- NASCAR is releasing its own NFTs.
- Speedway Motorsports and GigLabs will release RaceDayNFT.com.
- Fans can experience a whole new way of interacting with NASCAR.
The National Association for Stock Car Auto Racing (NASCAR) is entering the world of NFTs. Non-Fungible Tokens (NFTs) have gained massive popularity over the last year. The sports, arts, and entertainment industry in particular has taken a liking to NFTs.
In detail, Speedway Motorsports — the owner and operator of eight NASCAR tracks, is working with GigLabs to bring RaceDayNFT.com. Together, they will sell NASCAR-themed NFTs. So far, it has been made clear that fans are showing their passion for sports by committing to NFTs.
In fact, most major sports leagues like the NFL, NHL, and the NBA are all tokenizing merchandise, video clips, exclusive experiences, and much more. Similarly, NASCAR is also using NFTs as a chance to further engage with fans and usher in a new, younger, tech-savvy generation.
NASCAR has always been big on making collectibles, what with the diecast model cars, car part logos, and hero cards. Now, with RaceDayNFT, fans can receive a lot more. For instance, they could see other NASCAR entities like the NHRA or the IndyCar Series.
To highlight, fans could even get NASCAR’s NFTs that could translate to real-world experiences as a reward for ownership. Let’s say when one owns an NFT at a specific time, then they can have a race-day experience or perhaps meet the driver.
In order to ensure that these NFTs will remain in fashion, industries must make sure to secure two important factors. The first is to build a community around digital collectibles. The second is to turn these digital collectibles into a reliable stream of income. The latter will ensure that users are less likely to sell these precious NFTs.
Therefore, it is important to give NFTs more use cases besides ownership and display rights. Drops is one such platform that delivers on this matter. Here, users can deposit their NFTs in a pool. This is where NFTs act as collateral to access trustless loans. In the meantime, owners can even generate yields that ultimately contribute to low NFT resales.
On the other hand, building an emotional connection is always a strong play, especially with sports fans. To this day fans get nostalgic over iconic moments in sports history. It is a proven fact that pairing NFTs with fan nostalgia will always end in a win-win situation. Messi’s NFT collection — Messiverse, is a great example.
All in all, the world of sports has truly embraced NFTs. Fans can now own unique items as well as experiences that will live forever in digital form. NASCAR is just one of many to get on the bandwagon in this still-early stage of the booming NFT industry.