Sports NFTs are popular, but are they a winning investment?
CBSN
Gone are the days when a sports buff walks into a store, buys a pack of Topps trading cards and stumbles upon a one-of-a-kind baseball collectible. Today's card collectors have shifted their attention — and dollars — to sports non-fungible tokens, or NFTs, that offer proof of unique ownership of a video, photo, audio snippet or other digital capture of an important moment in sports history
The popularity of sports NFTs has exploded in recent years, and people who sell the digital memorabilia say 2021 is just the tipoff.
The value of the broader NFT market is forecast to grow to $75 billion by 2025, from about $14 billion today, with much of the growth driven by the boom in sports NFT products, investment bank Jefferies said in a recent research note. One of the biggest sports NFT marketplaces, Dapper Labs, saw its annual sales nearly double to $700 million last year from $361 million in 2019, The Athletic reported.
