Deloitte predicts five million fans will have embraced crypto collectibles by the end of 2022 — with transaction volumes doubling year on year to $2 billion.
Demand for sports-related NFTs is going to explode next year, according to Deloitte.
In an interview with Sportico, the consulting giant predicted five million fans will have embraced crypto collectibles by the end of 2022 — with transaction volumes doubling year on year to $2 billion.
There have been a number of bullish developments so far in 2021. The runaway success of NBA Top Shot has inspired a plethora of other sports to launch their own marketplaces — diving into their extensive archives to tokenize memorable moments featuring legendary players.
Dapper Labs was instrumental in launching the NBA's official platform — and now, the company is building a similar platform for the NFL, which is going to be known as All Day. Fans will be able to buy packs of non-fungible tokens featuring moments from past games… and some will be far rarer than others.
It's hoped that the marketplace will launch before the current NFL season concludes on Jan. 9 — and in separate developments, the league is adding commemorative NFTs to ticket stubs through a deal with Ticketmaster.
All of this comes before we've discussed the eye-wateringly expensive sponsorship deals between crypto firms and sporting organizations — with the Staples Center set to be renamed Crypto.com Arena in a $700 million deal. The basketball stadium used by Miami Heat has also been christened the FTX Arena as part of a 19-year agreement worth $135 million.
Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts
A Fast-Moving Market
Elsewhere in the Sportico interview, Deloitte's U.S. sports practice leader Pete Giorgio said the industry is at an early stage when it comes to tapping into other technological innovations such as the metaverse, adding:
"I think sports organizations are actually some of the most adaptable organizations you’ll see. Once the industry understands the size of the opportunity, I think you’ll see them move quickly and embrace it … When you start to see that pendulum swing, I think it will be breathtaking how quickly the industry pivots."
Earlier this year, Deloitte predicted that most major football leagues in Europe will have launched NFT-related products by 2023 — and said crypto collectibles were still in their "infancy" right now.
