Beyond simple collectibles, blockchain-based technologies have the potential to offer up completely new markets and possibilities for fans.”
In our blog post, we’ll look at potential ways sports teams are utilizing Blockchain-based technology and cryptocurrency to Sports in Crypto improve fan experiences and increase their revenue streams.
Popular Trend of Sports NFTs:
Sports NFTs (short for “non-fungible tokens”) are one-of-a-kind (or restricted) digital valuables and virtual trading cards that can be verified through the immutable Bitcoin blockchain. Clubs, organizations, and gamers can use them to generate digital trading cards, in-game assets, and gaming memorabilia that people can purchase and trade.
Manchester City’s Creation collection is an amazing example of Sports NFTs. The club teamed up with Alan Bolton, a digital artist, to create a collection of one-of-a-kind or extremely restricted digital art materials. Pricing for the digital products ranged from $1,700 to $19,000 at auction.
Application of Crypto Fan Tokens
Fan Tokens are a kind of cryptocurrency that may be used to gain access to special club-specific rewards and advantages when acquired. They’re kind of the same price, but they’re all based on the Blockchain.
Tokens increase the customer experience by providing them with access. They include exclusive material, products, or events in exchange for a service of the club.
Fans can purchase fan tokens directly from the source and use the appropriate cryptocurrency. Then exchange them for specific rights, experiences, or benefits when it comes to being able to attend their favorite club or team’s game.
The Invention of Cryptocurrency Payments & Ticketing
Cryptocurrency is becoming used as a payment option for more traditional things like merchandise by clubs. Online, in person, or over the phone, electronic money could be used to pay for goods and services. The Blockster technologies that underpin cryptocurrencies allow for safe transfers without the assistance of a third party such as banks.
Tickets and items can be purchased using cryptocurrencies such as Bitcoin. Fans can buy tickets through some kind of variety of ticketing services and receive Sports in Crypto cryptocurrencies equivalent in return.
Using cryptocurrencies instead of traditional currency has the advantage of avoiding transaction fees. This eliminates the need for supporters to spend extra capital to cover the expense of foreign transfer fees.
Crypto Based Loyalty Rewards
Beyond Cryptocurrency, Blockchain can be utilized for a variety of reasons. That one is fan loyalty systems, which assist sports teams in creating a sense of community among their followers.
Fans could be rewarded for using teams’ websites, generating, sharing, and liking material. They can also take part in rewards programs. Therefore, which allows members to earn rewards, points, or cryptocurrencies that they can use to purchase online?
The Covid pandemic has expedited the development of blockchain and crypto technology in the sports business. In the addition of canceled events and decreasing ticket sales, Sports in Crypto teams and organizations embraced technological advances as a way to experiment with new fan experiences and revenue streams.
As more clubs and sporting organizations implement Blockchain-based technologies and cryptocurrency, this trend is set to continue and expand in 2022.