An NFT is a “Non-Fungible Token”. 'Fungible' means that you can replace an asset with an identical one, and it will retain its value. The perfect example is money or cryptocurrency. 1 Bitcoin will always be worth 1 Bitcoin. Now, taking an example of the NFTs, they cannot be replaced by another one, since every NFT is unique and it has its own value.

Well, the answer is they can copy your JPG image, but they don’t own it and cannot access the benefits of it. Every NFT that is minted in the blockchain has a certificate of authenticity that assures that the NFT is original and belongs to a particular collection and to a particular wallet. The same happens with Mona Lisa for example, many people can copy the painting, but there is only one original and it has its own certificate of authenticity (in paper), with NFTs it is the same thing but safer as you cannot falsify the certificate since it is stored in the blockchain.

Federations should go the NFT way for several reasons, but the most important one is to move towards the future. Now is the chance to enter early to the future of competition awards and be one of the first ones. Blockchain technology also brings several benefits such as certificate of authenticity, digital assets, digital ownership, digital trophy showcase, innovation in creativity, exposure, and much more! Better to be early than late!

Athletes will have the opportunity to earn NFTs by competing. We developed this new concept of Compete2Earn to gamefy and bring real-life events to the blockchain from which athletes can benefit a lot. Imagine being able to carry your achievements with you in your crypto wallet, having your digital showcase, or being able to fundraise your career by selling these NFTs? Possibilities are endless.

Of course! We actually invite any Federation of any sport from around the world to join the innovation on Sports Awards. Let’s change the future together!