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The MLB is about to make a fortune through the use of blockchain technology to create non-fungible tokens for baseball cards. These are a new digital version of baseball trading cards that have the added advantage of providing proof of the exact owner, which then makes it impossible for fraud to take place. The ownership records are stored on the blockchain publicly so that anyone can see who the rightful owner is.
Baseball Trading Cards
Baseball trading cards already trade for hundreds of thousands and sometimes millions of dollars for a single card. The same types of figures, if not more, are expected for the first batch of MLB digital trading cards and many NH sportsbooks have even started taking bets on whether one will sell for more than 1 million before the end of the year.
Topps NFT Baseball Trading Card Collection
Topps has now unveiled a brand-new MLB-inspired baseball card set, called the 2021 Topps MLB Inception NFT Collection that will be distributed on the blockchain platform ToppsNFTs. It has a selection of memorabilia that includes motion-animated GIFs, facsimile signatures, digital relics, and vintage card designs. At a time when there are so many great young players in baseball, the Topps NFT program is fantastic.
On Thursday, September 9, the 2021 Topps MLB Inception NFT Collection will be available on ToppsNFTs.com. Some baseball cards in the Standard and Premium packs will be common to legendary. This is the second MLB NFT product launched this year by Topps. The company’s plan to go public fell through when Major League Baseball and its players’ union reached new licensing deals with online sports merchandiser Fanatics, Inc.
NFTs Will Generate MLB Millions in Extra Revenue
During the July to August period, one NFT marketplace recorded $1 billion in monthly transactions, which increased 286% compared to the previous month, and the MLB wants to try to get a slice of the action. They will make royalty payments on each baseball card traded, which will be automatically paid out by smart contracts. This will help bring in valuable income during hard times due to the pandemic and could help save the game.
Next-generation crypto currencies and tokens such as NFTs, which remove the need for middlemen like banks, are the next installment in the line of digital currencies and tokens that let producers and purchasers trade directly and securely with one another. The security of title ownership and transfers of holdings have huge ramifications for the financial markets, concerning issuing securities or selling assets, and ensuring that title ownership is safe. They are the perfect solution for trading cards due to eliminating the possibility of fraud.
Final Thoughts
It is still early days, but the signs are that NFTs are here to stay and will play a major role in generating revenues for clubs moving forward. It is an exciting time and once players realize the potential of this new revenue class, there will be many jumping on board as they will make millions in a very short space of time. Like with any new technology, there are great risks, so make sure you do your homework before buying and only invest what you can afford if you are going to take part.
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