The New Age Sports Industry With Blockchain and Web 3.0 Elements Integration
Blockchain has been a revolutionary technological advancement that extended its positive impact on major industries and sectors. Blockchain and its lucrative crypto-rewarding system have changed the way the traditional gaming industry has functioned so far. In addition, incorporating blockchain technology has benefited the sports, e-sports, and gaming industries greatly.
The profiting sports business models are even more profiting with the incorporation of blockchain technology and other Web 3.0 elements. The new-age tech advancements have widened the avenues for sports businesses to make revenue. Rare, unique, and epic sports footage from matches and games can be converted into NFTs.
Why Blockchain and the Sports Industry are the Best Pair
Blockchain showers immense benefits to the sports field. It enables the creation of unique player NFTs which could be bought by fans for huge prices. Moreover, companies can turn any part of the game recordings into an NFT. One of the prominent examples in this use case is NBA Top Shot. It is a sports-based NFT marketplace that converts clips from matches into NFTs. This serves as an additional revenue stream for the teams and clubs, leveraging the hype among the fans.
In addition, sports-based NFT games have been widely adopted by the gamers community. Moreover, motorsport racing games give the players the thrill and adrenaline spike of racing virtually.
Use Cases of Blockchain in Sports
The monetization aspect is just the tip of the iceberg. Read the blog further to explore how blockchain is set to enhance the experience of sports for players, fans, and clubs overall.
Ticketing is one of the simplest use cases where the revolution of blockchain can begin in the sports sector. The audience of the matches and games can be issued with an NFT ticket which serves as an entry pass into the stadiums. For instance, if the ticket NFTs are created in the Ethereum network, ERC-1155, or a similar standard NFTs for other blockchain networks, they can be created and issued to the fans purchasing tickets. In addition, NFT tickets can be memorabilia for the fans as NFTs can be stored virtually for a lifetime.
Players representing clubs and franchises have to sign paperwork in order to register themselves to the franchise or club. Now, blockchain offers a seamless way for documentation purposes. All particulars, including player salaries and other criteria, can be mentioned in the smart contracts.
Blockchain-Based NFT Games
Fantasy sports have been one of the biggest hits in the Web 3.0 space in recent times. Integrating web 3.0 elements like blockchain, NFTs, and crypto assets have resulted in huge success. Blockchain-Based NFT Games enable the players to purchase in-game assets like characters, skins, and accessories as NFTs, which later could be integrated into the gameplay to earn lucrative crypto rewards for in-game accomplishments. Moreover, the Sport-Based NFT Marketplaces are on the rise as fans are adopting their favorite Blockchain-Based NFT games with lucrative revenue options.
Blockchain enables collectors to know that they collect unique and authentic memorabilia, unlike physical collectibles. Moreover, this tech advancement enables the sports franchise to effectively reduce the impact of counterfeit products and merchandise among the fans. In addition, the official seller of the merchandise can bundle official physical collectibles with NFTs too.
Cryptocurrencies as a Payment Option
Cryptocurrencies are one of the hassle-free payment methods in this digital era. Since cryptocurrency payments have no barriers like restricted cross-border transactions, limits for transactional value, and much more, it can be a convenient way to pay players their salaries. In addition, it can also be used to buy match tickets, merchandise, and much more. For instance, Odell Beckham Jr, in November 2021, Tweeted that he would be getting his salary in Bitcoins.
Interactive Virtual Fan Meetups
Fan meet-and-greet sessions in real life can be time-consuming for authorities to arrange venues and other necessities. But with the help of blockchain and the Metaverse, fans can meet their idols in the 3-Dimensional virtual space and interact with them. This tech-advanced solution enables the players to meet their fans and interact with them, similar to real-world meet-ups.
Enhancing the Fan’s Participation
Fans could be more than just supporters of their favorite teams. Fans can own and stake the team’s official crypto tokens, which empowers them with governance and voting rights. These powers can be exercised by fans to vote for their favorite kit, jersey designs, and stadium names.
Summing It Up
The complete incorporation of blockchain technology can greatly help the sports and games industry to take a huge digital leap. As these tech advancements have already set the tone for a bright digital future, fans, and e-sports gamers can have a whole new experience from the traditional systems.