NFTs are unique tokenized representations of digital files that are exchanged on public blockchains. With more than $1.5B in NFT transactions generated in the first quarter of 2021 , NFTs are gaining momentum through collections of digital-first memorabilia from fan-favorite athletes and memorable moments in games.
While the prices of individual NFTs fluctuate, fascinating use cases for NFTs are still emerging and the groundwork is being laid for the long-term utility of NFTs. This new form factor for commerce has vast potential in the sports and entertainment world, representing a deeper and more dynamic way to engage fans and potential new revenue streams for organizations.
