• Web3 projects aim to create better fan engagement between sports leagues and their fans.
• Deloitte’s “2022 Sports Industry Outlook” report predicts an acceleration in the blending of real and digital worlds, along with growing markets for NFTs and immersive technologies.
• Stats Perform 2021 Fan Engagement” report notes that sports fans are not only focused on watching sports now but that they also aim to “live” experiences through technological advancements.
The multi-billion-dollar sports industry is undergoing a digital transformation and Web3 elements are likely to play a major role. This notion was highlighted 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 (NFTs) and immersive technologies. As technology advances, sports fans have expressed interest in forming deeper relationships with sports leagues. Web3 is seen as a game changer when it comes to creating better fan engagement for sports leagues.
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. It provides a built-in layer that makes it easy to hold and transfer value. For sports leagues and their fans, Web3 can be a game changer in building direct relationships, aligning incentives and monetizing fan engagement.
The “Stats Perform 2021 Fan Engagement” report notes that sports fans are not only focused on watching sports now but that they also aim to “live” experiences through technological advancements. Sports fans are looking to have more control over the way they interact with their favorite teams and sports leagues. Web3 projects are seeing an opportunity to create fan engagement around sports leagues by providing fans with the ability to purchase NFTs, participate in DAOs and explore the metaverse.
However, there are challenges that may hamper the adoption of Web3 projects in the sports industry. For instance, the legal and regulatory landscape surrounding the sports industry is complex, and the new technology may not be compatible with existing rules and regulations. Additionally, sports leagues will need to ensure that their Web3 projects are secure and that their fan data is not compromised.
Despite the challenges, Web3 projects are likely to play a major role in the sports industry. By enabling direct relationships between sports leagues and their fans, these projects can create engagement and monetization opportunities for both parties. As the technology continues to evolve, it is likely that the sports industry will continue to embrace Web3 elements in order to meet the demands of their fans.