Sports NFTs are expected to mint $2 billion in 2022 to increase engagement between fans and their favorite teams and athletes. Among major names, Emirates-sponsored football club Arsenal has launched its NFT. In the Middle East, crypto firm Shiba Inu will create tokens for Qatar’s upcoming FIFA world cup.

After hosting the second football NFT drop for Dubai-based EX Sports, Binance partnered with sporting legend Christiano Ronaldo to promote non-fungible tokens. The blockchain firm will create multiple NFT collections in collaboration with the football star with the highest number of followers on Instagram at 455 million. The first of these collections will be released this year.

Fan tokens registered on blockchain that serve as a secure ledger can be collectibles or earn the owner perks such as voting rights in a club’s decision-making. They can even open up access for fans to attend exclusive events related to their favorite team. Sports partnerships are also a way for crypto firms to go mainstream when the value of cryptocurrencies such as Bitcoin has plunged by 70%, as investors find them risky.

Last month, Brazilian footballer Dani Alves was in Dubai to launch an NFT for a luxury watch at Dubai’s MetaTerrace restaurant, allowing people to enter different metaverses. Other footballers who have invested and promoted in NFTs include Paul Pogba and Neymar.