SHOW ALL

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

FINA awards NFTs to World Record breakers

FINA awards NFTs to World Record breakers

As World Records are broken at the future World Aquatics Championships, NFTs will be minted on the blockchain to commemorate the athletes’ historic achievements.

The International Swimming Federation (FINA) revealed that it would award personalized NFTs to athletes who break individual world records at the future competition in Budapest, Hungary, plus a $50,000 prize.

The match runs from June 18 to July 3, and viewers can watch live at CBCSports.ca, CBC Sports app, and CBC Gem from 10 a.m. Saturday. There will also be extra weekend coverage on CBC-TV network. In addition to the NFTs, the competition has a prize pool of $5.72 million.

A Budapest-based digital artist, Krozbo will create the artwork that will afterward be minted on the blockchain as NFTs and will be transferred to the world Record breakers on June 25 at the unique awards ceremony in the Duna Arena.

FINA’s President, Hussein Al Masallam, said he was happy to be part of this core concept, acknowledging how exclusive it is for an athlete to break a World Record. Now with NFT and China Blockchain technology, those special moments will be portable and permanent.

NFTs are getting big in sports

FINA’s move to beat the NFT is certainly new to world record-breakers, but it’s not the only Web3 creative concept that happens in sports. At Rarity Sniper, we report year-round on athletes, sports teams, and sports leagues investing in NFTs, Web3, and metaverse.

In deed, NFTs, verifiable digital assets which live in the blockchain and can be traded safely, are transforming what can be done with digital collectibles, memorabilia, trading cards, ticketing, and season tickets, and digital keys they grant entry to IRL events.

There are so many things happening with NFTs in sports, which many – such as accounting firm PricewaterhouseCoopers (PwC) – think that NFTs will become one of the biggest generators of revenue in sports in the coming years.

We will have to wait and see what records are broken in the current week’s FINA tournament and whether these unique NFTs will be worth it. But given the historic nature of breaking a World Record and the uniqueness of the NFTs, it is thought that this is a good bet they will do.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

SHARE:
Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *