Autor Cointelegraph By Ornella Hernandez

PwC report calls NFTs 'the future of digital assets in sports'

Nonfungible tokens, or NFTs, and digital assets are one of the ten major trends within the sports industry, according to the consultancy Price Waterhouse Coopers’, or PwC, Sports Outlook 2022 report for North America. From altering sports technology infrastructure to driving fan engagement, the report lists three main use cases for NFTs and their likelihood to shape the future of sports.The first use case is collectible NFTs — assets used to sell collectible, authenticated and limited edition digital content. This refers to traditional memorabilia like trading cards of players or tickets stubs of historic matches that can be digitized, minted and traded on the blockchain. The report added that these collectibles could eventually be displayable and shared across metaverses. The “best known” example of a collectible NFT collection is the NBA Top Shot from Dapper Labs. The marketplace tokenizes highlights or the “best” plays from NBA history, and has recently ranked in second place, after the Axie Infinity game, for the most NFT transactions within the blockchain gaming industry with $827 million dollars in 2021. Another popular example is retired NFL quarterback Tom Brady’s NFT collectible marketplace Autograph, which recently raised $170 million in Series B funding.Secondly, season ticket member, or STM, NFTs could be considered another big use case. Providing season ticket members with verified tokenized passes would elevate the experience of an already loyal fan. STMs used to having access to additional special content and stadium experiences could also receive special edition collectible NFTs for the games they attend. And sponsors could benefit too if the teams they sponsor enable them to ensure those customers who lose their physical tickets wouldn’t lose any added benefits.Lastly, virtual access tokens for fans who prefer to pay more for a virtual experience and may not be able to attend games in person, are expected to be in demand. Described as a new version of season tickets, virtual access tokens could give owners access to more behind-the-scenes perks such as player cams, bench cams or even virtual locker-room access. Some soccer clubs that have had success so far with their fan tokens are Paris Saint-Germain and Manchester City who give fans the right to influence non-strategic game- day decisions, such as walk-up music.PwC explained that ticket sales, media rights and sponsorship are the current largest revenue streams for teams and leagues. It expects that tokenized tickets, NFT media rights and sponsorship of digital or metaverse events to propel the growth of the industry, stating that digital asset sales might also become a “serious” revenue stream. The report added that in order to make this happen, however, teams would need a tech stack that connects their new digital sales data with existing customer databases, and a strong legal team to handle regulatory and tax implications.These trends are all on the rise, especially as partnerships between NFT marketplaces and sports associations increase in popularity. Recently, Solana NFT marketplace Magic Eden announced an upcoming NFT collection in collaboration with Overtime, the sporting entertainment platform, to enhance fan engagement during the 2022 NCAA men’s basketball tournament.

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Citi’s digital asset co-heads resign with plans to create crypto startup

Alex Kriete, Co-Head of Digital Assets at Citi, announced his resignation from the banking giant after 11 years at the firm on March 10 via LinkedIn. He stated in his post that he intends to devote himself full-time to developing a new cryptocurrency company but provided no additional details at the time. Kriete co-led the Digital Assets Group with Greg Girasole for less than a year since the unit launched in June, 2021. Girasole also announced his departure via LinkedIn and, together him and Kriete plan to start their own blockchain-related venture. The two said they will share more details about it in the coming weeks.Kriete’s excitement for his new undertaking stemmed from the belief that digital assets will “continue to grow in importance to global capital markets and the formation of new business models.” He added that a personal interest in blockchain enabled digital assets started over five years ago and has now led him to want to “assist in the maturation of this market” on his own terms. Whereas Kriete and Girasole oversaw the digital assets group within Citi’s wealth management division, the bank has another digital assets unit within its Institutional Clients Group that is led by the recently appointed Puneet Singhvi.Recently, another Citi executive, Matt Zhang, also jumped ship to launch a $1.5 billion crypto fund called Hivemind Capital Partners whose first technology partner is Algorand. And in a similar corporate leadership move, a longtime Goldman Sachs executive, Roger Bartlett decided it was “time to embrace the crypto economy” and left the bank to run Global Financial Operations at Coinbase. Related: Coinbase seeks new exec to debate with policymakersMeanwhile, another bank making pioneering moves into the metaverse is JPMorgan Chase, having opened a virtual lounge in the Decentraland metaverse as it hopes to capitalize on a $1 trillion market opportunity, according to the bank.

