The NHL kept its distance from the NFT market – but that’s about to change with the launch of two new series of digital collectibles backed by the league.
While the NBA, NFL and MLB all entered the NFT game early, the NHL remained on the sidelines. But that’s about to change, with two lines of hockey NFTs launching.
An NFT, short for non-fungible token, is a type of digital collectible that peaked in popularity during the early days of the pandemic. NFTs usually depict celebrities, athletes or original artwork, and they contain motion, animation and sometimes video clips.
They use blockchain technology, a type of encrypted digital ledger that certifies the item’s uniqueness and tracks its ownership history and sales data.
These collectibles can initially sell for anywhere from a few dollars to tens of thousands of dollars, and resale prices can be much higher. One advantage NFTs have is that the licensor – such as a player, team or league – can continue to collect royalties whenever the item is subsequently resold.
An NFT is like a mash-up of a trading card and cryptocurrency. They’re more likely to appeal to so-called “crypto bros” than they are to collectors who buy packs of hockey cards.
Upper Deck hopes to change that with its new line of Evolution digital cards, launched in April. The company already makes traditional hockey cards licensed by the NHL and NHLPA.
“There’s a place for digital collectibles, but it was never done with the collectors in mind,” said Jason Masherah, president of Upper Deck. Read the rest of the story at The Hockey News website.
Related Posts:
