NFTs: What happened to sports collectibles?

In 2021, European football clubs weren’t just chasing trophies - they were chasing token sales.

With NFT platforms like Sorare and Socios making headlines and cash, sports teams across Europe rushed into the digital collectibles gold rush. By late 2021, Sorare had raised a $680 million Series B at a $4.3 billion valuation, and clubs from PSG to AC Milan were dropping NFT player cards like limited-edition sneakers.

Fast forward to 2025, and the hype cycle seems like it might deflated.

Trading volume on most sports NFT platforms has fallen over 90% from peak highs. Fan engagement via crypto collectibles has cooled, and clubs are reevaluating what - if anything - fans actually want from Web3.

So, what went wrong, and what’s next?

Fantasy, scarcity, hype

Sorare’s pitch was simple: combine fantasy football mechanics with blockchain scarcity. Fans could buy officially licensed player cards, trade them like Panini stickers, and use them in fantasy contests to win rewards. The UX was slick, the IP was premium, and the FOMO was real. At its height, Sorare saw millions in weekly trading volume and signed licensing deals with La Liga, the Bundesliga, and even MLB and the NBA.

Meanwhile, Socios and its underlying token infrastructure offered a different promise: fan participation. Through token purchases, supporters could vote on club decisions like jersey designs, goal music, and even man-of-the-match awards. Clubs pocketed upfront token sales; fans got a blockchain-stamped sense of involvement.

At first, it looked like a win-win. But then the market caught its breath.

The problem? Most fans weren’t there to ‘vote on the walkout music.’ They were speculators. NFT prices soared less on fandom and more on the expectation of flipping rare cards or tokens for a quick return.

As crypto markets cooled in 2022 and 2023, that speculation dried up. Utility-lite tokens lost relevance. NFT trading volumes dropped more than 90% from their 2021 peak. Even as platforms like Sorare expanded into basketball and baseball, engagement plateaued.

For Socios, the criticism was more structural: fan token use cases were often superficial, and regulatory concerns emerged around whether tokens constituted financial instruments. Several European football clubs faced scrutiny over promotion practices, with watchdogs questioning if fans truly understood what they were buying.

As the froth disappeared, the question remained: was this a gimmick, or a new foundation for fan engagement?

Assets to access

To me, the answer lies in what’s survived.

NFT platforms with no gameplay or utility - just collectibles for their own sake - have largely vanished. But Sorare has weathered the downturn better than most, in part because it functioned less like a crypto trading app and more like a fantasy sports game. Its model gave NFTs functional utility, not just resale value.

Now, a second wave of sports digital assets is emerging - one centered on access, not speculation. That’s what clubs are leaning into. Instead of selling digital collectibles as investment assets, teams are now experimenting with NFTs that function as membership passes or loyalty cards - think front-row seat raffles, signed merch access, or augmented reality experiences at live matches.

It’s not just football, either. European motorsports, tennis, and even niche leagues are experimenting with token-gated communities, fantasy integrations, and dynamic NFTs that evolve over time based on real-world performance.

The speculative market still seems a bit radioactive. “Buy low, flip high” is no longer the dominant use case, and clubs that leaned too hard into revenue-first token drops have seen a backlash.

The platforms that focused on cosmetic NFTs, vague “club moments,” or gated Discords without meaningful benefits seem to have mostly gone quiet - or pivoted into loyalty SaaS businesses.

And that's probably a good thing.

Meanwhile, regulators in Europe are cracking down. GDPR implications around wallet tracking, plus MiCA (Markets in Crypto-Assets) regulation expected to come into force by 2025, will force platforms to operate more like fintechs than fandom startups.

If the first wave of NFT sports tech was about ownership, the next wave is about participation. Expect to see fewer “drops,” and more integrations: season tickets as NFTs with programmable perks, in-stadium experiences unlocked via blockchain, or fantasy sports platforms where digital cards evolve with player stats.

The lesson?

Digital fandom only works when it enhances real fandom.

Tokens for token’s sake are out.

Experiences that matter to fans - and that don’t feel like a crypto casino - are in.