Deloitte’s Technology, Media and Telecommunications (TMT) Prediction 2022 states that the global sports NFT market will have more than $2 billion in transactions this year.
Highlighting the emerging Indian sports and entertainment NFT market, TMT forecasts it to grow to $1 billion in the near future.
Global Sports NFT Trends
“By the end of 2022, we expect 4–5 million sports fans globally to have purchased or gifted an NFT Sports collectible,” said Deloitte’s TMT 2022 predictions.
Player cards and “limited edition video clips” of big game moments will constitute the most attractive application of NFT playing. Deloitte’s predictions state that the price of Sports NFTs will depend on the importance of the athlete, the event, additional content and demand.
Over the past few months, games have been trending in the metaverse and NFT realms. For example, in January 2022, TNNS Pro announced launch A sports NFT platform with a special focus on athletes.
Around the same time, sports betting firm Enten stated that it was Project To “develop gaming and interactive entertainment products for the Metaverse” with a budget of $133 million.
nft market in india
Deloitte TMT Prediction 2022 recognizes India to emerge as a $1 billion sports and entertainment NFT market. “With over 500 million cricket fans in India and Bollywood, an NFT marketplace just for cinema and sports in India has the potential to cross $1 billion in value in the near future,” the report said.
Significant recent developments in the Indian NFT market, as top film and cricket personalities taking initial steps to take advantage of the opportunities digital collections bring, were also noted in the TMT report.
Indian film actor Amitabh Bachchan’s NFT garnered nearly $1 million in the first such auction in the country, an example of how the space in India is becoming more and more exciting.
TMT Prediction 2022 states, “These NFTs include autographed digital versions of vintage posters, film collections from blockbusters, and digital moments of famous movie characters.”
The need for a conducive regulatory environment
However, the 150-page Deloitte paper noted that favorable regulatory policies are needed to fully exploit the potential of the global NFT market.
“Given the global trends and the Indian government’s pending policy/regulatory framework in this area, sooner than later, an NFT-based market on movies and games will become a reality in India,” says Deloitte’s prediction.
The Indian NFT market is likely to see volume-oriented trade, “given the trend of a majority of Indians for the stored or resale value of the things they own.” Hence, the average trading value of non-fungible tokens in the Indian market will be lower than the global average. This will drive the market towards fractional NFTs, which will ensure that the entry barrier for average investors is easily lowered.
The government has the largest pool of resources that can be monetized by converting them into NFTs. These resources include a database of artifacts and important moments in art, culture and sport.
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