Non-fungible tokens, or in French, non-fungible tokens.
You’ve probably heard of cryptocurrencies, you might even own some! But have you heard of non-fungible tokens, NFTs? These three letters are being talked about a lot right now: NFT. But do you really understand what they are? We’ll explain everything!
An NFT is a data unit stored on a blockchain that confirms the authenticity of a digital item and the transaction history. It’s like a deed or title of ownership (like a house) or an original painting. The NFT ‘proves’ that you own the file and are authorized to sell it.
NFTs are digital assets that can be bought, sold, and auctioned. Like bitcoin and other cryptocurrencies, these digital assets are based on blockchain technology, but NFTs are not created as currencies or for use as a payment method. These digital assets can take almost any form: digital art, collectible cards, music, and even tweets.
Recently, the French Baseball Federation launched collectible cards. They stuck with paper and cardboard, real physical items that everyone can own and which can exist in many copies. If you get your card signed by the player depicted on it, you have a unique physical item that gains added value. If your card is signed and dated the day that player hit a grand slam, for example, it’s even more valuable. One day you might resell it on the secondary market and get a price based on supply and demand. Since your card is unique, it can fetch a high price at auction.
Just two days ago, the company Sorare (a French company) launched the concept of digital NFT cards in football and baseball. It’s tied to a game where you build your team in a championship to win, compete, and acquire other cards…
The principle behind Sorare is simple: collect NFT cards to use in a fantasy game. You can trade them, and there are prizes to be won each week by challenging other managers. With already 42 licensed soccer leagues like the Bundesliga, Ligue 1, the Premier League, and even the MLS, Sorare is expanding into other sports and targeting the American market.
« The bond between Americans and baseball is enduring. And baseball has always been at the forefront of new technologies and innovations, so we’re proud that the MLB and the MLBPA have chosen Sorare to offer an MLB NFT game to fans around the world, » said Nicolas Julia, co-founder and CEO of Sorare. «
The MLB has been at the forefront of interactive games for decades, while baseball has some of the oldest and most established forms of sports memorabilia. Together, they show how much fans want to own and be part of the game. Today, as digital engagement and technology evolve for a new generation, our partnership will help a new and broader fan base connect to America’s pastime. »
OneTeam, the MLBPA’s group licensing partner, facilitated the transaction.
« We are proud to have collaborated with visionary partners at Sorare, who have reinvented the fan experience through their NFT-based games. The partnership will bring fans even closer to the extraordinary MLB players they admire, as we explore new forms of gameplay and collecting, » said Henry Lowenfels, director of products at OneTeam.
Just three days old and already the auctions are going wild: some cards have already reached €10,000…
Your turn to play…
