Following the first part of sports tokenization, where we have gone through the growth and development of the sports industry due to decentralized technologies and how blockchain has become one of the core sources of income through tokenization. We are more than happy to share with you the second part.
Fan tokens & Fan engagement
The demand for Fan tokens stems from the fact that they stand as a very profitable source of income and also actively influx the engagement of fans. Thanks to blockchain, fan engagement and their experience is entering a whole new level by creating a wide range of cool ways for fans to interact with their idols in a way they never did before.
Tokens can be created by different teams and gain profit via a fan token offering. These tokens can be purchased with real-world money and give access to exclusive club info, games, and many other different activities. Talking about the fan engagement, fan tokens also give the opportunity for fans to be even more involved into club’s decision making via having the right to vote. They can vote for the goal celebration song selection or the color of the training uniform.
Furthermore, fans can create blockchain-based profiles in exchange for providing insightful and actionable data to organizations. This will support increased personalization of fan experiences at scale.
As an example, more and more Premier League football clubs from Manchester City to FC Barcelona are successfully using fan tokens to raise revenues and interact with their supporters. FC Barcelona’s $1.3 million first round of fan tokens, for example, sold out in less than two hours. By using blockchain technology in sports to issue their own virtual currencies, fans can interact with the club, the players, earn points, get discounts, and participate in a virtual ecosystem.
Digital Trading Cards & Collectibles
The future of collectibles is digital. With the usage of NTfs, teams and organizations are able to create and produce the next generation collectibles. NFTs stand out as a wide range of unique tangible and intangible items. Collectibles, in the form of trading cards, videos, merchandise, etc can be traded and verified using blockchain. By this way, NFTs are the core tool for creating digital trading cards, in-game assets and game souvenirs for clubs and teams to purchase or exchange.
One of the examples of digital collectibles is that NBA has recently created a digital collectibles platform which is called TopShot. Fans can purchase, own, or sell numbered versions of specific, officially-licensed video highlights. Fans can also participate in a fantasy sports game using the platform. So far it has generated over US$230 million in gross sales.
Administration
Tokenization also stands out as the core tool for developing tracking systems of a player, secure monitoring, and the storage of data on payments, performance and injuries. Tokenization is also actively used for payroll and incentive-based compensation. This is a huge advantage on the taxation, auditing, and compliance side.
Immutable data records on health issues and interventions can also be created by blockchain tech. Furthermore, clubs can sell season tickets, and season ticket holders in a secure manner have the opportunity to rent out seats for particular matches and also track the individual attendance and payment.
Hope this article was informative and helpful! Stay tuned for more!
