Non-fungible tokens (NFTs) have a natural fit with sports memorabilia, another category of speculative asset whose value is primarily dependent on the prices its adherents are willing to pay. A new startup called SportsIcon aims to deliver even more value via sports-focused NFTs, with direct collaboration with athletes and lessons from the pros to accompany the one-off digital collectibles.
SportsIcon has backing from Roham Gharegozlou, the CEO of Dapper Labs, which was at the very forefront of the NFT craze and which powers NBA Top Shot. It's also funded by rapper Nas (whose portfolio includes a number of prescient early bets), former NBA player Andrew Bogut, Eniac Ventures' Partner Nihal Mehta and more. The company announced its initial round of funding along with its public launch, but declined to disclose the total amount, noting only that it was "in the seven figures."
Initially, SportsIcon will be debuting between 15 and 20 NFTs, created in collaboration with athletes, that commemorate specific, historic moments from their sporting careers. Accompanying these NFTs will be "two-hour masterclasses," which the company said in a press release will give "fans access to their mental and physical training methods, techniques and best practices."
That masterclass approach is due in part to the background of co-founder Chris Worsey, who previously built a number of edtech startups including Coursematch. Worsey told TechCrunch that the key to its approach lies in the exclusive content that will be packaged along with the NFTs it's bringing to market. SportsIcon is differentiated because it’s creating unique content, shooting for two days with the athlete — the first day will be “interviews about their journey and their past,” the second day will be shooting them on the training field, he said.
“This is the key: The beauty is the built-in scarcity of this content," Worsey added. "We won’t be releasing it elsewhere."
The hope is to build a “long-term relationship with the icons,” he explained, while the exact financial details/split will differ from deal to deal. In some cases, the athlete is donating their proceeds to the charity of their choice. Each unique art piece will be auctioned off, and the packs will sell for anywhere from $10 to $999. The more expensive packs will be “the really rare, scarce moments where the icon’s talking about their greatest moments,” according to Worsey. Packs can also include real-world prizes like signed memorabilia or box seats at a game.
The real differentiator for SportsIcon, he says, is down to the focus on content and creating something that's not only unique, but also high-quality.
“SportsIcon is different because we invest in the content," Worsey told TechCrunch. "We hire world-class directors and we make world-class content.”
While the startup isn't yet revealing any of the athletes its working with on its debut NFTs, it says the first sports stars that will appear on the platform will come from soccer, tennis, MMA, basketball and baseball, with agreements with stars in each of those areas currently in progress.