⚽️ Blockchain in Sports

Today's Highlights

• Using fan tokens to bolster engagement
• Blockchain jobs - a listing of fresh jobs related to web3/blockchain/crypto.
• In Other News - a few interesting developments we're tracking.

Using fan tokens to bolster engagement

For the last two years, sports have endured their popularity through the pandemic. In fact, one could arguably say that interest in sporting events/teams has been higher than ever before due to the increase in the use of the internet during the pandemic, which allowed people to get introduced to many different sports.

Introducing blockchain into the sports industry allows for exciting new possibilities for fan interaction, and it is a natural evolution in order to keep sports as relevant as it is now.

While cryptocurrencies such as Bitcoin and Ethereum are primarily used as payment methods, cryptocurrencies can also be utilized for rewards systems. Fan tokens are cryptocurrencies that provide fans with direct fan-related membership benefits such as team decisions, merchandise design, VIP access, and more. They can democratize sports teams by allowing fans to make semi-important decisions which is very beneficial to the team because they play for the fans and this allows them to avoid regrettable decisions that could irritate the fan base.

These tokens could allow many passive fans to become fully-invested fans which could allow sports teams to create a more massive and loyal fanbase that will endure for many years to come. Fans can also benefit financially from fan tokens. They are able to sell their fan tokens for compensation and if the demand for their team’s tokens goes up, they will be able to sell them for more money. Fans of the professional European Football club, PSG, experienced this when Lionel Messi joined the team. The number of token holders increased significantly which increased the demand for the coins, thus benefiting all original token holders.

While Football clubs such as FC Barcelona, PSG, Juventus, Manchester City, etc. are the sports organizations to prominently delve into using fan tokens, other sports teams have started utilizing them recently. In the NBA, the Cleveland Cavaliers have joined the movement. In India, cricket teams such as Punjab Kings and Kolkata Knight riders have started using fan tokens to bolster fan engagement. More sports organizations such as Esports, MMA, and motorsports are dabbling in blockchain-based engagement systems as well.

While sports popularity is at a high right now, there is nothing that is stopping it from dwindling if sports organizations don’t capitalize on opportunities to retain or increase fan engagement. Fan tokens allow fans to be more invested in their team by offering exclusive benefits, and this may be the direction organizations need to go in order to sustain their popularity.

💡 Blockchain Jobs

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