As World Records are broken during the 2018 World Aquatic Championships, non-fungible tokens (NFTs) will be issued on the blockchain to honor the historic achievements of the competitors.
FINA, the International Swimming Federation, stated that athletes who set individual world records at the forthcoming competition in Budapest, Hungary would get customized NFTs as well as a $50,000 prize.
The competition will take place from June 18 to July 3, and spectators can watch it live on CBCSports.ca, the CBC Sports app, and CBC Gem starting on Saturday at 10 a.m. ET. The CBC-TV network will also provide extended weekend coverage. In addition to the NFTs, the tournament has a prize fund of $5.72M.
Krizbo, a digital artist based in Budapest, will create the artwork that will be minted as NFTs on the blockchain and delivered to the World Record breakers on June 25 at the special awards event at the Duna Arena.
Husain Al Masallam, the president of FINA, said he was thrilled to be a part of this innovative idea and recognized how precious it is for an athlete to establish a World Record. Now, thanks to NFTs and blockchain technology, these precious moments will be portable and enduring.
NFTs are gaining prominence in sports
FINA’s decision to coin NFTs for individuals who break World Records is indeed innovative, but it is not the only innovative Web3 idea in sports. NFTHi has reported on players, sports teams, and sports leagues that have invested in NFTs, Web3, and the metaverse.
Here are a few of them:
- NBA released 18000 dynamic NFTs for the playoffs
- Major League Baseball’s NFT Game Sorare
- Neymar purchases a Mutant Ape
- Football player Kevin Prince Boateng’s Metaverse Wedding
In reality, NFTs — verifiable digital assets that reside on the blockchain and can be exchanged securely — are altering the possibilities for digital collectibles, memorabilia, trading cards, ticketing, jerseys, and season tickets, as well as digital keys that provide entry to IRL events.
Many, including the accounting company PricewaterhouseCoopers (PwC), predict that NFTs will become one of the largest income producers in sports for the foreseeable future.
This week’s FINA competition will determine whose records are broken and if these unique NFTs are valued. However, given the significance of breaking a World Record and the exclusivity of the NFTs, we believe it is likely that they will be.
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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading.