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Poll: Sports fans increasingly want to engage with NFTs

 


The sports industry’s willingness to adopt has been instrumental in the mainstream success of Non-Fungible Tokens (NFTs), as clubs and players are already busily using the new technology as a tool for fan retention. Now it's the fans again who want to be more than part of the hype and instead want to invest specifically in NFT and their publishers.


The crypto winter has already ensured in the last few weeks that the significantly inflated minimum prices on the NFT market have come back to earth, which is why investors now have to think twice about which investment is really worthwhile. A new study by the National Research Group (NRG) shows that sports fans are increasingly open to exploring NFTs and understanding how the market works. The current dry spell could be the perfect time to do so.

NFT sales fell to a one-year low in June 2022, which could signal the end of the previous hype for the time being. A survey of 3,250 sports fans in the US, UK, Japan and Brazil conducted by the NRG shows that given current developments, the main reason they are no longer investing in NFTs is out of fear of losing money or being scammed will.


Only 15% of respondents continue to have full confidence in NFT trading, while 30% indicate little to no confidence. As the study states, this is particularly true for Japan, where “4 out of 10 participants have only a low level of trust in NFT marketplaces”.


Despite regional differences, fans in all four countries agree that the NFT market needs stricter regulation, including regulations such as age restrictions and risk mitigation mechanisms.


58% of sports fans in the US, UK, Japan and Brazil say they have at least some understanding of NFTs. 54% (or 1,755 people) also believe that NFTs have had a positive impact on their sport.


The non-fungible tokens are also currently showing their usefulness in other areas, for example the Ukrainian government wants to use money from the sale of NFTs to rebuild cultural facilities and works destroyed by the war.


According to the responsible Ukrainian ministry, the Russian attacks have so far caused "damage worth almost 6 billion euros" to the country's culture.

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