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Sports teams want a slice of the NFT market

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NFTs are already booming in the art and music world; there were reportedly $416m in NFT art sales in January and February this year. Now, Australian sport wants to get in on the game

For more we’re joined by Mat Cole from ACT Capital Partners

Non Fungible Tokens (NFT) are a unit of data on the blockchain that proves ownership of a digital asset such as a photo, video, or other digital file. They represent an asset with a unique identifier that can be sold or traded.

During the first quarter of 2021, sales surpassed $2 billion.

A NFT of a LeBron James dunk video sold for US$375,000 last year. The Top Shots series, which the video was a part of, totaled US$500 million in trades and sales in the first three months of 2021.

Now the National Basketball League, Melbourne Victory, and Golf Australia are some of the sporting organisations investigating how to enter the market.

Sporting organisations aren’t the only ones posed to make money in the NFT market.

Mat Cole, from ACT Capital Partners, said that athletes can make money from Non Fungible Tokens (NFT), but the secondary market for them can be even more lucrative.

“If you’re an athlete, and someone approaches you to do an NFT deal with you, you might get 100 grand upfront,” Cole said.

“What you have to be understanding of is if there is a secondary market for that NFT and you’re not a part of that, you could be missing out on 100 times what you’ve been paid up front, provided that NFT has a secondary market.”

Secondary markets include people trading NFTs after buying them to other people.

Cole argues that not all NFTs will prove profitable for traders, and people wanting to buy or trade them in a secondary market is important in ensuring that the asset doesn’t lose value.

“Is that NFT is going to be traded at a high volume after it’s initially been printed? If not it’s going to be worth $100 today and 20 cents tomorrow.” Cole said.

Sport

Michael Jordan’s sneakers sell for record $1.47m at auction

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A pair of basketball shoes worn by US basketball star Michael Jordan have sold for a record price at a Las Vegas auction

Jordan wore the pair of Nike Air Ships during his rookie season with the Chicago Bulls in 1984.

The shoes were what founded the iconic partnership between Jordan and Nike – now a signature global brand.

The sale also marks the highest price ever paid for game-worn footwear of any sport, easily beating out the previous record of $615,000 paid for a pair of Nike Air Jordan’s in 2020.

The price still falls short of the most expensive sneakers ever sold.

Recent sales are just the beginning of rare shoe market that’s beginning to soar.

In April, rapper Kanye West’s Nike Air Yeezy 1 Prototypes sold for $1.8 million at a private sale.

The record price for sneakers has been broken several times in recent years, and the market is now considered much more niche than ever before, attracting interest from leading collectors as well as the general public.

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Sport

Women’s 10km world record holder found dead

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Kenyan athletics champion Agnes Tirop has been found stabbed to death at her home in Iten, with police treating her husband as a suspect.

Tirop is a two-time World Athletics Champion bronze medalist, and just last month set the world record for the women’s 10km event at a road race in Germany.

A police investigation into her death is now underway, with her husband a key suspect who is yet to be located by police.

Crime scene investigators searched Tirop’s house on Wednesday night, after she was reported missing by her father.

“When [police] got in the house, they found Tirop on the bed and there was a pool of blood on the floor,” Tom Makori, head of police for the area, said.

“They saw she had been stabbed in the neck, which led us to believe it was a knife wound, and we believe that is what caused her death.

“Her husband is still at large, and preliminary investigations tell us her husband is a suspect because he cannot be found. Police are trying to find her husband so he can explain what happened to Tirop.”

https://twitter.com/WorldAthletics/status/1448295028699377667

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Top NFL coach fired after emails uncover homophobic, misogynistic comments

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One of the biggest coaches in the NFL has resigned for misogynistic and anti-gay language in emails before he was appointed coach of the Las Vegas Raiders

According to The New York Times, Jon Gruden sent emails to Bruce Allen, the then President of the Washington Football Team, and others during a seven-year period that ended in 2018.

Gruden emailed Allen that NFL Commissioner Roger Goodell should not have pressured then-Rams coach Jeff Fisher to draft “queers,” referring to a former player who was gay.

The Times also reported that Gruden used an anti-gay slur in several instances while referring to Goodell, and used offensive language to describe some owners, coaches and media members who cover the league.

Gruden also denounced the emergence of women as referees in his emails, according to The Times, and said that Eric Reid, who kneeled during the national anthem to protest racial injustice, should be fired.

He has apologised for his “insensitive remarks” and said “sorry, I never meant to hurt anyone” in a statement on Monday local time

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