NFTs and Traditional Life Series, Part 1: Golf

Welcome to our series about NFTs and elements of traditional life, and what could be more traditional than Golf? Saying the word brings to mind exclusivity: country clubs where membership can cost tens of thousands of dollars annually, expensive equipment and attire that can be as pricey as it is garish.

Nonetheless, egalitarian NFTs have already made their way into all areas of the sport. From golf courses and country clubs to major players and equipment, they’re part of the 500 year old sport.

PGA Tour and the Sport’s Biggest Names

The Professional Golfers’ Association (PGA) will soon offer NFTs from its archive and members who choose to participate. Given the PGA’s Tour’s 2 million viewers, their substantial archive and roster of over 200 players, it’s easy to see how there’s money to be made. Tiger Woods has been one of the Tour’s biggest names for years. 

Via Autograph, the company founded with Tom Brady, Woods has released over 10,000 NFTs. Prices for this offering ranged from $100 to $1500, which allows plenty of access for fans of different socioeconomic statuses. Other professional golfers have sold NFTs as well.

In fact, Bryson DeChambeau became the first professional golfer to offer NFTs in the Spring of 2021. Perhaps efforts like those of Woods and DeChambeau will guide the PGA Tour’s approach to NFT releases. We can also look beyond long-established names and organizations to see how NFT projects have influenced the sport.

Crypto Country Clubs and a DAO Golf Course

Malbon, a golf equipment brand, offered pop culture infused NFTs that permitted access to a  country club in the metaverse called Buckets Club. Buyers of their 1,000 NFTs also gained access to the real-world events and other perks in addition to the club membership. 

The Buckets Club mirrors Malbon’s general brand approach: Malbon is a community, an ecosystem. We suspect this is a core reason why their first release immediately sold out: authenticity matters.

Before we get into the DAO Golf Course, what is a DAO? The acronym stands for a Decentralized Autonomous Organization. Unlike the centrally controlled PGA discussed above, a DAO’s hierarchy is flat and runs on the blockchain. DAO members share common interests in the metaverse that can include real-world artifacts. In the case of LinksDAO, its members wish to “democratize the country club membership.” And many other folx share their vision. 

Within 48 hours, the 9000-plus NFTs they offered brought in $10.4 million. The two membership tiers available cost about $700 and $2700 respectively. If these prices seem steep, compare them to the Medalist Village Golf Club Tiger Woods belongs to. Annual membership there runs $100,000.

Conclusion

Golf will likely remain a staple of traditional life for the well-heeled and would-be wealthy. For those of us outside the sculpturesque country club gate, NFTs hold promise to equalize access at the level of the golf course, community, and memorabilia. 

This is in keeping with the underlying design of NFTs, in particular their distributed nature. Will the establishment push back? Or will it, against the odds, push forward and embrace the inclusivity NFTs facilitate as much as the revenue? 

We like to think money will pave the way for further innovation.