dinosaurs, data NFTs, fan action

Issue 29: Sporty dinosaurs, data NFTs, fan action

Here's your weekly review on what happened at the intersection of NFTs and Sports:

  • ๐Ÿฆ• GameOn partners with NBA player-backed Chibi Dinos
  • ๐Ÿ“Š Apotheka launches security token offering to fund data-driven NFTs
  • ๐ŸŽฎ Fandom Sports partners with Polygon for esports NFT creation

Let's have a closer look! ๐Ÿ‘€

๐Ÿ‘‹ Feel free to follow us on Instagram and Twitter for the latest news and join our Discord server to discuss all things NFT and Sports.

One thing upfront: It probably has been the most quiet week regarding sports NFT news since we've started the project in March this year. It almost seemed like the space needed some time to breath and digest all the big news around NFL, Dapper, Sorare and others that happened recently. However, we still found three stories that we think are worth mentioning, even though they are still in a rather experimental stage. Here we go!

๐Ÿฆ• GameOn partners with NBA player-backed Chibi Dinos

Here's an interesting partnership. On the one hand there's Chibi Dinos, a collection of 10,000 uniquely generated chibi NFTs. Chibi is a Japanese slang word describing something short, often a specific type of caricature where characters are drawn in an exaggerated way. All Chibi Dinos are dressed in dinosaur suits and in the jersey of 10 basketball teams, backed by current and former NBA players, serving as team captains. Amongst them is Josh Hart, who's been very active in the NFT space this year. Chibi Dinos can be purchased via OpenSea.

On the other hand there's GameOn, a specialist for white label fan engagement solutions. The two parties have announced a partnership that contains the following elements

  • GameOn's NFT Prediction Game product will give the 10,000 digital dinos utility in gaming
  • The deal guarantees GameOn USD$120,000 in revenue with an expected gross profit of 80% and includes a 50% revenue share of primary and secondary sales of at least one new NFT drop related to the Chibi Dinos NFT Prediction Game

Our opinion? Well, Matt Bailey, GameOn CEO described it in a very good way:

โ€œPartnering with Chibi Dinos presents a whole new category of customers for GameOn beyond sports, TV and live events rights holders, allowing us to expand our total addressable market. Revenue streams like primary and secondary market NFT sales are uncapped, in perpetuity and therefore particularly lucrative.โ€

Could be a win-win for the involved parties, as the Chibi team gets an interesting utility play.

Source: Chibi Dinos

๐Ÿ“Š Apotheka launches security token offering to fund data-driven NFTs

The next topic comes with a lot of questions, however, we still wanted to share the idea behind it, as it is an interesting one.

Apotheka Systems, specialist in decentralizing personal & medical records on the blockchain, has announced its fundraising campaign to finalize the development of sports NFTs that combines both health data points and performance metrics of athletes' across all sports categories. The fundraise is done via a security token that allows accredited investors to earn stock that translates into future equity in Apotheka.

According to Apotheka's promo video the data can be used and monetized by players and franchises in multiple ways. The mentioned topics are betting and fantasy sports, health related research and performance insights, enhanced broadcasting etc.

Our take: While the ability to store health & performance data on the blockchain comes with a range of opportunities (i.e. making data more accessible and transferable, athletes truly owning their data) we do have question marks around a range of areas, for example:

  • How does the real-time incorporation of data into the NFT work?
  • Is the blockchain really needed for all the described use cases?
  • Will the data really affect the fans' betting behaviour?

Time will tell!

Source: Apotheka

๐ŸŽฎ Fandom Sports partners with Polygon for esports NFT creation

Fandom Sports, operator of an Esports/Sports wagering platform, has announced a partnership with Polygon, a second layer solution on the Ethereum blockchain. The idea behind it was described by Fandom Sportsโ€™ CEO and President David Vinokurov as follows:

โ€œOur goal to facilitate the mass creation of NFT from playersโ€™ favourite streamed content providers will provide for new revenue streams for our partners, increased engagement for our players and new opportunities to interact with fans globally.โ€

In short: Fans can create NFTs in real-time. Choosing Polygon makes sense from that perspective, as it significantly reduces the costs to create new NFTs compared to the Ethereum base layer. An interesting angle to include fans into the process of creating NFTs of their favorite moments themselves! A nice, early use case.

Source: Fandom Sports

๐Ÿค“ Wrapping it up

So what have we learned in this issue?

  • Utility is one of the big key areas for NFTs. While that itself is not news by now, we like to see sports-related NFT collections testing the waters. Chibi Dinos might not be primed for success (let's see if they prove us wrong), but this is the direction that needs to be taken in order to create offerings that want to engage their audiences also after selling them their NFTs.
  • Data is also oil in the NFT world. The space just hasn't entirely wrapped its head around it yet. First test cases like Apotheka are there, but we're far away from established use cases. Understandable as it's such a sensitive topic, especially when it's about health related data. However, we do expect some groundbreaking development around data NFTs down the road.
  • Fan-created NFTs are poised to be another growth area. User generated content has been proven in other environments already, why shouldn't it work for NFTs? We'll probably run into some tricky situations from a rights holders and privacy perspective here, but we can for example imagine "super fans" who create their own content/NFTs bases on their own IP.

And that's it for this weeks issue! And as always: Feel free to reach out for feedback and to discuss all things NFT and sports! To stay up to date: Make sure to follow us on Instagram and Twitter for stats, drop announcements and more. And join us on our Discord server to discuss the latest news and insights about NFTs in sports.