The global sports NFT market will see a transaction count of more than $2 billion this year, according to Deloitte’s Technology, Media and Telecommunications (TMT) 2022 Predictions.
The TMT forecast, which highlights India’s emerging sports and entertainment NFT market, says it will grow to $1 billion in the near future.
Global NFT Trends in Sports
“By the end of 2022, we expect 4-5 million sports fans worldwide to have purchased or received an NFT sports collectible,” said Deloitte’s TMT 2022 predictions.
Player cards and “limited edition video clips” of great sporting moments will be the most lucrative application of sports NFTs. The price of sports NFTs would depend on the importance of the athlete, the event, the additional content and the demand, according to Deloitte’s predictions.
In recent months, esports has seen increasing traction in the metaverse and the NFT space. For example, in January 2022, TNNS Pro announced the launching of a sports NFT platform with an exclusive focus on athletes.
Around the same time, sports betting firm Entain said it was planning to “develop gaming and interactive entertainment products for the Metaverse” with a budget of $133 million.
NFT market in India
Deloitte’s TMT Predictions to 2022 identified India as a $1 billion sports and entertainment NFT market. “With over 500 million cricket fans in India and Bollywood…, a cinema and sports-only NFT market in India has the potential to exceed $1 billion in value in the near future,” the report says.
Important recent developments in the Indian NFT market were also mentioned in the TMT report, with prominent film and cricket personalities taking the first steps to benefit from the opportunities provided by digital collections.
Indian film actor Amitabh Bachchan’s NFTs fetched nearly $1 million in the first such auction in the country and are cited as an example of how space is becoming increasingly exciting in India.
“These NFTs included an autographed digital version of vintage posters, blockbuster movie collectibles, and digital moments of famous movie characters,” says TMT Predictions 2022.
A favorable regulatory environment is needed
However, the 150-page Deloitte document noted that favorable regulatory policies are needed to realize the full potential of the global NFT market.
“Given global trends and the pending regulatory/policy framework of the Indian government in this area, sooner rather than later, an NFT-based market for movies and sports will become a reality in India,” say Deloitte’s predictions.
The Indian NFT market will likely see volume-oriented trading “given most Indians’ penchant for stored or resale value of things they own.” Therefore, the average trade value of non-fungible tokens will be lower in the Indian market compared to the world average. It will drive the market to fractional NFTs, ensuring that the barrier to entry is conveniently lower for average investors.
The government has the largest pool of resources that can be monetized by converting them to NFTs. These resources include artifacts and the database of significant moments in the arts, culture and sports.
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This post Deloitte Global Sports NFT Trade to Cross $2 Billion in 2022: Deloitte
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