Non-fungible tokens continue to gain in popularity, and whether or not you think there’s any longevity to the industry, there’s no denying the fact that these digital collectibles, dubbed NFTs, are becoming increasingly popular. So, it wasn’t surprising to find in my morning reading that the largest golf-related consortium in the world, the PGA Tour, is getting involved.
However, as a non-profit organization, its plans are never to make a profit for itself. Instead, these NFTs and a game associated with them are being created to provide players with a new revenue stream.
Here’s what’s going on:
PGA Tour to Launch NFTs
In the announcement, the PGA Tour said that it intends to do three things with the NFTs it develops:
- The Platform. First and foremost, PGA plans on creating a new fan engagement platform that allows players to meaningfully engage with fans in a new way.
- Partnership. The PGA Tour also plans on partnering with best-in-class members of the NFT community to help build and promote golfers’ brands.
- Revenue. Finally, the ultimate goal is to provide a long-term revenue stream for members of the PGA Golf Tour.
In the announcement, the PGA Tour pointed to the NBA Top Shot platform and just how successful the platform has been. As a result, the sports tour plans on creating something similar that offers golfers and the golf community a similar way to engage with players, fans, and thought leaders in the space.
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Of course, NFTs are overwhelmingly popular, and they are known for driving significant price tags. While the PGA Tour is a non-profit organization, it doesn’t intend on leaving the revenue potential on the table either. Ultimately, the platform will provide players with another way to generate money through their activities as members of the PGA Tour.
However, there will be a big difference between NBA Top Shot NFTs and PGA Tour assets, the biggest being the involvement. Virtually every player in the NBA has an NFT created surrounding them. However, in the PGA, where members are deemed sub-contractors, it is ultimately the members’ decision as to whether or not they would like to be included in the platform.
At present, there’s no public definitive list of members of the organization that have chosen to take part in the NFT launch. Nonetheless, with growing popularity in the non-fungible token space, and an opportunity to earn more money from their golfing activities, I would imagine that most of those on the tour will take part.
It’s official my friends, playing cards are going digital. As more and more sports organizations turn to NFTs, the way we collect cards is changing in a big way. While there will likely always be playing cards to some extent, the simple fact is that NFTs provide an opportunity to create the same type of product, but in a digital sense, and the sports community is latching on.
The NBA, PGA, and MLB have all dabbled with the idea, and as the NFT community continues to grow, it only makes sense that the sports industry will continue to make the shift to digital assets.
The Bottom Line
The bottom line here is simple. The PGA Tour is launching an NFT collection that further solidifies that fact that sports collectibles are quickly becoming digital.