Justin Turner on the blockchain? A look at MLB’s next-gen NFT strategy and the risks it faces – The Athletic

Major League Baseball, if it ever settles its owners’ strike, plans to continue the trend of rapidly growing non-fungible tokens in 2022 and beyond.

And with the move comes an acknowledgment that NFTs are controversial, with a growing chorus of critics pointing out that creating digital collectibles on the blockchain is harmful to the environment and that NFT financial speculation can be financially ruinous.

Baseball must walk a fine line between fan demand for such products and these criticisms.

“We didn’t want to position these things as investments. I wanted to position them as collectibles,” said Kenny Gersh, MLB’s executive vice president of business development, which manages baseball’s NFT strategy. “We want to create a range of NFT collectibles that fans would want for the intrinsic value of the NFT itself.”

NFTs and related technologies such as blockchain and cryptocurrency have been around in technology for quite some time. They exploded into broader American culture a year ago with NBA Top Shot digital video highlights packaged as collectibles, generating hundreds of millions of dollars in front-end and secondary market sales, including the NBA and its players’ union get a cut. Other sports have seen it and rushed to launch their own NFT offerings amid the ongoing collectibles boom, and in some cases,

Comments are closed.