United States National Basketball Association highlighted the potential benefits of NFTs for new sources of income in sports. The Dapper Labs launched the NBA Top Shot NFT Marketplace last year. It allows users to exchange “moments”. In 2021 the platform was popularized with LeBron James (NBA star) selling his highlight at the 2020 NBA finals for $230,000. The total $750,000,000 spent on the platform since last year’s launch saw the platform gain popularity. Dapper Labs shares the transaction fees with the NBA.

The Asian sports industry was aware of the developments. Popular gaming company DeNa has started selling video highlights of its Japanese baseball team, Yokohama DeNa BayStars. The process of selling the videos begins by holding lotteries for only a few videos. Each winner can buy the videos at 120 yen or 1,980yen. A portion of the funds are also distributed to the winners. Buyers can trade their items on an online marketplace at a later time. DeNa says that the blockchain platform uses the messaging app Line to facilitate the large number of Line users who have a recognized interest in NFT.

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South Korea’s K League and Japan’s J League have granted Sorare the merchandising right. Sorare was a French startup funded by SoftBank Group Vision Fund. It offers fantasy soccer games that allow players to create digital teams by using existing NFTs. Participants can trade with each other. Since January, the platform had seen more than $150,000,000 in trading.

Many athletes from the region are now entering individual agreements. Manny Pacquiao, a Philippine presidential candidate, and boxing legend, has sold several NFTs since August. Naoya, a Japanese boxing superstar, also announced plans to sell his first NFT relating to a boxing match.

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