How NFT Can Boost Fan Engagement In Sports?

How NFT Can Boost Fan Engagement In Sports?

NFT
January 2, 2022 by Diana Ambolis
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Introducing non-fungible tokens has offered sports a new opportunity to interact with users and make money. “The three most significant sources of income for clubs and leagues in any sport are ticket sales, media rights, and sponsorship. Alok Joshi, co-founder and CEO of Lepasa Metaverse Ecosystem told that tokenized tickets, NFT media rights, and sponsorship
NFT

Introducing non-fungible tokens has offered sports a new opportunity to interact with users and make money. “The three most significant sources of income for clubs and leagues in any sport are ticket sales, media rights, and sponsorship. Alok Joshi, co-founder and CEO of Lepasa Metaverse Ecosystem told that tokenized tickets, NFT media rights, and sponsorship of virtual or metaverse events may all result in considerable development in all three.

According to experts in the field, participation will take many different forms, including viewing or attending live sporting events, making purchases, or attending special events. Tushar Gandotra, founder and CEO of FiEx Global, continued, “NFT platforms will assist the sports sector in taking its interactions with fans to a completely different level by enabling the sale of video clips, the auctioning off of mementos, the trading of merchandise, and the giving of contests. For instance, the National Basketball Association (NBA), which worked with Dapper Labs to launch the NFT marketplace in 2020, generated more than $230 million in income in just one year.

Also, read – NBA Top Shot Creator Funded Sports NFT Platform

It is thought that there has been a significant shift in how sports fans interact with their favorite matches. The stakeholder community is increasingly emphasizing digital participation, and these shifting objectives have improved the prospects for the creator economy. To provide fans with uniqueness and lasting value, industry experts say one of the biggest challenges is balancing collectibility and function. “The market for NFT and esports is expanding quickly in India. While the NFT business has seen a rise in trading volumes over triple-digit percentages year-over-year, the esports sector is expanding at a rate of 45% CAGR. So, the NFT gaming industry’s future appears to be quite promising, according to Parth Chadha, co-founder, and CEO of STAN.

It is thought that NFT has allowed esports fans worldwide to participate in tokens or cryptocurrencies to gain access to VIP areas, clubs, and channels hosted by the top esports teams and players. “NFTs, whether single-use, seasonal access, or virtual access tokens, will revolutionize traditional sports tickets. Joshi continued, “NFT media rights, sponsorship of digital or metaverse events, and all of these might result in tremendous development.