European esports organization OG Esports have embraced NFTs since they rose in popularity at the top of 2021, generating close to $1 million in the process.
Home to players that are the two-time victors of The International in Dota 2, OG have the second-most prize earnings of any organization in the industry — behind only Team Liquid — collecting over $34.5m at the time of writing, according to Esports Earnings.
Now, utilizing blockchain technology, they’ve amassed almost one million dollars since January 2021 by releasing three collections of digital artwork.
The org have sold a variety of artwork as NFTs, which stands for non-fungible tokens, which assign a unique identifier to each digital piece sold so buyers technically own items that are one-of-one.
Dexerto have done the maths across OG’s three drops and calculate their total gross income as $986,709.36. There are fees associated with NFTs, such as ‘minting’ the products and then commission for the marketplace hosting the transaction, so the total revenue amassed by the org is unknown.
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The first drop from OG was on January 23, 2021, where they held an auction, sold 1099 mystery boxes, and 79 versions of artwork created by artist Filip Hodas. It generated a total of $272,089.88.
$203,624.33 was amassed from the second drop, which commenced on March 28, which consisted of more auctions and both “open” and “closed” editions of custom-made artwork.
10 art pieces. 3336 NFTs. 10 seconds.
— OG (@OGesports) July 6, 2021
OG’s third NFT drop to date wrapped up on July 6 with them selling 10 art pieces with 3,336 associated tokens as well as hosting three closed auctions. Everything sold for a total of $510,995.15.
Other companies in esports have gotten into selling NFTs to their fans since the start of 2021 too, with the likes of 100 Thieves, Dignitas, CS:GO tournament organizers Flashpoint, and McLaren Shadow all dabbling in the trend.