Investor Alexis Ohanian, co-founder of Reddit and husband of tennis legend Serena Williams, is among the latest high-profile names to support NFT or non-consumable tokens.
“I’ve invested a lot in women’s sports, but the rise in NFTs and the trading boom will be huge for women’s sport,” Ohanian said he tweeted on Saturday.
“Save this tweet,” she added, noting that women investing in the NFT and other digital assets market will “change the game,” especially as the user experience and platform interface improves with the passage of time “and make the market more efficient [and] liquid “.
NFTs are unique cryptocurrency tokens that are used to represent digital assets, including works of art, sports collecting, and video clips, to name a few. NFTs can be bought and sold, as can physical assets. And, since they work with blockchain, a decentralized digital book can be tracked that documents the transactions, ownership, and validity of the asset that NFTs represent.
In February, a featured NFT clip showing a LeBron James dunk sold for more than $ 200,000 through Dapper Labs ’NBA Top Shot, an online platform that sells collectible NFT“ moments ”from popular players. And that wasn’t just a one-time situation: so far NBA Top Shot has generated more than $ 230 million in sales, CNBC reported.
While collectibles have so far focused primarily on men’s sports, Ohanian predicts that the NFT market for women’s collectibles will be even larger.
“These markets are dominated by men right now. Women are undervalued, just like they are in other markets, although they actually have a lot more influence on the dollars,” Ohanian said. he tweeted, also noting that women control a larger share of consumer spending than men.
For example, he dit, “you’ve already seen the mimetic strength” of Megan Rapinoe, a legendary American professional football player.
“[W]What happens when someone in the US can invest in shares of “Megan Rapinoe”? Ohanian asked. Spoiler: Go to the moon “.
Ohanian went on to point out that “the billions we’ve seen so far in trading card transactions” on platforms like NBA Top Shot and digital football collection platform Sorare “ignore half the world (for now)” by not selling yet women’s sports collectibles.
In fact, Dapper Labs “is actively building experiences for women’s sports,” a company spokesman told CNBC Make It, “including the WNBA.”
Sorare also has similar plans. Ohanian is a Sorare angel investor and one of the “big projects” he’s working with the company on is getting women’s football on the platform, a Sorare spokesman told CNBC Make It. Right now, 18% of Sorare users are women, although the platform does not yet offer any collectibles for women athletes, according to the company.
Like Ohanian, investor Mark Cuban also predicts that the NFT market will affect the sports collecting market, along with the art, music and film industries.
“This generation knows that a smart contract and the digital good it reflects or a CryptoAsset are a better investment than old school uses that can be seen, touched or felt,” Cuban wrote in a January blog post .
Those who buy NFT-based collectibles bet that the market will appreciate how physical trading cards have done so. After all, “people WANT to celebrate their superheroes, both men and women, and miss this opportunity will look silly at 20 [years], “Ohanian he tweeted.
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Disclosure: CNBC has the exclusive offline cable rights to “Shark Tank.”