For the uninformed, an NFT or non-fungible token is best described as a unique item that is irreplaceable. In physical terms, think of Jake Gagne giving away the helmet he wore as he was crowned MotoAmerica champion in September or the helmet Valentino Rossi threw into the crowd at his final race in Valencia; they're irreplaceable, valuable, and one of a kind. In essence, this is the premise behind the NFT, although, rather than being a physical product, they're in digital form.
Across the world, collectors have appreciated their value, as they've been snapped up in various guises, with many of the world's most well-known organizations getting involved. The NBA has sold some unique collectible digital cards, earning millions of dollars. In Europe, soccer fans have eagerly bought all the available club-branded fan tokens, with many clubs selling out their allocations within hours of the sale getting underway. Another example in modern culture comes from the musician Grimes. The Canadian singer raised $6 million with some digital artwork being 'packaged' along with the ownership rights to an exclusive video and some music. The owner can choose to sell the items, and the scarcity of the items can often drive their value up even further, even more so if they're sold out. As with the most ardent fans they often look to get hold of pieces of memorabilia that they could not get anywhere else.
So, onto the world of motorcycling and the pinnacle of the sport, MotoGP has become the first championship to introduce NFTs to fans, and again, like in other areas, they've been very well received. Fans could purchase a pack of three digital cards, which consisted of three random riders, three random bikes, or a mix of the two starting just $9, and all 9,500 packs have sold out. Motorcycle manufacturers are onboard too, with NEO, who make the latest electronic motorcycle, are offering 66 digital collectibles to the purchasers of their machines. Their 'Founder's Edition' NFT comes with a special video of your bike being built, VIP access to future NEO events, and more, right down to the 'Spectator' NFT, a digital representation of the bikes.
While these are just a couple of the initial offerings available to biking fans, it could herald the beginning of a new way for bike and equipment manufacturers to get involved too. Previously here on Bisontrack.com, we've spoken about racers looking for ways to raise funds and how traditional sponsorships are no more. Could there be an opportunity to utilize NFTs into the offering for potential partners? The racer could offer to create some unique collections of NFTs that are only available for those sponsoring, with various levels available, much like the bigger, more prominent logos on a leather race suit garnering a potential higher value. Those purchasing will get something of their own and could maybe even use them as an investment further down the line. Imagine if the rider goes onto further success and is to be the next national star like Gagne or be a hero to many worldwide like Rossi, then think how much they'd be worth to the fans?
While we're only just seeing these digital assets coming into the world of motorsport and motorcycling, with the boom in interest right across all areas of popular culture, the NFT is something that that bikers, racers, and race fans should all keep a very interested eye on in the near future.