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Yuga Labs faces user backlash for under wraps KYC-restricted project

Yuga Labs, the creator of the Bored Ape Yacht Club, or BAYC, teased a new collaboration with blockchain game publisher Animoca Brands on Twitter on Thursday. The catch is that no details about the project have been revealed yet, and users who signed up for it via a Know Your Customer, or KYC, verification process have expressed their concerns on social media.BAYC simply tweeted out a link to a website where interested fans can apply in the hope of being approved to participate in whatever “is brewing.” To apply, users must connect to an Ethereum wallet, provide a photo of their license, passport or other ID as well as proof of their home address, and take a headshot on the camera of the device on which they sign up.fuck it, again.https://t.co/1KlPpVjWkb— Bored Ape Yacht Club (@BoredApeYC) March 10, 2022Both BAYC and Animoca Brands clarified on Twitter that they are not referring to the play-to-earn game featuring Bored Ape NFTs they had announced in December. The only other information offered is that “this has been building over the last seven months,” according to BAYC. Animoca Brands will reportedly reveal “the first phase.” Members of the crypto community are wary about consenting to KYC requirements without knowing exactly what they’re signing up for. One user posting under the handle @cr0ssETH tweeted, “Devs, if the IRS has taken you hostage, please blink twice,” suggesting the possibility that any personal information could end up in the hands of third parties.BAYC twitter account just tweeted a form to fill out requiring your ID/Passport & eth/home Address. Devs if the IRS has taken you hostage please blink twice.— cr0ss.eth (@cr0ssETH) March 10, 2022

In addition to sensitivity around KYC, a Terms & Conditions document has been criticized for making users consent to an “unrestricted” use to “all or any portion of your User Content.”I generally root for BAYC from the sidelines, but has anyone on your team actually read your partners T&C? You’re pushing people to KYC & have them agree to these terms? I really thought we were trying to move away from a web that profited off peoples IP without their consent. pic.twitter.com/6H2C6szUmD— Sebssant (@SebsDead_) March 11, 2022

Another user under the handle @maz_nf warned that crypto will soon turn into a “government regulated corporateverse,” recognizing the inevitability of an NFT community to adhere to regulation and legalities to truly go mainstream. We all were crying for people to validate us three years ago…well ‍♂️ here we are. Crypto, NFTs, and whatever comes next will be turned into what we feared most…a Government regulated Corporateverse buckle up and smile for the camera, see you on Mars https://t.co/3c8aWo3lBU— MachG (@maz_nf) March 11, 2022

Related: Harmony launches Bored Ape Yacht Club NFT PassportThese views sparked the debate about whether NFTs should be regulated and if KYC should be integrated into NFT marketplaces. Recently, OpenSea has been subject to phishing attacks and hacks that have left NFT owners very vulnerable. In December 2021, an art gallery owner’s Bored Apes collection, worth $2.2 million dollars, was stolen from his hot wallet. 

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Crypto.com airdrops LeBron James NFT collection to eagle-eyed Super Bowl ad viewers

The Crypto.com exchange announced the airdrop of its “The Moment of Truth” nonfungible token (NFT) collection featuring Los Angeles Lakers forward LeBron James to 5,550 randomly selected viewers of its Super Bowl commercial. Those who found and scanned a hidden QR code that appeared 10 seconds into a conversation between present-day James and his apprehensive teenage self could enter to win a limited edition NFT. The collection consists of instant snapshots of behind-the-scenes moments from the making of the Big Game spot.Introducing “The Moment of Truth” NFT Collection featuring @KingJamesAirdropping to a random selection of sleuths who found the hidden QR code in our Big Game SpotCheck out the collection https://t.co/Y0grpA8tme pic.twitter.com/lbEtdD60r3— Crypto.com (@cryptocom) March 9, 2022″Sleuths” who scanned a QR code that appeared for a split second on screen followed it to a “secret” webpage and had the chance to sign up for the Crypto.com NFT platform until the Friday after the Game. Lucky fans will be airdropped one of 5,550 total NFTs for free; the drop is made up of 15 NFTs that come in 3 tiers with varying editions.Crypto.com partnered with LeBron James and the LeBron James Family Foundation, or LJFF, to collaborate on educational and vocational opportunities focused on Web3. According to a statement, the partnership will give students and families in LeBron James’ hometown of Akron, Ohio access to tools and resources to learn about blockchain technology and potential career paths in crypto.“I want to ensure that communities like the one I come from are not left behind,” said LeBron James, adding that him and Crypto.com are “aligned on the need to educate and support my community with the information and tools they need for inclusion.”The NFTs part of the airdrop are not for sale by Crypto.com. 5% of any NFTs re-sales, whether on the Crypto.com NFT platform or other secondary exchange, will go to the LeBron James Family Foundation as royalties.Related: Crypto.com gives users in excluded countries one week to repay loansLeBron James is part of Crypto.com’s long roster of celebrity partners that includes Matt Damon whose own commercial has been subject to criticism. The exchange also recently partnered with the LA-based women’s sports team, the Angel City Football Club.

