High-profile athletes are spending huge amounts on NFTs: Here's why

cointelegraph.com:

Athletes have been known to invest in a range of assets and businesses, but now they're also getting into cryptocurrency and blockchain.

Nonfungible tokens (NFTs) are a relatively new form of tokens that allows for the exchange, trade and ownership of unique digital assets. According to market data, worldwide NFT trading was worth around $40 billion in 2021, and now some professional athletes have joined the movement.

I just acquired MAYC #10442 from my guy @ishmilly @BoredApeYC Where are my apes at? #mutantapes #mayc pic.twitter.com/LQSQywNOCO

Luka Modric, a Real Madrid soccer player from Croatia, launched a line of NFTs, while Neymar, a Brazilian professional footballer with Paris Saint-Germain in the French league, recently paid over $1 million for two NFTs. Several professional athletes, including Alexander Ovechkin and Michael Bisping, have been known to be interested in the world of NFTs.

Buying NFTs appears to be a simple and lucrative investment for the rich, especially if they are well-known. However, Philip Gunwhy, partner and brand strategist at Blockassets, an athlete-focused NFT ecosystem, claims that there is considerably more to it than simply investing and cashing out. During a Q&A session with Cointelegraph, Gunwhy discussed why athletes have been drawn to NFTs.

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Cointelegraph: Why do you think athletes are drawn to the NFT world?

Philip Gunwhy: The ever-evolving world of NFTs and the technology behind them means that athletes can utilize them in a way to interact with fans. While it is a relatively new technology, there are clear examples of how fans can benefit from holding official athlete NFTs such as meet and