🎙️ Can NFTs Capture the $21 Billion Fantasy Sports Market? | Pod 186
Why aren't more people playing fantasy sports NFTs, and what do the experts have to say on the matter.
What’s up everybody, it’s LG Doucet here.
My fantasy football team is awful. Like truly bad.
I picked James Conner in the third round. Cam Akers in the sixth. If you don’t know who these football players are, I can’t blame you - they suck.
But despite my terrible predictions on the field, this current football season has seen my thirst for NFL action reignited.
I watch games. I chat with people. I pretend to understand.
And more importantly: I participate in a web3 community that vigorously plays NFT-based fantasy sports games, despite the currently horrific crypto conditions.
Sorare. Reignmakers. OTM Rumble. Spoiled Banana Society. Swoops. You name ‘em!
Since the 2021 non-fungible boom, one of the more practical applications of jpegs has been to use them in fantasy format: after all, who wouldn’t want to draft players, and then trade them on the open market?
Plus, there are over 50 million fantasy players in North America, so you’d think NFT fantasy adoption would take an up-only trajectory. But ‘tis not been so…
🧙♂️Today’s Pod: Can NFTs Capture the $21 Billion Fantasy Sports Market?
I mean, yes, they can.
But the road to get there will be long and arduous.
There’s no guarantee that NFTs can actually enhance nor truly change the experience of fantasy sports. And even less of a guarantee that the majority of fantasy players will actually want NFTs.
After all, crypto isn’t exactly the hottest thing right now, and NFTs generally get a pretty bad rap outside of our circles.
However - the platforms pushing these new products won’t stop just because of broader public perception. In fact, they literally can’t stop.
They (Sorare, DraftKings, etc.) have likely paid millions (think 9-figures) to acquire the rights to sell official league-licensed NFTs from the NBA, NFLPA, and many others.
This needs to work.
And they won’t stop iterating, marketing, and dropping supply until it does.
So on today’s pod, we talk to two experts and fantasy/DFS pros: Awesemo and Eric Patterson, and dive into the matter.
We also look at the bigger business of sports gambling, to get a handle on whether this can actually all scale.
The numbers to look for in this one:
$21.39 billion: the size of the fantasy sports market in 2021
$44.07 billion: estimated size of the fantasy sports market by 2027
56.8 million: estimated total fantasy sports players in North America as of 2015
$465: estimated annual spend per American on fantasy sports in 2015
88%: the total share of winnings taken home by the top 10 fantasy players
$92 billion: estimate size of the sports collectibles market in 2032
$150 billion: estimated size of the illegal sports gambling market in the US
And if you PERSONALLY have played fantasy sport NFTs, let me know what your experience has been like in the tweet below!
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⚽ ICYMI: How FIFA Makes $7 Billion Every World Cup
…And How Little NFTs Account For That
It’s amazing really.
Every four years, millions gather to watch a global game, and cross their fingers that perhaps if their nation was lucky enough to make it in, they might just, at the very least, score a goal. Or maybe even, win a match. Or perhaps…make it through!
And every four years, its quite sickening to realize that this passion and hope is undeterred by the fact that the organization behind the event is one of the most corrupt in sports history.
Last week on the pod, we looked at FIFA, how they make money, how they spend money, and just how crypto might fit into all that.
The big numbers:
The First Mint x Overpriced JPEGs 📻
Last week, I had the pleasure of appearing on Overpriced JPEGs with Carly Reilly (link to episode).
We chatted about FTX, Taylor Swift, and whether the term “NFT” is gonna make it. We also dug into a recent TFM pod about Tom Brady’s Autograph platform, which Carly got a kick out of.
Check it out!
✨Top Hits of 2022
We’ve recorded a lot this year. Here are the top downloaded pods on TFM so far.
🔥 The Blog That Blew Up NFTs | Jonathan Bales
🔥The Future of Crypto Influencers | Space Cowboy
🔥 The History of Crypto Winter
🔥 Crypto Portfolio 101 | Scott Melker
**This is not financial advice. Nothing in this newsletter, podcast, or publication should be considered financial or trading advice of any kind. Please do your own thorough research and make your own trading decisions. This is not advice.”
About The First Mint
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We cover: Sorare, NBA Top Shot, NFL All Day, UFC Strike, MLB Candy, and more!
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