/nordxe-9625/images/NordXE-text-logo-1500x500-d5e9c.png){kind=logo}
Although
blockchain companies have only recently brought the disruptive blockchain
technology to the sports sector, it’s gaining momentum surprisingly fast. Today,
blockchain solutions are being utilized in the sports industry to boost
engagement and monetize the fan base. This innovation has become increasingly
vital to the survival of teams and clubs in these changing times.
However, sports
organizations and clubs are still continuously seeking innovative ways to increase
their generate revenue. With evolving fan
habits and the upsurge of online gaming events, it’s crucial to provide fans
with revolutionary experiences to promote attendance. Also, the rise of Esports
necessitates clubs to assess their interactions with their fan base.
Luckily,
blockchain technology in sports is providing new ways for teams and
organizations to boost engagement, build fan loyalty, and expand their reach. That
said, let’s explore the future of blockchain technology in sports
further.
1.
Digital Collectibles
Organizations and
teams can create a new generation of digital collectibles using Non-Fungible
Tokens (NFTs). And unlike other collectibles, NFTs are provably rare and
available in limited quantity. That makes them the ideal tool for making game
moments and sports memorabilia.
Teams can create limited
editions of real-world and digital assets for
memorabilia in the form of video clips, trading cards, worn jerseys, or signed
merchandise. Blockchain technology is immutable. Therefore, teams can store
authentic records of all merchandise which can be verified to reduce fraud and
counterfeit items.
Also, there will
be a digital marketplace where fans can exchange their assets. This generates
additional income for the teams and caters to sports fans at the same time.
2.
Fan Tokens
With blockchain
technology, the fan experience is about to go to a new level. Fans will now be
able to interact with favorite teams more intimately. Clubs and teams can
develop tokens and fundraise through a fan token offering. Since the tokens are
fungible, they give fans exclusive access and influence over their favorite teams.
Fans can purchase
the tokens for collectibles, merchandise, voting rights, and VIP meet and greet
with the players. In that, the fans can vote on music used for goal celebrations,
the color of the player’s training kits, club transfers, and starting lineups.
Also, fans can create blockchain-based profiles that provide teams and clubs with
insightful data to support personalized fan experiences.
3.
Blockchain-based Ticketing
We had to line up
for game tickets not long ago, but those days are long gone. With the help of blockchain
technology, event organizers will be able to issue tickets on a decentralized
blockchain-based platform. This makes it easier for organizations to manage the
sale of tickets and refunds.
Even better, smart
contracts will facilitate cancellation insurance in case of a game is canceled,
or, for example, the weather is terrible.
In addition, fans don’t have to rely on the ticketing office to get into the
stadium. They just scan the QR code on the ticket and proceed to the stadium.
That makes the
experience pleasant and hassle-free for the fans. And since the ticketing
system is managed on the blockchain, the authenticity of swapped tickets is
guaranteed. That reduces fraud and the possible circulation of counterfeit game
tickets.
4.
Management of Athlete Data and Performance
Blockchain
technology can help the teams to license and sell their player’s data. They can
sell the data to sportsbook companies, fantasy sports leagues, health and
fitness companies, and broadcasters.
Blockchain
technology also gives players more control over their data. Therefore, no individual
other than authorized persons can access, scrutinize or replicate game data. The
physical performance data and videos of players can also be stored on the
blockchain for players to review and improve their performance.
In Summary
Amid the pandemic,
the sports sector was imposed multiple limitations, compelling the organizations
to look for novel ways to keep fans engaged. The industry has recognized that
blockchain technology has the potential to help teams not only survive but
prosper in this digital environment.
Athletes, teams, and spectators will all benefit from blockchain technology. Undoubtedly, the adaptability and flexibility of blockchain technology will help to meet the challenges in the sports sector head-on.