Burrst to Revolutionize Web3 Sports Industry by Helping Student-Athletes

The worldwide sports industry is valued at over $500 billion , and Burrst is aiming to combine this flourishing space with the booming Web3 market.?Non-fungible tokens in sports can take the form of a digital collectible, a tokenized trading card, or an artwork of a play image with the holder's ownership rights recorded on the immutable blockchain. They allow fans to buy an unforgettable sports moment with provable ownership.?

NFTs, the unique, non-interchangeable digital assets stored on a blockchain, have a vast potential and the ability to shape the future of sports as well. By limiting the numbers, NFTs create an element of scarcity which, along with rarity and other factors, make them valuable. They also provide a significant revenue opportunity for sports organizations and athletes.

NFTs are being used to sell authenticated, limited-edition digital content. While they are currently underpinning the value exchange in Gamefi, metaverse, and Web3, sports NFT is another growing trend. For instance, today, thousands of sports NFTs can be bought and sold on the popular secondary market OpenSea. For example, the most prominent football NFT platform enabled $128 million in sales in the first nine months of 2021.

Fans have always loved to own sports collectibles. NFTs are just a novel and digitized version of it that allows them to own the sports collectibles directly from the content owners without the middleman or revenue leakage.?

Sports in Web3

For centuries, sports have allowed us to bond and form new relationships. And the advancement of technology has allowed us to stream games from all over the world. However, the innovation hasn't allowed athletes to gain control over their NIL or high school and college athletes to be compensated for their name, image, or likeness, until now.

To help these athletes be paid based on their value and take their grit and determination to the next level, Burrst is helping student-athletes monetize their brand in the NFT space by taking advantage of their NIL rights. This is to encourage athletes to play and work hard by allowing them to monetize digital assets that bring in profit.

Digital assets can fundamentally alter how fans interact with their favorite teams and provide many ways to meaningfully connect with athletes more than ever before. If executed effectively, they can help enhance the customer experience and have fans form closer bonds with their teams.?It is likely blockchain technology, crypto assets, and NFTs will completely transform how fans consume sports.

Monetizing the Brand

Trading cards have already been popular for decades, and now they are mixed with NFT to build digital trading cards. Each NFT is unique and is the digital equivalent of printed sports trading cards — which were selling for up to millions of dollars each in 2013. A significant revenue source for teams and leagues, NFTs effectively address the same needs as these cards, but in digital form.

The next step, which has already started, is "before they were famous" cards, featuring college NFTs, minor league players, and college prospects. This, of course, leads to high schools, where professional-looking videos are poised to boom in value.?Currently, Burrst is bridging the gap for student-athletes to monetize their brand effectively in the NFT space easily. For this, Burrst has student-athletes eager to launch their brand in the Web3 world.?

"We believe that NFTs allow fans to become closer with their favorite athletes, and student-athletes can help fund their career by monetizing their brand in this new Web3 world," says Grant Sapkin, Burrst Founder & CEO.

Another benefit of NFTs is that they also allow commission on each transaction to be automatically paid to the owner of the NFT in the form of a royalty. As the scope of NFTs' evolves, we may also see athlete-designed digital versions of physical world objects, such as sneakers, that only exist digitally. They are also an excellent opportunity to enhance relationships with fans.?

Burrst has already inked partnerships with some of the leading companies. One of them is VirtualStaX , a one-of-a-kind platform that is all set to reimagine and disrupt the fan economy completely.?VirtualStaX is a digital trading card that will empower talented people around the world to monetize their following and fund their dreams while giving their fans a way to share in their journey and success. Together with Burrst, it aims to revolutionize the global fan economy.