12/6/2023 0 Comments Eddie vr engagedNBA star Spencer Dinwiddie tokenized his contract, allowing fans to invest in his performance. “Athletes are leveraging Web3 technology to establish direct and more intimate connections with their fans. Moreover, NFT platforms have introduced game cars that empower users to create fantasy teams, participate in global tournaments, and interact with other fans, helping bring sporting communities closer than ever before. “These NFTs are paving the way for fans to enjoy exclusive merchandise, leveraging the power of blockchain technology to authenticate and track the ownership of limited-edition items, thus fostering a sense of exclusivity and value within the sports community.” Johnson expanded on this idea, adding that some NFTs allow holders to access exclusive behind-the-scenes experiences, meet-and-greets with sports legends, or even VIP experiences to highly sought-after games and other sporting events. In addition to becoming “digital memorabilia,” NFTs are also opening up a new world of in-real-life experiences for their holders. These digital collectibles, often referred to as POAPs (Proof of Attendance Protocol), are revolutionizing how fans engage with their favorite sports teams and athletes,” the former head of creator relations at MoonPay, Justin Johnson, explained. “NFTs have emerged as a groundbreaking technology that is reshaping the landscape of the sports sector. NBA’s Top Shot is perhaps one of the most prominent projects in the industry, being in the top 10 most traded NFT projects of all time, according to data published by DappRadar. Non-fungible tokens (NFTs) play a significant role in how Web3 is transforming the sports sector, with some of the most prominent players in the industry introducing NFT projects in which fans could get involved. Galaxy Arena Metaverse | JUNE 2023 1stMetaFight May 13, 2023 Official Celebrity Boxing ( ) and will be hosting THE VERY FIRST Clash in the Metaverse to be seen in our… /AO1iAdM5J1 The VERY FIRST EVER volumetric event to be hosted in the Galaxy Arena is just around the corner. In a first-of-its-kind, Web3 technology has managed to show off its full potential for what it could bring into the world of sports in the future. and NDO Champ faced off in an undisclosed location and were tracked using motion capture technology to make it look like they were part of a videogame. In addition, in June 2023, the boxing industry witnessed its first-ever metaverse match where Jones Jr. This new addition to a formerly traditional industry could enhance ownership, transparency, and autonomy, facilitated through smart contracts and blockchain-backed sponsorship processes. Jack O’Holleran, the CEO of SKALE Labs, added that many major sports leagues and franchises are currently on the way to building a Web3 strategy. This shift is democratizing sports, giving fans a more significant stake and voice in their favorite teams’ operations, something previously reserved for elite club owners.” “For instance,, powered by the Chiliz blockchain, allows fans to buy tokens and influence club decisions. “Applying the principles of Web 3.0 and the recent advances around blockchain technology to the sports industry allows us to reimagine the relationship with the sports fan base,” Peter Argerakis, the CEO of the decentralized sports betting platform Six Sigma Sports, told Technopedia.įans play a pivotal role in the sports industry, contributing to various aspects of the game and its ecosystem, from revenue generation to player and team support, as well as engagement and interaction.ĭmitry Mishunin, the CEO of HashEx, added that through the introduction of decentralization, which goes hand in hand with the Web3 industry, the sports market benefits from fan-driven decision-making. How else is Web3 transforming the sports industry? Web3 in Sports: Disrupting the Traditional Business Model Blockchain technology is transforming a number of traditional markets, with the sports industry being the latest highlight on Web3’s influence list.Īccording to a study published by Modor Intelligence, sports revenue from blockchain technologies is expected to grow at a 9% compound annual growth rate (CAGR) over the next five years, becoming a valuable feature in ticketing - making acquiring tickets more accessible, secure, and fast.
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