Investor Alexis Ohanian, co-founder of Reddit and husband of tennis legend Serena Williams, is one of the latest high-profile names to support NFTs or non-replaceable tokens.
“I’ve invested a lot in women’s sports, but the rise of NFTs and the rise of trading cards will be HUGE for women’s sports,” said Ohanian tweeted on Saturday.
“Keep this tweet,” he added, noting that women investing in the market for NFTs and other digital assets “will change the game,” especially as the user experience and interface for the platforms improve over time. ” and the market becomes more efficient. [and] liquid.”
NFTs are unique cryptocurrency tokens used to represent digital assets, including artwork, sports collections, and video clips, to name a few. NFTs can be bought and sold just like physical assets. And because they run on blockchain, a decentralized digital ledger can be tracked that documents transactions, ownership, and validity of the assets the NFTs represent.
In February, an NFT highlight clip featuring a LeBron James dunk sold for over $ 200,000 through Dapper Labs’ NBA Top Shot, an online platform that sells NFT collectibles from popular players. And that wasn’t just a one-off situation – NBA Top Shot has generated more than $ 230 million in sales to date, CNBC reported.
While the collectibles have mainly focused on men’s sports until now, Ohanian predicts that the NFT market for women’s sports collectibles will be even bigger.
“These markets are currently dominated by men. Women are undervalued, as in other markets, although they actually have a lot more influence on dollars,” said Ohanian. tweetedand also points out that women control a higher proportion of consumer spending than men.
For example him said, “you’ve already seen the mimetic power” of Megan Rapinoe, a legendary American professional soccer player.
[W]What if someone in the US can invest in ‘Megan Rapinoe’ stock? ‘ asked Ohanian. “Spoiler: it’s going to the moon.”
Ohanian continued to say that “the billions we’ve seen so far in trading cards” transactions on platforms such as NBA Top Shot and the Sorare digital football collector platform are “ignoring half the world (for now)” by not selling women’s collectibles just yet. sport.
Indeed, Dapper Labs “is actively building experiences for women’s sports,” a company spokesperson told CNBC Make It, “including the WNBA.”
Sorare also has similar plans. Ohanian is an angel investor at Sorare, and one of “the big projects” he’s working on with the company is to get women’s football on the platform, a Sorare spokesperson told CNBC Make It. At the moment, 18% of Sorare users are women, despite the platform not yet offering collectibles from female athletes, the company says.
Like Ohanian, investor Mark Cuban also predicts that the NFT market will disrupt the sports collections market, along with the art, music and film industries.
“This generation knows that a smart contract and the digital good that reflects whether a CryptoAsset is a better investment than old school see, touch of feel,” Cuban wrote in a January blog post.
Those who buy NFT-based collectibles bet the market will value them as physical trading cards. After all, “people WANT to celebrate their superheroes, both men and women, and missing this opportunity will look like an idiot in 20 [years], “Ohanian tweeted
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Disclosure: CNBC owns the exclusive non-network cable rights to “Shark Tank.”