MLB Crypto Baseball is the first sports league with non-fungible tokens for public-use on blockchain. Non-fungible tokens are unique tokens which are not interchangeable. They are representations of goods or assets. MLB Crypto is a cross-over between baseball card collecting and fantasy sports.
What’s the Big Deal about Non-Fungible Tokens?
Non-fungible tokens found their way into the limelight when Crypto Kitties, another non-fungible token platform, raised $12 million in investment. Demand for crypto kitties was so high that a token could fetch over $100,000.
Non-fungible tokens have unique details about the changes in ownership (as shown by the blockchain ledger) which provides buyers with greater confidence in the authenticity of the token for sale. MLB Crypto, like non-fungible Crypto Kitties, initially did, is under the radar.
The Baseball Stop says that MLB Crypto represent real-life players of the baseball league which can be purchased on the Ethereum blockchain. Non-fungibles do not fluctuate as rapidly in price like most cryptocurrencies do which may reflect relatively low liquidity in the markets.
Does Gaming Justify Investing in MLB Crypto?
MLB Crypto makes it possible for users to have in-game experiences and make purchases of bubble head-like virtual figures. With unique attributes for each player, MLB Crypto sparks the curiosity which baseball cards often do.
The entertainment aspects of non-fungible tokens like MLB Crypto could spark the curiosity of a rapidly growing gaming industry where billions are spent to enhance gamer experiences.
Users can build a roster. Each player on the roster can cost as little as $1.
MLB Crypto’s website shows a section where players can put their collectibles up for sale or make purchases to build up their roster of players. Users with MLB Cryptos for the teams have the opportunity to earn rewards if their MLB Cryptos win games.
MLB Crypto calls for some more work as the potential size of the platform’s future user base remains unclear. Its value will be dependant on trends in the cryptosphere. It is unclear how many people are willing to make purchases of MLB Crypto Baseball Cards in the future.
Improvements Required
Traditional baseball cards faced their fair share of criticism. Now, it’s not considered crazy to expect a rookie Babe Ruth baseball card to sell for $1 million. Depending on the geographic region, demand may be fragmented. States, where baseball is a favorite, may attract the much-needed demand. Prices of MLB Crypto baseball cards could rise if demand increases as it did for traditional baseball cards.
Demand for MLB Crypto baseball cards depends on several factors including the user experience, fiat-crypto portals available, and marketing efforts of the team. Many early-stage crypto-businesses can’t spend as much on marketing as they would like to. Overemphasis on back-end development of projects can distract development teams from improving user experience (especially in early stages) is not as developed as desired. Attention to community management influences public perception.
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Calvin Ebun-Amu is passionate about finance and technology. While studying his bachelor’s degree, he found himself using his spare time to research and write about finance. Calvin is particularly fascinated by economics and risk management. When he’s not writing, he’s reading a book or article on risk and uncertainty by his favourite non-fiction author, Nassim Nicholas Taleb. Calvin has a bachelors degree in law and a post-graduate diploma in business.