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Reddit Co-Founder Says NFTs Market for Women’s Sports Collectibles Would Be Huge

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by Ibukun Ogundare · 3 min read
Reddit Co-Founder Says NFTs Market for Women’s Sports Collectibles Would Be Huge
Photo: TechCrunch / Flickr

Alexis Ohanian predicted that the NFTs market for women’s sports collectibles would turn out bigger than the NFTs market for men’s sports collectibles.

The co-founder of Reddit investor Alexis Ohanian has joined prominent names who support non-fungible tokens (NFTs). Lately, NFTs have been making headlines and making huge sales. NFTs, which are unique crypto tokens, represent digital assets, and they exist on blockchain. As each collectible is tied to a blockchain, this gives a unique certificate of authenticity. NFTs include works of art, Collectibles, video clips, and more.

In a tweet posted on the 6th of March, Ohanian said:

“I’ve invested big in women’s sport but the rise of NFTs and trading card boom is going to be HUGE for women’s sport. Save this twee. Because as the tools/UX/UI get better and the market gets more efficient + liquid, women-as-investors in these assets will change the game.”

Notably, artworks have been a foremost use case of NFTs over time. Like physical assets, NFTs can also be purchased and sold. Another feature of NFT is that the validity and ownership of the assets the NFTs represent can easily be traced since they operate on a decentralized digital ledger.

In addition, digital collectibles have over time focused on Men’s sports. Last month, an NFT highlight of LeBron James dunk sold for $208,000 on NBA Top Shot. Reports revealed that a group of investors purchased the highlight. In a tweet, NBA Top Shot referred to the sales as “the top acquisition for any NBA To Shot Moment so far.”

NBA Top Shot is the official league highlights with blockchain technology. Launched by blockchain company Draper Labs and backed by the National Basketball Association (NBA), the online company allows users to obtain a collection of basketball highlights.

Reddit Co-Founder Makes Prediction on NFTs Market

Now, Ohanian predicted that the NFTs market for women’s sports collectibles would turn out bigger than the NFTs market for men’s sports collectibles.

Last month, CNBC revealed in a report that NBA Top Shot had generated more than $230 in gross sales. The head of marketing and team partnerships at Dapper Labs added that most of the generated funds came from traders who exchanged their collectibles after the original sale.

As huge NFTs sales have become a trend, the CEO of blockchain service provider Protokol, Lars Rensing, commented:

“It’s a nice evolution and good to see that people are still doing collectibles, even during this time. It’s a new step to the future.”

Rensing also believes that NFTs will “stick around because it’s a solution that also brings in new fans and digital natives.” He added:

“The new generation is more digital-native.”

Other news from the blockchain world can be found here.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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