Fandom Sports has launched the development of a non-fungible token (NFT) exchange market that will be central to the company’s fan engagement initiative across all platforms. Fandom NFT could be a massive hit; if they play all their cards right, that is.
Fandom NFT Goal
“The peerless capabilities that we have demonstrated pertaining to data ingestion, analysis and presentation for Esports and the planned sports modules will be extended to differentiate ourselves in the rapidly growing and evolving NFT space,” said David Vinokruov, CEO and President of Fandom Sports.
For those who do not know, an NFT is a sort of digital token or item that is tied to blockchain technology and is unique because of the backlog of transactions and authenticity.
Fandom has already produced its first NFT and plans to make future productions available to patrons of all ages and locations moving forward. Their goal is to create unique NFTs that will attract interest to their platform for sports and, specifically, esports engagement.
Bridging into Esports
Fandom’s company is predicated on providing involvement services and opportunities to fans of the esports community, a rapidly growing sector of the market. By introducing NFTs to their space, they are taking the next step in digital integration between physical sporting events and online media.
“On top of the actual imbedded NFT exchange, our development team is considering specific solutions that will enable users of the Fandom Sports platform to create, share and transact NFTs in new and unique ways that the current NFT protocols cannot support,” said Vinokruov. “Fandom remains steadfast on its technical roadmap to continue delivering innovative solutions that improve upon existing processes and methodologies.”
As intricately as Fandom’s CEO spoke about inventing new ways of manipulating the current development and distribution process for NFTs, no specifics were revealed; this has caused speculation into what exactly might be up his sleeve moving forward.
According to Newsfile, “NFTs were developed to create verifiable and provable digital ownership for unique digital items including artwork or in-game items, such as a magical sword or an avatar.” This would suggest that Fandom is plotting a way to facilitate the development of NFT-worthy items or moments as a secondary distributor.
One theory is that Fandom could partner with game developers to create an open line of NFT production in the physical game or create a system in which the game manages to produce NFTs at a fixed rate while making sure that every item is inherently unique.
The integration of NFTs into esports tributarily results stems from the microtransactions that were popularized by FIFA and the EA Sports franchise, which had players spend money on packs of players that they could then use in their teams. In a way, these packs were an early form of a non-fungible token, though they could be traded for a native currency, and duplicates were bought and sold.
Fandom has plans to extend beyond simple interaction, however, hoping to implement betting services into their Android and iOS platforms to connect the entire world of esports and its fans. This initiative would be right in line with what many companies are gearing up to do in the current climate of NFTs and online betting, as more states continue to legalize sports gambling and the market expands.
Fandom has not announced a particular target for the unveiling of its new plans, but they promise to work to pioneer the expansion of NFTs and esports as it is known.
Grant Mitchell is a sportswriter and multimedia contributor for the Sports 2.0 Network dealing with basketball, football, soccer, and other major sports: you can connect with him on Twitter @milemitchell to stay up to date with the latest sports news and to engage personally with him.