That makes for a better consumer experience, especially among fans not accustomed to cryptocurrencies. Polygon also avoids the expensive "gas fees" required for completing transactions on Ethereum. Its consensus mechanism is also based on proof of stake, not proof of work, which means that it doesn't have anywhere near the appetite for electricity that Bitcoin does. Putting aside its technical details, the result of using Polygon is that transactions are both cheaper and faster to process than using Ethereum. MLSE selected the Polygon framework, which allows NFTs to be minted on a sidechain that can later be bridged back to the main Ethereum network. The business model creates revenue by selling NFTs to fans both at the initial release (which puts a set price on an individual NFT or a pack of them) and by taking a margin on the resales of NFTs in an open marketplace. It worked with Petronas Motorsports on an NFT sale in late 2021 as well.
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It also plans to license its platform to other organizations and has already made deals with the Montreal Canadiens, Winnipeg Jets and New York Rangers. MLSE is preparing to expand its NFT platform, Drop Shop, for its other franchises like the NHL's Toronto Maple Leafs. MLSE designed the sale to gauge the market's interest level in NFTs, and I remember that it sold out within nine minutes.Īccording to WhatsYourTech.ca, MLSE sees the opportunity for NFTs to combine digital and physical fan experiences.
Other experiences ranged from practicing with players and staff on the court to a Zoom call with Raptors alumni to getting a box of branded swag. I bought one that unlocked a behind-the-scenes look at the season-opening media day.
Appearing as digital keys, the purchase unlocked different fan experiences. Maple Leaf Sports And Entertainment Partnership (MLSE)Īt the start of the current NBA season, the MLSE-owned Toronto Raptors announced a sale of NFTs through its own website. To answer these questions, let's look at two different enterprises that are early in the game in launching new business models based on NFT platforms.