One of the biggest buzzwords in the last five years has been NFTs. Non-fungible tokens are a revolutionary new take on collectibles, blockchain technology, and entertainment. It combines all three in an accessible way—at least for those who understand blockchain and have a digital wallet with some crypto holdings.
Clearly, NFTs are a hit… or, at least, in theory. The trend piggybacks on the success of collectible groups, which range from fine arts to ancient coins to Magic: The Gathering cards. Though largely niche and granular, these collectibles groups tend to be lucrative and highly active. But NFTs are a lot more than just new digital assets to be collected. And just because the concept has seen huge publicity in the last five years, that doesn’t mean it will stand the test of time.
One industry that has stood the test of time is casino gaming. The casino gaming market is worth around $57 billion, according to Straights Research. While poker sees the most coverage from broadcasting groups and gaming publications, the most popular sector is actually online slots. A player can find a platform that offers online slots from anywhere in the world—straight from a mobile device. Developers like NetEnt and Play’s Go release slots like Gonzo’s Quest and Book of Dead that are played by millions worldwide each week. Interest in slots has continued to grow despite minimal coverage from media on both slots and casino gaming in general.
Clearly, an industry’s success isn’t necessarily tied to its publicity… but NFTs will need plenty more support in terms of investment and attention if they are to survive—especially considering the recent crypto crash.
Apple & Disney Opting into NFTs
NFTs landed two huge coups after recent announcements from Apple and Disney. Apple recently updated its Apple App Store policy to allow NFTs to be bought, sold, and traded on apps sold in the store. (The Google Play Store has offered this for a while.)
However, the offering comes with a major catch. The company will take a 30% cut from any developers who earn more than $1 million on the app store and 15% from anyone making less than that.
Meanwhile, Apple still isn’t opening its doors to crypto transactions. And neither is Disney.
But recently, Disney made headlines for a posting for an open job. The company is looking to find a lawyer for ‘emerging technologies’. The role includes a huge emphasis on NFT products, which has led many to speculate about Disney’s plans with NFTs, blockchain, and crypto.
Last year, the company also made a huge leap when a patent was filed for a ‘virtual-world simulator’. Most analysts assume that this refers to a potential VR Disney Land and Disney World. Meanwhile, the company’s Disney Accelerator Program featured multiple companies focusing on NFTs and Web3 projects.
NBA’s Top Shot Market Sinking Quickly
When some people think of collectibles, their minds shoot to the days of sports trading cards from the 1980s and 90s. As a highly successful collectible project, the NBA’s commissioner, Adam Silver, launched his own modern remake with the Top Shot Marketplace. In it, collectors can purchase some of the league’s most memorable ‘Moments’ (lingo for an NFT).
The project quickly took off. In February 2021, the site reached a fever pitch when some Moments sold for more than $100,000—or up to $208,000, in the case of one LeBron Dunk Moment. Today, the average Moment sells for around $180, marking one of the biggest flops in NFT history after one of its biggest booms.
PL Deal Dead on Arrival
With the NBA enjoying much success throughout 2021 with Top Shot, the UK’s Premier League looked to accomplish something similar. The Premier League even shortlisted Dapper Labs, which launched Top Shot on its blockchain platform, as one of its potential partners before siding with ConsenSys in March of this year. However, the project has since been slashed.
Though the project was suspected to rake in over $400 million a year for the league and its teams, blockchain platforms can no longer promise the same return on investment. This is largely due to the crypto crash, which cost holders billions worldwide. However, the Premier League might not totally discard the project and instead could switch gears to offer NFTs based on fantasy football.
