Web3 is set to change the game for sports leagues and their fans, enabling direct relationships, aligning incentives, and providing true ownership and influence through the use of blockchain technology.
in Deloitte’s “2022 Sports Industry Outlook” report, which predicts an acceleration in the blending of real and digital worlds, along with growing markets for nonfungible tokens and immersive technologies.
notes that sports fans are not only focused on watching sports now but that they also aim to “live” experiences through technological advancements.Eyal Donath Zafir, investor and crypto lead at Liberty Global Ventures, told Cointelegraph that Web3 will likely be a game changer when it comes to creating better fan engagement for sports leagues:
In turn, Bryan explained that there are no longer equity holders of Karate Combat but that the martial arts sports league will be governed and controlled by fans that hold the league’s token.“Token holders will have the most control over the direction of the league from here,” he said.
In order to change this, Commodore said that Krause House is offering an NFT-based membership model, which essentially serves as a ticket into its community. Community members are then able to use a governance token that has no financial value to make decisions regarding their organization's events and strategy.
While DAO models are starting to pique the interest of certain sports leagues, gamified experiences in Metaverse environments are also gaining traction. Dirk Lueth, co-founder and co-chief executive officer of Upland — a metaverse mapped to the real world — told Cointelegraph that the sports industry is looking for ways to better engage with their younger audience and international fan base.
“Many clubs and leagues have reached out to us after the successful FIFA World Cup Qatar 2022 collaboration. There are many questions about how to experiment with these models since it’s all innovative. What easily resonates are not trying to replace experiences, but finding the ones you can enhance with true ownership of assets and a visual layer such as the metaverse,” he said.
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