High-profile athletes are spending huge amounts on NFTs: Here’s why

Athletes have been known to invest in a range of assets and businesses, but now they’re also getting into cryptocurrency and blockchain.

Nonfungible tokens (NFTs) are a relatively new form of tokens that allows for the exchange, trade and ownership of unique digital assets. According to market data, worldwide NFT trading was worth around $40 billion in 2021, and now some professional athletes have joined the movement.

I just acquired MAYC #10442 from my guy @ishmilly @BoredApeYC
Where are my apes at? #mutantapes #mayc pic.twitter.com/LQSQywNOCO

— Reece James (@reecejames_24) January 2, 2022

Luka Modric, a Real Madrid soccer player from Croatia, launched a line of NFTs, while Neymar, a Brazilian professional footballer with Paris Saint-Germain in the French league, recently paid over $1 million for two NFTs. Several professional athletes, including Alexander Ovechkin and Michael Bisping, have been known to be interested in the world of NFTs.

Buying NFTs appears to be a simple and lucrative investment for the rich, especially if they are well-known. However, Philip Gunwhy, partner and brand strategist at Blockassets, an athlete-focused NFT ecosystem, claims that there is considerably more to it than simply investing and cashing out. During a Q&A session with Cointelegraph, Gunwhy discussed why athletes have been drawn to NFTs.

Related: NFTs and DeFi are revolutionizing real-estate investing and homeownership — Here’s how

Cointelegraph: Why do you think athletes are drawn to the NFT world?

Philip Gunwhy: The ever-evolving world of NFTs and the technology behind them means that athletes can utilize them in a way to interact with fans. While it is a relatively new technology, there are clear examples of how fans can benefit from holding official athlete NFTs such as meet and greets and even right up to fully interactive metaverse interaction with 360 cameras.

CT: What’s beyond that? What would happen if everyone issued their own NFTs?

PG: How NFTs are being utilized changes every day. Ultimately it’s a smart…


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