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Media & Entertainment

Asia's sports industry races to join frenzied NFT market

Baseball, soccer teams seek new revenue after COVID shuts stadiums

Digital images or videos purchased as NFTs have created a new barter market, similar to paper trading cards. (Source photos from Exciting Moments' website)

TOKYO -- Sports teams across Asia are jumping into sales of nonfungible tokens (NFTs), hoping to cash in on the frenzy after the COVID-19 pandemic hit traditional revenue streams.

The business typically involves selling digital images or videos, such as a home run at a baseball game, as NFTs, enabling buyers to barter them like an online version of trading cards. Unlike conventional videos that can be easily copied, NFTs are on a blockchain -- a publicly shared ledger of transactions -- which proves their authenticity. In the U.S., NFTs featuring teams from the National Basketball Association have changed hands for hundreds of thousands of dollars.

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