How NFTs can boost fan engagement in the sports industry
A look at the many ways in which nonfungible tokens are being utilized to increase fan engagement in the sports sector. Nonfungible tokens (NFTs) have grown a lot in popularity since the release of CryptoKitties in 2017, with the sector expected to move over $800 billion in the next two years. Some of the most well-known use cases for NFTs are picture-for-proof projects such as the Bored Ape Yacht Club and play-to-earn gaming projects. NFTs have also attracted attention from the sports industry, with professional sports leagues setting up their own platforms for fans to engage with their....
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We kicked off the week with our usual Sports Slice report, covering off on all of the latest events in sports and crypto. In last weekend’s report, we highlighted Ocavu and their new deal with BYU Athletics. We took a moment to chat even further on BYU Athletics, sports and NFTs, and more with the […]
Desperate for viewership dollars, traditional sporting leagues may soon turn to fantasy sports to boost fan engagement. As “digitally native” ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari. In a newly published report, researcher Mason Nystrom argues that fantasy sports are primed for significant growth due to COVID-19. He also opines that blockchain-based applications could help boost fan engagement in this rapidly expanding market. Nystrom explains:“While the....
We have seen non-fungible tokens (NFTs) make big moves in the sports industry this year. And multinational professional services network Deloitte has said that sports NFTs are not going anywhere. According to predictions that the consulting giant released on Wednesday, sports-related NFTs will account for more than $2 billion in transactions next year. This amount […]
It was an action-packed week full of slam dunks, touchdowns, and the like. Sports engagement with crypto is absolutely booming. Voyager makes it’s way to the Sports Slice mentions, FTX is taking a big step in sports advertising, and esports NFTs are en route. Each week, we break out the ‘Sports Slice,’ a quick-hitting recap […]
Deloitte expects an eventual rise in blockchain-enabled innovations; as a result, “The use of NFTs, crypto, fan tokens, and ticket innovations will grow and evolve.” Bitcoin (BTC) has been attributed as the most prominent blockchain use case, showing the technology’s prowess in successfully delivering an immutable and truly decentralized ledger over the past 13 years. Adding to the years of innovations since then— that saw the introduction of altcoins, non-fungible tokens (NFT), decentralized finance (DeFi) and more, a study conducted by fintech giant Deloitte highlighted the untapped....