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Happy International Women's Day! Leaders share their experiences in crypto

The International Women’s Day theme this year is #BreakTheBias, so Cointelegraph spoke to 10 leaders in the blockchain industry about their experiences as women in Web3 and gathered their advice. From discussing barriers to entry to nonfungible tokens and role models, the following comments are from women in the U.S., Latin America, Europe and Asia. When asked what the current barriers to entry that women may face when considering careers in crypto, Dr. Cagla Gul Senkardes, Co-founder of the Istanbul Blockchain Women Association and lecturer at Istanbul Bilgi University, flatly answered “bias.” Speaking from a more academic point of view, Senkardes sees gender bias and culturally constructed ideologies in the context of cryptofeminism, the concept of having to choose between adhering to customary expectations for women and carving out novel paths within crypto, doing none or both.”The masculine construction of technical language and symbolism carries inclusiveness to a point far away from competence and skills. From this point of view, it would be correct to discuss the cryptofeminism debate against a male-dominated culture in crypto.”Jackie Rose, Head of Institutional Business Development at Blockchain.com shared a similar sentiment about confusing “lingo” or buzz words like “meme coin” or “Web3” that sound aptly cryptic and potentially detract someone from further investigation. Hailing from a traditional finance background, Rose found crypto to be a more “welcoming environment” where her female colleagues became “invaluable resources.””In the U.S., where most people have access to traditional banking, crypto is often viewed as more akin to gambling than to investing. The space can also feel pretty intimidating from the outside looking in, things move so quickly, a lot of the lingo is new and confusing, and the way it’s portrayed in the media is overwhelmingly negative.”A more common answer to possible barriers among the women interviewed was a lack of finance and tech education, specialized skills or the sometimes requisite years of experience. Daniela Henao Moreno, COO of Defy Trends, a Miami-based women-led startup, pointed out that there is even a lack of access to job postings because many jobs in crypto tend to be made known via Telegram or word of mouth, rather than posted to popular job boards and employment sites. Aurore Galves, Co-founder of Leonod, a French development agency specialized in cryptography and distributed technologies, brought up another matter: representation.”Women, when they are present, serve more as a showcase to reassure investors and to increase the confidence index of a project. It is more complex to legitimately assert yourself as an expert in this environment.”Galves admitted that women are increasingly more present at events and participating in more projects, but that both men and women “must have a voice” for the blockchain world to “find balance.” When asked if she believed if NFTs can be seen as a gateway for women to get into crypto, Galves answered that the NFT space is a “phenomenon shrouded by illusion,” warning that “discovering crypto-assets through NFTs could be misleading” but nonetheless could “become a source of innovation and value creation.”Related: Bitcoin business in France: Regulation, education and cash buy frustrationSomeone with a more optimistic outlook on NFTs is Wengie, musician and founder of the Nyan Heroes NFT game, who has “only had a positive experience thus far” as a woman developing a blockchain game.”A lot of projects are founded on culture, art and creativity and it’s a space for creators to be rewarded for their work. I believe more and more women are taking control of their own financial education and learning about crypto from an investment standpoint too.Related: P2E game Nyan Heroes aims to save 1 billion sheltered catsWengie added that as more women become well-versed in NFTs and other crypto native concepts, women will likely be taken more seriously and less likely to be objectified. Similarly, Bineta Ngom, a Senegal-based blockchain project manager also known as Mama Bitcoin on social media, considered NFTs to be investment vehicle. Ngom founded a Bitcoin fishing business because “she had nothing to lose.” “NFTs could be of interest to women especially in Africa who are very active and always looking for ways to make their money grow. Often they invest in tontines, so why not NFTs and meanwhile they will learn about the world of crypto.Cointelegraph also spoke with Fiorella Scantamburlo in Argentina, Communications Manager of POAP, the Proof of Attendance Protocol that mints digital badges representing event attendance as NFTs. Scantamburlo shared that since working at POAP, she “totally” believes in the power of NFTs, stating that they are a gateway for artists, content creators and collectors to enter the blockchain ecosystem. She also revealed that an NFT project she particularly likes is Bored Ape Yacht Club, because “they achieved a community that feels like home.”When asked what message she would like to share about her personal journey in blockchain, Scantamburlo answered that crypto gives everyone the possibility to “be the architects of our own future” and not have to wait for others “to write our story for us.”Related: Ledger announces limited edition NFT-focused hardware wallet, partnership with POAPAccording to Jassy Jackson, VP of Operations at WAX, who is “grateful” to work in crypto, a space that she admitted “is a boy’s club,” is also going to “change the world on so many levels, from improving our planet to shifting financial services and elevating gameplay experiences.” She also encourages others to identify the women in our lives who support and empower those around them.”It’s important to understand the power and value of feminine energy in workplace culture and the yin-yang balance they bring to every organization, and the blockchain itself. Women must be acknowledged, celebrated and recognized for the value they bring.”Related: El Salvador’s Bitcoin wallet onboards 4M users with Netki partnershipDawn Newton, COO and Co-founder of digital identity provider Netki, did just that when asked what message she would like to share about her personal experience and shouted out to a woman who she admires. Newton credited Connie Galippi, Founder and Executive Director at the first Bitcoin nonprofit called BitGive, with helping her “truly understand how Bitcoin could empower folks and create meaningful change in the world.” After hearing Galippi speak about a fundraising project for a girl’s school in Africa in 2014, Newton was inspired to join BitGive’s Board of Directors and advise on creating the blockchain based donation tracking system GiveTrack.Newton also gave some advice to women looking to get started in crypto, recommending getting involved with the community whether on social media or at local meetups, and stating that networking is “the key to breaking into this sector!”

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