The Potential of Digital Ticketing for NFT Adoption in Sports
Candy Digital, a digital collectibles startup, believes that the love of sports teams and players among fans can drive adoption and consumption in the web3 arena. The company plans to onboard 100,000 new customers to its platform through its digital ticketing product this year. By purchasing a ticket and attending a game, fans express their fandom and receive a digital asset that records their experience.
In addition to selling officially-licensed Major League Baseball collectibles, Candy Digital has been offering fans commemorative tickets throughout the year. CEO Scott Lawin predicts that the company’s commemorative ticket campaign will introduce another 250,000 to 500,000 consumers to digital asset ownership in 2024. Most people visiting Candy Digital’s platform after attending a baseball game are engaging with web3 for the first time.
Engaging Fans with Dynamic Digital Assets
Lawin explains that fans who attend baseball games have the opportunity to redeem a digital commemorative ticket. They then visit the Candy website and discover the chance to purchase a pack of digital trading cards. Opening these packs provides an exciting experience with more dynamic assets compared to traditional cardboard packs.
Targeting Sports Fans with Digital Memorabilia
NFTs and digital collectibles have evolved significantly since the speculative bull run period. While interest in certain NFT collections has waned, companies like Candy Digital and Dapper Labs continue to target sports fans with digital memorabilia NFTs. Candy Digital launched its Major League Baseball NFT marketplace in early 2022, while Dapper Labs set the standard for sports NFTs with its NBA Top Shot collection.
A Shift Away from Speculative Markets
Candy Digital CEO Lawin acknowledges that while blockchain-based digital assets will revolutionize sports memorabilia, the speculative market of the 2021 bull run is unlikely to return. He does not expect to see trading volumes of $200 million per month for NFTs like NBA Top Shot in the near future. Candy Digital raised $38.5 million in funding at the start of 2023 after a previous funding round of $100 million in October 2021.
Hot Take: Driving NFT Adoption Through Digital Ticketing
Candy Digital believes that digital ticketing can be a powerful tool for driving NFT adoption among sports fans. By providing fans with digital assets that capture their game experiences, the company aims to introduce thousands of new customers to the world of web3. While the speculative market may have faded, Candy Digital remains committed to leveraging fans’ love for their favorite teams and players to fuel the growth of digital collectibles in the sports industry.
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