Who could forget excitedly tearing into a pack of baseball or football cards with friends? Would you find just the right card to complete a collection? Those looking to relive some nostalgia may want to forget searching out that Joe Montana rookie card. While the card biz has seen a revival, the industry’s now moving beyond cardstock.
NFTs are all the rage now and have seen sky-high auction prices in the hundreds of thousands recently. For the uninitiated, NFT stands for non-fungible token. What does that mean in regular Joe language? NFTs are digital memories or events–and they’ve blown up the sports card industry. Collectors purchase digital “packs” that can include one-of-a-kind digital moments from slam dunks to touchdowns. It’s like a sports card coming to life–a rare Mickey Mantle rookie card meets Back to the Future II.
Like cryptocurrencies, NFTs are stored on a blockchain and only the owner has access. These can be transferred, however, and many collectors are doing just that for big bucks. The NBA Top Shot NFTs are among the most popular. In February, a Lebron James dunk sold for $208,000. On the NFL side, a buyer purchased five exclusive Rob Gronkowski tokens in March for a total of $650,000.