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Sony Michel shakes up a billion-dollar market with PWRFWD
PWRFWD and Sony Michel have made it to the Solana blockchain…
To commemorate his first year in LA, Sony has once again chosen to team up with PWRFWD, the athlete-to-consumer marketplace, to release top-shelf physical and digital products that let fans engage with Sony and the broader PWRFWD community.
This is the NFL star’s first NFT project.
What’s an NFT again?
Advancement in technology increases at an incredible rate every day. Cell phones, computers, and the resource that is online digital world is constantly evolving on a daily basis.
There are more and more careers that can be done remotely and elements of life are becoming more and more efficient. The most recent innovation the internet has blessed us with, are called NFT’s.
NFT stands for Non-Fungible Token. An NFT is a unique and non-interchangeable unit of data stored on a blockchain. A blockchain is a digital form of a ledger.
An NFT exists on the internet and can be anything from a photo, audio, video, basically anything digital. What makes it special is that when it is an NFT, it has what is essentially a certificate of authenticity.
An example of this related back to the world in real life would be something like the Mona Lisa. Although there are several photos, duplicates, etc, there is only one official, and authentic version.
Currently, artists and musicians are taking advantage of this technology, but we have barely seen the tip of the iceberg when it comes to the utility it can provide. Many artists are favoring selling their work as NFTs vs tangible products.
In the past, for example, a painter would have to sell their work for a fraction of what the seller would end up flipping it for. But when they sell as an NFT, because it is authenticated and recorded on the blockchain, they can receive a royalty every time it is resold.
Not only is there a value in terms of collectibles or memorabilia, but it could also provide exclusive advantages. For example, a business could release a limited amount of NFT’s that are essentially like a “VIP” card and say when in possession, the owner will receive a discount on all purchases. Another unique form of NFT is called “ZED run”.
On this platform, you can use Ethereum (a cryptocurrency) to purchase racehorses. Each horse is an NFT that you can both sell, race, and breed. When you win races, you are paid in Ethereum. This is great because the value of Ethereum has gone from $775 on January 1st, 2001, to $3767 on December 31, 2001.
Cryptocurrency isn’t the only thing that has been bullish the past few years. It took the world a few years to recognize NFTs but the NFT market over the course of the past three years has been exploding. In 2019 the trading volume was $8.6 million.
Eleven days into 2022, the volume is over $2.3 billion dollars on OpenSea alone, which is an online marketplace for NFT’s.
Celebrities have also been embracing the NFT world. Jay-Z, Serena Williams, and Logan Paul have all purchased NFTs for upwards of $250,000 dollars.
Sony Michel’s entry into the NFT world
Los Angeles Rams running back, Sony Michel, is not only patronizing NFT’s but he is also releasing his own. To commemorate his first year in LA, he is launching a limited edition drop of NFTs.
The platform he is using to release both his digital and physical products is called ‘PWRFWD’, an athlete-to-consumer marketplace.
“I love what PWRFWD is about and I’m excited to drop my product in such an innovative way.”
-Sony Michel
In order to make this come together, Sony partnered with graphic designer and former Washington State football player Dallas Hobbs.
The collaboration they were able to come up with produced an abstract representation of Michel sporting a set of horns in front of a royal blue cityscape.
“We’ve got the buildings and palm trees in the background to pay homage to LA, but the centerpiece is Sony.”
– Dallas Hobbs
Where innovation meets sports
Ultimately, the collection is a nod to the Rams running back’s reputation for physicality on the football field. “When I look at the concept,” said Michel, “it reminds me of my running style. That’s me, always focusing on yards after contact.”
NFTs will be minted on the environmentally friendly, low-fee Solana blockchain to make it easier for fans to participate. The drop, which goes live on Friday, January 14 at 9:00 a.m. EST, will consist of three tiers:
Unique: Auction winner will receive a heavy-cotton tee and accompanying signed NFT that unlocks access to attend athlete-led creative sessions, win tickets to games, receive VIP passes to PWRFWD events, and more.
The winner will also be invited to participate in a future Sony Michel PWRFWD creative kick-off session, receive a curated package of TWO_SIX gear, a personal message directly from Sony Michel, and autographed memorabilia.
There will be one available (auction ends January 15 at 11:59 p.m. EST).
Rare: Holders receive a heavy-cotton tee and accompanying NFT that unlocks access to PWRFWD’s private Discord community, early access to all future PWRFWD NFT drops, and entry into a lottery to win Sony Michel autographed memorabilia. There will be 50 available.
Limited: Holders receive an archival print and accompanying NFT that unlocks access to PWRFWD’s private Discord community. There will be 100 available.
Through PWRFWD’s partnership with Encore, the rewards platform for fans built on the blockchain, fans will be able to earn rewards by completing athlete-specific challenges.
Top scorers on Sony Michel’s challenge will win free products. Terance Mann of the Los Angeles Clippers and Zia Cooke, a star basketball player at the University of South Carolina, both have PWRFWD drops scheduled this January as well.