4.2 GenZ Market

GenZ Market Expansion Drivers, Continued Growth Expected

Brett Calapp, co-founder of RareMint, recently shared his thoughts with Cryptoslate on the challenges facing the sports NFT market and why it's ripe for growth. The main problems with the traditional collectibles market are high fees and the potential for corruption.

Quality sports collectibles are expensive and hard to come by, even for relatively wealthy buyers. Often, collectibles require a minimum purchase, which makes it even more difficult for the majority of people to invest in collectibles. What's more, these inaccessible collectibles are in physical form, making them perishable.

Brett Kalaf argues that these issues are ultimately driving younger generations to innovative solutions like sports NFTs: the added challenges of authentic collectibles, asset accumulation, and poor retrievability are causing young people to look in other directions to support their favorite players and teams. Kalaf specifically cited the high adoption rate of GenZ, the generation born between the mid-1990s and early 2000s, for sports NFTs and argued that they will be a major driver of the sports NFT market. According to an article in the American business magazine Forbes, GenZ has a "high propensity to be more expressive," which is reflected positively in the cryptocurrency market. Self-expression is important to them, and they are always looking for new platforms to express their unique identity and get closer to their hobbies and interests.

Experts believe that NFTs, which were once limited to the art world, are now making a big impact in the sports world, and enthusiastic fans have already started to participate in the sports NFT market economy by purchasing famous moments of the game or images of players. In particular, the sports NFT market is expected to continue to grow even in the face of a sharp downturn in the cryptocurrency market, as sports provide digital content to fans and are striving to overcome the crisis of declining attendance and build a new market economy, while sports NFTs fulfill the hobbies of GenZ and allow them to make money by reselling them at a profit.