The heavy involvement of the sports ecosystem is what expedited nonfungible tokens’ (NFTs) mainstream adoption as the teams and players leveraged the technology for fan engagement. However, sports fans revealed their interest in moving beyond the hype and making investments based on knowledge about NFTs and trust in the issuers.
The prolonged crypto winter razed off the inflated floor prices across the NFT ecosystem, inadvertently changing investor sentiment and forcing users to rethink their long-term investment strategies. A study released by the National Research Group (NRG) revealed an openness among sports fans to learn about NFTs as they await a greener market.
In June 2022, NFT sales plummeted to one-year lows — signaling a momentary end of the NFT hype. Surveying 3,250 sports fans across the United States, the United Kingdom, Japan and Brazil, NRG’s research revealed heightened fear of losing money or getting scammed as some of the biggest deterrents to purchasing NFTs.
Out of the lot, only 15% of the respondents had complete trust in NFT marketplaces, while 30% indicated little or no trust in them. The survey revealed that “this problem is particularly acute in Japan, where 4 in 10 consumers have low trust in NFT marketplaces.”
Despite the geopolitical differences, investors from all four countries unanimously agreed on the need for stricter regulations on NFTs, considering factors including age restrictions and risk tolerances.
Across the U.S., U.K., Japan and Brazil, 58% of sports fans believe to have some level of understanding regarding NFTs. Additionally, 54%, or 1,755, of the respondents believe that NFTs have positively impacted their favorite sports.
Related: NFT sales will fund the restoration of physical monuments in Ukraine
Ukraine’s Ministry of Culture and Information Policy told Cointelegraph about the government’s intention to use sales proceeds from NFTs to restore physical artwork.
According to the ministry, proceeds from the sales will go toward “the restoration of Ukrainian cultural institutions,” many of which have been damaged or destroyed amid an ongoing war with Russia.
A case involving digital collectibles surfaced, shedding light on a deceptive fundraising scheme. Unaware bidders, lured into impulsive investments, found themselves unwitting participants in a pyramid scheme. Investigations revealed that the platform in question absorbed over 1.34 million yuan from thousands of users, resulting in a total loss of more than 410,000 yuan for the victims.
JoyThe company also revealed its successful $4 million seed funding round, which took place earlier this year and was led by Menyala, a Singapore-based venture-building platform.
AaronThis pioneering initiative merges the beloved McDonaldland character's timeless appeal with the contemporary realm of NFTs and digital collectibles, granting fans a chance to own a part of McDonald's heritage.
DavinDigital collectibles are just one use case of NFT technologies.
nftnowWhether you’re a creator or a collector, Instagram’s NFT integration allows select users to share their digital collectibles and verify ownership.
Coindesk
Non-fungible tokens (NFTs) have taken the world by storm. In less than a year since they became mainstream assets, every ...
BitcoinistAccording to Mark Zuckerberg, Meta plans to "bring similar functionality to Facebook soon" and develop "augmented reality NFTs" for Instagram.
CointelegraphAccording to Mark Zuckerberg, Meta was planning to “bring similar functionality to Facebook soon” and working on “augmented reality NFTs” for Instagram as well.
CointelegraphBy adopting environmentally friendly, utility-driven NFTs, artists can unlock a new realm of possibilities for building connections and sharing value.
Cointelegraph