ESPN VP of Sports Business Development & Innovation Kevin Lopes Makes Sense of “NFTs”
Can you go further into what a NFT is?A: A NFT is basically a digital…
Can you go further into what a NFT is?
A: A NFT is basically a digital asset that represents pretty much anything. From real-life objects to iconic moments, many simply classify a NFT as digital art or a digital collectible. You buy/sell NFTs online, and have a unique coding set that allows NFTs to guarantee scarcity and henceforth create value. In a similar way to how sneaker drops occur, NFTs often have a limited run before selling out and increasing its worth.
What is blockchain technology?
A: Blockchain is a secure, decentralized, digitally distributed public ledger that allows information to be distributed throughout a larger network. The most famous blockchain is the bitcoin blockchain that functions as a cryptocurrency, but other blockchains like Polygon and Flow are being used primarily to create NFT’s.
Do you have to buy NFTs with cryptocurrency?
A: No. Many NFTs are Ethereum-based tokens and purchased with Ethereum cryptocurrency. However, NFTs can also be purchased with more traditional payment methods.
What is the value for a brand to be in the NFT market?
A: The primary value for ESPN is to create a deeper and interactive relationship directly with our fans around the content they love.
Can you talk about ESPN’s first-ever NFT collaboration?
A: ESPN just launched its first-ever NFT in collaboration with Autograph.
The NFT collections will drop on key dates in April to promote ESPN+’s Man In The Arena. The Man in the Arena collection features three ESPN NFT’s illustrating Brady’s career, wins and achievements. Learn more by visiting espnpressroom.com.