Are federations, clubs, and athletes ready?
NFT technology allows new ways for athletes and clubs to engage and interact with their fans. Over the last couple of years, sports collectibles have seen significant growth in the nonfungible token (NFT) space. Most of this growth has been focused on mainstream sports, where companies like Socios helped leading football clubs generate hundreds of millions of dollars in revenue. Other companies, like Dapper Labs, partnered with the NBA to produce digital collectables that have also generated hundreds of millions in revenue. Niche sports are benefitting too, with companies like EX Sports leading the way through its fan engagement platform, built on Blockchain, connecting fans, athletes and the federations from these ‘underdogs’ into an Ecosystem that generates revenue for all.
Let’s get Phygital
Whilst digital artwork and video ‘moments’ are great, NFT technology can be taken one step further to transform sports and make a positive impact on lives. A powerful way to do this is by connecting the development of a physical sport to the digital world, through NFT technology. Doing this allows athletes, clubs and federations to explore new ways of generating revenue, develop careers, and build fanbases engaged on a deeper and more meaningful level.
A company embracing this approach is Urbanball, a street football Ecosystem that has created a new sport called ‘Fightball’, and is holding tournaments around the world, most recently in the Favelas of Brazil. The goal of these tournaments is to inspire millions of street football fans by giving them the opportunity to participate in the physical ‘Fightball’ matches, with winners rewarded in the digital world by becoming characters in a play-and-earn mobile game. This involves having their NFTs created and utilized, allowing them to earn royalties and incremental revenue to
fund the growth of their career along with the sport. Like in the Favelas of Brazil, millions of street football fans live in some of the poorest locations around the world, where options in life are limited. NFT technology is allowing sports to make a positive social impact that gives new hope and opportunity to so many. For the first time in tech history, people from all around the world can join and participate in these young athletes journey to success, through NFT technology.
Blockchain technology is evolving at a rapid pace, with new utility cases being showcased almost daily. Sports have the power to reach billions, and NFT technology can help evolve sports and transform lives