UFF Sports Launches our NFT Ecosystem Coin: Score Coin (SCO)
The blockchain’s first sport NFT ecosystem is just over a year old! We were selling sports NFTs when NFTs weren't cool! The knowledge that we have accumulated over the last year and a half about the NFT market has been incredibly valuable and our project is launching a complete NFT ecosystem this spring. This platform is the next step in the NFT space.
In this article you will see the importance of building utility for NFTs to sustain long term value and annual revenue; not just collectible speculative gain. If you build an ecosystem where NFTs can thrive, create revenue streams, and increase the digital asset’s value long term - then you have a project that will last for decades.
An NFT is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like Bitcoin, and many network or utility tokens that are fungible in nature. From Wikipedia
We feel that it is incredibly important to stick closely to this definition in order to reach maximum token value when minted, but also to ensure sustainable inflation in the NFT price. Giving these tokens utility will ensure a robust marketplace for years and decades to come.
Two Key principles that we see in our NFTs are:
- No duplication ever
- Each NFT has utility
GEN 1 NFT PROJECTS
Current NFT projects include: digital characters, digital art, sports highlights and sports cards. These are the first ventures of building the NFT industry.
They are innovators in our space and they have shone the light on a market that has tremendous opportunity.
Typical models that have been implemented under Gen. 1 Structures:
Unique Digital Art (images, moving images, videos) a digital image that is unique and sold as a NFT that only you own, simply a collectible.
A digital cartoon image of an animal that you collect but you can breed and create a new digital animal and again sell as a collectible.
Sports such as soccer and basketball have created cards or highlights. They have very limited utility and they have both duplicated these NFTs hundreds or thousands of times, which makes these more like a fungible token than an NFT.
These early projects create public interest and sell massive amounts of tokens at very high valuations.
However sustaining these values without utility is very difficult if not impossible.
GENERATION 2 NFT PROJECTS
Generation 2 NFT projects, like UFF Sports, are building NFT ecosystems that give NFTs utility and forever value — not for a few popular NFTs, rather, value for the project as a whole.
We put the entire sport on the blockchain 1 for 1. Player X in the real world is Player X as an NFT.
If there are 32 franchises in a professional league, there are 32 franchises as NFTs on our blockchain.
Just like the real world, the backbones of the ecosystem are gameplay and revenue streams.
- Every sport has a unique ecosystem — professional leagues, minor leagues, prospects, scouts, GMs, coaches, owners, retired legends, fans, All Stars, Olympics, World Cups, gameplay, playoffs, prize pools, championship teams, trophies, highlights, mascots, stadiums, dressing rooms, jerseys, logos, ad revenue, staking, DeFi, lotteries… The opportunities in an NFT ecosystem are endless.
- Gen. 2 NFT ecosystems will utilize their own fungible digital currency to transact. Gen. 1 simply trades one asset for another, or buys and sells an NFT in fiat currency.
- Gen. 2 is a complex web of transactions big and small, happening every minute, all around the world.
- Secondary fungible tokens can be utilized by each sport to create more gameplay and more utility, which will support the valuation of all NFTs.
- An opportunity exists to support these NFT ecosystems via a very successful concept called DeFi (Decentralized Finance). This structure attracts people who will spend money.
- It will enable sports leagues to draw in crypto investors who wouldn’t usually engage in the sports space. This is complex and will be explored further in a separate entry. The projects listed below are great reference points.
- Sushi Swap, Goose Finance, Crow Financial, Pancake Swap, etc.
NFT Sports Ecosystem
Building the world’s first worldwide fantasy sports NFT ecosystem is the mission of the UFFS platform. Creating multiple revenue streams for an individual NFT and a group of NFTs that work together to increase the valuation of each digital asset will be the strength of our decentralized sports world.
The ecosystems presented here are just the beginning. The only limitation to further growth is our imagination and the will to innovate. The types of people who invest in NFTs have these characteristics. As we say quite often in our community, “Exciting times ahead!”
Here is the early sign up link and some very cool info about our revolutionary NFT platform coin sale!!
Feel free to ask any questions in this chat or DM me to set up a private consultation. https://www.signupgenius.com/go/10C0C48ADAB23A1FECE9-score
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